Executives of major crypto exchange Coinbase have reportedly sold $1.2 billion worth of shares in the company since its outright listing in April 2021.
The Wall Street Journal (WSJ) reports that Coinbase CEO and co-founder Brian Armstrong, co-founder Farid Ehrsam, President Chief Operating Officer Emily Choi and Product Director Surojit Chatterjee are responsible for sales.
The Wall Street Journal determined the number by tracking regulatory filings.
Coinbase (COIN) shares opened at around $342 in April 2021, but have since fallen to $75.12 at the time of writing, according to MarketWatch. This represents a decrease of more than 78% in about 13 months.
A Coinbase spokesperson told the WSJ that all four leaders “retain significant positions within the company, which reflects their commitment to our long-term opportunities.”
Ehrsam was the best seller, earning nearly $500 million per share. He also reportedly bought $75 million worth of shares earlier in May as the price of the coin plummeted. The purchase was made in the name of his investment firm, Paradigm.
Armstrong and his trust earned $292 million per share. Choi won $226 million and Chatterjee $110 million.
The Wall Street Journal adds that Coinbase executives have dumped their shares at prices ranging from $189 to $422.
It’s normal for early investors to sell some of their holdings when the company is listed directly, according to the WSJ.
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Main image: Shutterstock / Alberto Andrei Rosu