As a seasoned researcher with years of experience in the financial markets, I find this news about Coinbase executives selling shares quite intriguing. Given my background, I can’t help but draw parallels to the infamous dot-com bubble of the late 1990s and early 2000s, where insiders were often the first ones out the door when things started looking shaky.
Coinbase leaders and board members have chosen to sell a maximum of five million shares, worth more than $900 million, through prearranged trading strategies.
According to reports from Barron’s, based on SEC filings, Coinbase’s management has given the green light for a plan to sell up to 5 million shares, which amounts to more than $900 million in total.
According to Rule 10b5-1 regulations, which enable executives to establish predetermined trading schedules, Brian Armstrong, the co-founder and CEO of Coinbase, has set in motion a strategy to sell up to 3.75 million Class A shares. These shares can be converted from Class B shares held by his trust. This selling plan will commence on November 18 and could continue until November 14, 2025.
Starting from January 2, 2025, and ending on December 31, 2025, Alesia Haas, Coinbase’s Chief Financial Officer, has decided to sell a maximum of 153,896 Class A shares as part of her trading strategy.
Furthermore, it’s noted that co-founder Frederick Ehrsam III intends to offer for sale up to 866,122 Class A shares starting from November 25th, and the platform’s legal officer, Paul Grewal, will begin selling up to 151,005 Class A shares as of December 2nd. Additionally, Coinbase director Fred Wilson has a plan to sell up to 50,000 Class A shares starting from November 7th. After this news broke, COIN shares experienced a decrease of 1.85% in pre-market trading, based on data from Nasdaq.
It’s not surprising that these share sales are happening; it’s well known that Ehrsam III has sold millions of dollars’ worth of Coinbase shares before. Last December, crypto news outlets reported that top executives at Coinbase had offloaded over $120 million in COIN shares, a move that occurred when the stock hit a price of $185.20, marking a massive 450% increase from its year-to-date value in 2023.
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2024-11-04 14:25