Top Coinbase Officials Sold Over $1B Worth Of Coin Stock Jointly

Top coinbase officials sold over $1 billion worth of the COIN Stock together and the spokesperson asserted that the leaders maintain their positions and show their commitment to the long-term opportunities so let’s read more today in our latest Coinbase news.

The top coinbase officials sold over $1 billion worth of the stock but still maintain large positions in the exchange. The co-founder’s Brian Armstrong and Fred Ehrsam as well as chief product officer Surojit Chatterjee raked $1.2 billion in proceeds from the stock sales after going public. As per the data, this was around the same time when the San Francisco-based company’s shares saw an 80% drop. The four officials sold the shares at prices between $189 to $422 and on the first day of trading, the opening price of the shares was $381 so at the time of writing, the stock is trading at $75.

The reports also show that Armstrong and his trust sold shares of $292 million with over 59% of voting power so the co-founder continued to hold a dominant stake in the exchange. Ehrsam made up to $500 million in stock sales during the period while the co-founder purchased $7 5million worth of shares on behalf of Paradigm One when the stocks crashed to a significant low earlier this month. On the other hand, Choi sold shares for the proceeds of $226 million while exercising options of $9.7 million but Chatterjee sold the proceeds of $110 million.

Since going public, Coinbase made a strategic partnership as it pushed into the sports industry but the crash in the market dragged the Q1 revenue to half the previous quarter’s sum. The monthly transaction volume of the users declined dramatically and despite this, Coinbase became the first company to be included in the Fortune 500 list. After the slow results from the first quarter, the exchange had hard time meeting expectations and things got worse amid the crypto-wide rout. Coinbase did manage to thrive under the COVID circumstances and the platform recorded over $7.8 billion in revenue during Fiscal 2021.

As recently reported, Coinbase is the biggest US crypto exchange which became the first crypto-based company to be included in the Fortune 500. the exchange got up to $7.8 billion in revenue for the 2021 fiscal year and ranked 437^th on the list announced on Monday. When ranked by revenue growth, Coinbase hit 514% and trailed only behind Moderna.