Insider activity reports for Coinbase’s COIN share indicate that several early investors and executives threw billions in equity soon after COIN’s direct listing, with at least one C-suite director cashing out its full amount. participation in the cryptocurrency exchange.
Data from capital market labs and confirmed by filings on Coinbase’s investor relations website show a total of 12,965,079 shares sold by insiders, valued at over $ 4.6 billion at $ 344.38 per COIN share on Friday at close.
Notable deals include Alesia Haas, CFO of Coinbase, selling all of her 255,500 shares at a price of $ 388.73, while CEO Brian Armstrong sold 749,999 shares in three trades at different prices, for a total of of $ 291,827,966. He keeps 300,001 shares worth over $ 1 billion.
Data from the capital market labs did not indicate that any directors or insiders had bought additional shares, only sold.
The sales sparked taunts and fun on social media, with many onlookers assimilate classic “pump and dump” sales in which insiders and team members dump tokens into retail liquidity shortly after a listing.
lolol wtf pic.twitter.com/ezZx5F8ua9
– Dereck Coatney (@DereckCoatney) April 17, 2021
While early investors and executives have sought to cash in, there are at least a handful of significant buyers. Hedge fund manager Cathie Wood is making a big bet on the exchange, having bought more than $ 350 million in stocks for three different Ark ETFs.
Likewise, many Coinbase employees now have stakes in the company, as 1,700 Coinbase employees received 100 shares each as a “thank you” from the company.
Earlier this year, Coinbase was embroiled in a series of negative headlines related to CEO Brian Armstrong’s handling of a new policy that restricted focus on political and social issues at work. Armstrong insisted the company remain “mission-driven,” and the company’s mission includes a goal of becoming “the leading global brand to help people convert digital currency in and out of their local currency.”