Coinbase CEO Sells Nearly $292M Worth Of COIN Shares

Altcoins Cryptocurrency Exchanges News

According to information provided by the US SEC website, CEO of Coinbase Brian Armstrong and other company members took part in the selling of around a mind-blowing $5 Billion worth of COIN shares on the day of trade launch. Meanwhile, the Primary investors took part in buying COIN shares.

At the time of writing, Coinbase has now settled to a stable price of around $344, receiving a boost of more than 30% from its previous price of around $250. The launch phase turned out to be a huge success. CEO Brain Armstrong alone sold nearly 750,000 shares worth more than $290 million when COIN was hovering that the $380-400 price range, marking himself, being one of the sellers who had a stake of around 1.5% in the company.

More sellers included Director of Coinbase Fred Wilson, who sold 4.7 Million shares costing nearly $1.8 Billion and his co-worker Marc Anderssen, who sold around 1.18 Million shares. This may seem like an activity that can potentially have negative effects, but for Coinbase, it is a great way to increase the amount of Liquidity.

Other Investors

Primary investors on launch day included the ARK group, which bought $246 Million in shares and then proceeded to make another transaction, buying an additional $68 Million worth of COIN shares, paying a total of around $314 Million. The ARK Group has obviously seen great potential in Coinbase, analyzing its impressive performance in the market lately.

Seeing huge investments like this, other investment groups have also started to show interest in Coinbase. The asset has gained a positive image in the market, giving opportunities for more traders and investors to join along the ride of success.

Positive Response

Even though all the hype has obviously reduced following the launch, Analyst believes that Coinbase has achieved something great in the market, giving the community hope and optimism. Coinbase is looking to find ways of generating revenue for the long-term run using multiple steams in the space.

During an interview with CNBC, Brian Armstrong hinted at several plans to make use of products that are available in hopes of generating an even greater amount of revenue, building an even stronger foundation and presence for Coinbase in the crypto space. Armstrong also mentioned that there is a chance that the fee would be also be compressed in the long term.

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