Brian Armstrong reportedly received $4.92 million for Thursday’s sale of 23,075 shares.
The CEO still owns a large amount of Coinbase shares, even after recent transactions.
Coinbase CEO Brian Armstrong recently cut down on his holdings in the cryptocurrency exchange, according to reports. On Thursday, July 12, Armstrong sold off approximately $5 million worth of COIN shares. The recent decline in COIN stock price may have been accelerated by the dump.
Brian Armstrong reportedly received $4.92 million for Thursday’s sale of 23,075 shares of Coinbase stock, as detailed in a recent filing with the US SEC.
The sale has had a major effect on the stock price of the firm, with COIN shares falling sharply following the deal. On the selling day, COIN shares finished at $214.63, down 2.25 percent from the previous closing.
It seemed like the market was negatively affected by the news of Armstrong selling his shares, which added to the slide. But on Friday, July 12, the COIN stock had begun to show indications of improvement. The stock reached $220.36, an increase of 2.67% at the time of writing.
Ongoing Unloading
Armstrong still owns a large amount of Coinbase shares, even after recent transactions. But recently, the CEO’s holdings in COIN have been dwindling because of the ongoing unloading. For Armstrong, this is not the first instance of selling Coinbase shares in the last several months. Reportedly, he sold $5.3 million worth of COIN shares in early June.
Furthermore, in April of this year, Armstrong sold $5.9 million worth of COIN shares. Since going public in April 2021, Coinbase’s stock price has gone on a roller coaster ride. The insider trading scandal has also had a significant effect on Coinbase’s stock price.
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