July 24, 2024
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Millions of shares sold on listing day by Coinbase CEO

During the cryptocurrency exchange’s first day the Coinbase Chief Executive Officer Brain Armstrong sold about $292 million worth of shares. According to the regulatory filings it happened at trading on the Nasdaq during the past week. Armstrong sold his shares 749,999 in three batches.

The prices are ranging from $381 to $14.4 per share. The total proceeds to $290 1.8 million, according to the filings made with the US securities and exchange Commission showed. Many Coinbase stakeholders and investors sold more than $5 million shares in total. It took during the first day of trading over the weekend. The report is according to the report from the blockchain and cryptocurrency website.

Coinbase Global Inc

Coinbase Global Inc became public in a high-profile debut on the Nasdaq. It has been briefly valued at more than $100 billion. Though the representatives of Coinbase declined to comment as the company is in a “quiet period”, based on a filing made before the listing it indicates that Armstrong sold about 1.5 % of his stake.

According to another filing, Frederick Wilson director and venture capitalist of Coinbase sold 4.7 million shares which proceed to $1.8 billion. It is not clear how much Wilson holds Coinbase. He is listed on the SEC filing as the holder of 10% shares .These shares has a market value of $63.6 billion. Though some may look at this selling as a negative development, it might not be as bad as it looks.

The total sold by all the holders comes to under $5 billion. ARK investment group bought $68 million of Coin shares . All the investors are very optimistic about the potential performance of Coinbase since the Crypto market has just begun to hit mainstream appeal. As Coinbase’s direct listing continues all eyes are still on it, though the mania has slightly died down.

It has been hailed as the landmark moment for the market by the analyst. Additionally, the Crypto community also seems to be generally happy with the exposure it brings. In a CNBC interview, Armstrong himself spoke. He told about the plans to leverage other products to generate more predictable income.

Since, there is an increasing legitimacy and also the acceptance of the Asset class, more retail investors have been leading to the market. Coinbase showed a fairly good performance after its direct listing. Moreover,it got settled at over 30% from its reference price of $250.