The renowned cryptocurrency company Coinbase, based in the United States, has recently experienced significant sales of shares by its main executives. This development comes against the backdrop of the company’s ongoing struggles, such as regulatory scrutiny and stagnant trading volume in the cryptocurrency market, which have hampered its growth prospects.
Detailed information about stock sales made by stock exchange executives has been disclosed through filings filed with the US Securities and Exchange Commission.
The most recent Form 4 filing submitted to the SEC shows stock sales executed by key people at Coinbase, namely Chief Legal Officer Paul Grewal and Chief Executive Officer Brian Armstrong.
Stock sales by Coinbase executives
According to Coinbase’s SEC filings, in March, Armstrong and Grewal sold Coinbase (COIN) shares worth approximately $7 million. Most recently, Armstrong sold more than $5.8 million worth of shares this week, followed by an additional sale of $2.6 million worth of shares on May 25.
It is worth noting that Armstrong has not made any purchases of COIN shares in the last two years and has been selling more frequently in 2023.
He previously revealed his intention to gradually sell his 2% stake in Coinbase over the next year, with the proceeds going to fund science and technology advancements within his co-founded companies, including NewLimit (a biotech company) and ResearchHub (a company scientific). research company).
COIN Performance Amidst Challenges
Coinbase token, COIN has seen its share price rise significantly, with gains of over 125% year to date. With a current price of $78.72, Coinbase Global Inc’s market capitalization is $18.46 billion with a trading volume of $13.20 million.
This upward trend reflects the positive sentiment of investors towards the company. However, this upbeat trajectory has been affected by several factors, including continued regulatory scrutiny from US authorities and a lawsuit filed by the SEC against the exchange.
COIN stock market chart | Source: TradingView
The SEC alleges that Coinbase offered unregistered securities, posing a potential threat to the company’s core trading business.
Amid these challenges, COIN’s share price saw a 12% surge as BlackRock upgraded its Bitcoin ETF via Nasdaq, with Coinbase listed as a partner in a watchdog exchange deal.
Meanwhile, the future of Coinbase Global’s stock performance remains uncertain, with investors and industry watchers closely watching these developments as they unfold, shaping the company’s trajectory in the coming months.
Twitter Featured Image, TradingView.com Chart
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