According to information released by Open Insider, Coinbase’s top executives decided to take profit and put their shares on sale right after the start of the COIN trade on NASDAQ.
According to data from Open Insider, all top executives and some investors of Coinbase Global Inc., the company behind the leading US crypto exchange, sold most of their COINs. The total amount of these dramatic sales is about $ 5 billion.
Coinbase CEO Brian Armstrong sold 71 percent of his shares at $ 389 per COIN. Alesia Haas, the CFO of the exchange, was the most confident seller: he sold all his shares for $ 100 million. The head of the company, Emilie Choi, was able to cash out her shares from $ 403. Some investors, such as Andreesen Horowitz and Union Square Ventures, also reported large sales. All transactions were made on April 14, 2021 (the day COIN trade started).
However, executives and investors only kept the COIN for a few hours. At the time of writing, the COIN was valued at $ 342, while its all-time low on Friday was recorded at $ 320.
There were various discussions regarding the sales in question, and it was one of those arguments that the COIN sale was a factor behind today’s crypto massacre. It was also a topic of discussion that Coinbase’s top executives would have lost confidence in the future of their projects. But the names may have just decided to stay on the safe side when there was an overheated market during the crypto rally.