Historic investors and Coinbase executives sold nearly $ 5 billion in shares soon after COIN was listed. Significant sales which have sparked a lively controversy.
$ 5 billion in shares
According to a series of filings made with the Securities and Exchange Commission (SEC) on Friday, several historical investors and Coinbase officials sold billions of dollars in shares soon after COIN’s listing was listed.
Data from Capital Market Laboratories shows a total of 12.9 million shares were sold by insiders, worth more than $ 4.6 billion. Among the notable deals, Alesia Haas, CFO of Coinbase, sold some 255,500 shares for $ 388.73 while CEO Brian Armstrong sold 749,999 shares in 3 trades for a total of $ 291 million.
However, Brian Armstrong retains 36.8 million shares indicating that he has sold just over 2% of his stake in the company.
In another document, we can see that historic investor Frederick Wilson sold 4.7 million shares for proceeds of $ 1.82 billion. He is listed by the SEC as a holder of at least 10% of the shares of Coinbase.
“Each of these executives has tons of unvested shares that make up the majority of their holdings. In fact, they each sold less than 10% of their total shares. “