Coinbase Executives have made a massive amount of money from being the first few individuals to invest money into Coinbase from its earlier years. Some days ago, Coinbase went public, and it is currently listed as COIN on platforms. The crypto exchange’s link to Bitcoin made it an early success, and many people jumped into the business to buy stocks.
The asset’s first day of trading took the stock into the green zone before declining rapidly after the growth. While not many understand the reason for the sudden decline, sources believe that the market situation could be affecting the recently listed stock. The stock has been attracting comments from individuals from the crypto space and the mainstream.
New reports show that Coinbase sold only a fraction of shares
Some Coinbase insiders revealed how Coinbase early buyers sold the stock immediately after the listing, making a notable amount of profit for themselves. Reports had previously shown that the executives had sold a huge part of the firm, but the executives explained that they remain major owners of the crypto exchange.
Statistics from Capital Market Laboratories could share new information regarding the stocks sold. The data firm confirmed that Coinbase sold around 12,965,000 shares during the first few days of listing. This made the executives almost $5 billion within some days after the market closed.
Some transactions from top executives show that Coinbase’s Alesia Haas sold shares of over 200,000 for $388 each. Despite selling her shares, reports clarified that she retains the options. The exchange’s CEO, Brian Armstrong, sold almost 800,000 worth of shares at separate prices and stages, and this earned him around $291,827,070.
Still, the chief executive has over 300,000 left, which currently worth close to a billion dollars. Reports show that Armstrong has over 36,851,000 shares in Coinbase, and his share sales were compared to what he retains.
Coinbase debunks trending rumors
Meltem Demirors spoke about the new incidences on Twitter. They explained that the situation is very misleading, and she clarified that the executives have unvested options that account for most of their holdings.
Interestingly, the data firm could not confirm if the investors bought new shares, but it explained that they sold shares on the first day of trading. The insiders sold the stocks with SEC’s form 4. Some insiders within the business have debunked the news, making rounds concerning the executives selling a huge part of the exchange.
The person clarified that the reporting making round is not accurate and that the present sales are just a part of the executive’s holdings. The false reporting has made people criticize Coinbase on social media as many people believe that the company had been involved in a pump and dump.
The stocks’ early success brought quick sales, but new data shows that the asset has notable buyers, especially since Cathie Wood’s firm bought shares worth over $350 million in COIN. Asides from executives, the company, gave some employees shares from COIN as an appreciation gift for their services. The company gifted about 100 shares each for each employee.