Reports from Capital Market Laboratories’ data indicate that insider investors in Coinbase’s COIN sold off nearly $5 billion worth of the stock in the past few days. This huge sell-off happened after COIN’s direct listing on April 14, 2021.
Major Selloffs from Coinbase’s Insiders
The CML data reveals that about 13 million insider shares were sold out after the listing. The metrics show that the total value in dollars of shares that were dumped by early investors in Coinbase was worth $4.6 billion.
Coinbase’s CFO Alesia Haas was identified as one of the insiders who sold off a huge sum of the COIN shares. He allegedly got rid of 255,500 shares worth a sum total of $99,320,515.
The CEO, Brian Armstrong also sold off some of his shares after the listing. Armstrong allegedly let go of 749,999 shares in different sequences and prices giving rise to a sell-off worth $291,827,966.
Despite the seemingly huge selloff, it is believed that crypto exchange insider investors have sold only a minute portion of their portfolio. Brian Armstrong is reported to have over 36 million shares. This implies that in the few days that just elapsed, Armstrong let go of only 2% of his cumulative shares.
this is making the rounds and is so misleading – details matter!
each of these execs have tons of unvested options that account for the majority of their holdings – in reality they’ve each sold less than 10% of their total shares https://t.co/LP4uKK1Nuq
— Meltem Demirors (@Melt_Dem) April 17, 2021
