Coinbase executives have managed to make a fortune for themselves following the decision to remain “mission-driven”.
Insider reports for Coinbase’s COIN stock show that many early investors and executives made billions of sales as stocks shortly after the direct listing of the COIN. While the submissions initially stated that multiple executives sold a high percentage of their shares in the company, a representative of Coinbase said that the sellers maintain strong ownership positions.
Data from Capital Market Laboratories and applications made on Coinbase’s Investor Relations website show that a total of 12,965,079 shares, worth more than $ 4.6 billion worth of COIN’s $ 344.38 per share, were sold internally at the closing Friday.
Notable transactions include Coinbase CFO Alesia Haas selling 255,500 shares at a price of $ 388.73 (although he stated that he holds options in Form 4), while CEO Brian Armstrong sold 749,999 shares at various prices in three transactions, buying a total of $ 291,827,966. is taking place
After the sale, Armstrong held 300,001 shares worth over $ 1 billion, according to the Form 4 release. However, in a file prior to the direct listing, he was reported to have 36,851,833 shares, indicating that he sold just over 2% of his stake in the company.
A representative from Coinbase said that not every manager’s share percentage is accurately reported by these reporting services and that sales represent only part of the manager and insider ownership.
Many Coinbase employees now own shares in the company, as 1,700 Coinbase employees were gifted with 100 shares as a “thank you” from the company.