Executives at top crypto exchange Coinbase are reportedly selling off $1.2 billion worth of the company’s shares since its direct listing in April 2021.
The Wall Street Journal (WSJ) reports that Coinbase CEO and co-founder Brian Armstrong, co-founder Fred Ehrsam, president and chief operating officer Emilie Choi and chief product officer Surojit Chatterjee are responsible for the sales.
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The WSJ determined the figure by tracking regulatory filings.
Coinbase’s shares (COIN) opened at around $342 in April 2021 but have since plummeted to $75.12 at time of writing, according to MarketWatch. That’s a decrease of more than 78% in about 13 months.
A Coinbase spokesman told the WSJ that the four executives “maintain large positions in the company, reflecting their commitment to our long-term opportunities.”
Ehrsam sold the most, making nearly $500 million off the shares. He reportedly also bought $75 million worth of the shares earlier in May as COIN’s price dipped. The purchase was on behalf of his investment firm, Paradigm.
Armstrong – and his trust – made $292 million off the shares. Choi made $226 million, and Chatterjee made $110 million.
The WSJ adds that the Coinbase executives unloaded their shares at prices ranging between $189 to $422.
It’s normal for early investors to sell off portions of their holdings when a company undergoes a direct listing, according to the WSJ.
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Featured Image: Shutterstock/Alberto Andrei Rosu
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