Coinbase execs have dumped nearly nine times more shares in the company than they’ve bought since the start of the year, according to data from insider trading tracker, Dataroma.
The most recent figures show that since late December, company insiders have sold more than half a million shares at a total value of just over $26 million. By contrast, only 57,000 shares, worth just under $2.6 million, have been bought.
As you’d expect, the most significant action came from Coinbase CEO Brian Armstrong. Since December, he’s sold 297,320 shares at a total value of nearly $18 million.
Last November, it was revealed that Armstrong had sold off the last of the Coinbase common stock that he had held since the firm’s IPO in 2021. However, many of these shares were sold to the Brian Armstrong Living Trust meaning that they were still likely fully under his control.
Read more: Coinbase reportedly considers overseas expansion amid US crackdown
The rest of the sales come from four more Coinbase execs:
- Chief financial officer Alesia Haas sold 182,000 shares in five transactions, totaling just under $6.6 million.
- Chief people office Lawrence Brock offloaded 16,215 shares for just over $960,000.
- The company’s chief accounting officer Jennifer Jones dumped 8,197 shares in four transactions. These sales totaled $509,000.
- Paul Grewal, the company’s chief legal officer, sold 4,143 of his shares, making just shy of $280,000.
While these Coinbase big hitters were busy dumping their stock, company director and Shopify founder Tobias Lutke was bucking the trend. Since the turn of the year, Lutke has bought up just over 57,000 shares at a cost of nearly $2.6 million.
ARK Invest is also dumping COIN
It’s not just Coinbase insiders dumping the company’s stock. This week, Cathie Wood’s ARK Invest sold off more than 160,000 Coinbase shares worth $13.5 million. This sell-off comes just weeks after ARK bought 350,000 Coinbase shares.
As reported by CoinDesk, this purchase included 301,437 shares for its ARK Innovation ETF and 52,525 shares for its Next Generation Internet ETF.
Coinbase is waiting for judges’ ruling on lawsuits
Coinbase is currently awaiting the US Supreme Court’s decision on its attempt to quash customer lawsuits. These include one user who sued the firm after a scammer took funds from their account.
Coinbase wants to transfer the cases out of court and instead go down the path of private arbitration, reports Reuters.
Justices have reportedly expressed doubt over the exchange’s arguments while some were worried about how the outcome would affect defendants looking to arbitrate customer claims.
A ruling is expected by late June.
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Source: https://protos.com/coinbase-insiders-have-sold-nine-times-more-stock-than-theyve-bought-this-year/