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Coinbase executive team sells Dalilang stock? Stop believing rumors



Coinbase's direct listing last week sent waves across the trading space, rivaling some of the biggest tech IPOs ever.

By the end of its first trading day, Coinbase had a fully diluted market capitalization of more than $80 billion, putting it on par with several Wall Street giants including Credit Suisse, Nasdaq and Barclays. Still, the crypto world’s attention was not on Coinbase’s positive metrics, but on how much stock its executives had sold.

In a tweet with thousands of retweets, netizens said that the Coinbase management team had sold most of their shares. But according to Coinbase’s filing with the U.S. SEC, The Block’s data shows that the company’s largest shareholder sold only a small portion of its shares between April 14 and 15.

Bitcoin core client Bitcoin Core 22.0 version has been officially released: Jinse Finance reported that Bitcoin Core developers officially released Bitcoin Core 22.0 version today, which is now available for download. This is the 22nd major version of the original bitcoin software client launched by Satoshi Nakamoto 13 years ago. This release is the first major Bitcoin Core release to support the upcoming Taproot protocol upgrade, while also offering several other improvements over previous releases. Major improvements include hardware wallet support in the GUI, I2P support, and Taproot support, among others. [2021/9/14 23:22:40]

Coin98 completes US$11.25 million strategic round of financing, led by Hashed and Spartan Group: On July 20th, Vietnamese DeFi project Coin98 announced the completion of US$11.25 million in strategic financing, jointly led by Hashed and Spartan Group, with participation from ParaFi Capital and IOSG Ventures, GBV Capital, Nascent, SNZ, Asymm Ventures, NGC Ventures, Vessel Capital, BTC12 Capital, Evernew Capital, AU21 Capital, Solidity Ventures, Paribus Ventures, Origin Capital, Moonwhale Ventures, K300 Ventures, Magnus Capital, Kyros Ventures, Spark Digital Capital, Black Mamba Ventures, HC Ventures, STC Capital, BTA Ventures, Basics Capital, Serum Stakers, Consensus Labs, Raptor Capital, Shima Capital, Gate Labs, etc.

It is reported that Coin98 focuses on creating and developing an ecosystem of DeFi protocols and applications on multiple blockchains. Its product Coin98 Wallet is a cross-chain compatible wallet that can connect blockchains and dApps with all users. Coin98 Exchange is an all-in-one solution for DeFi, which will make asset transfer easier and safer through its Space Gate (cross-chain bridge). [2021/7/20 1:05:49]

So how much stock did the Coinbase executive team sell in the first week of COIN trading?

Coinbase Custody launches Cosmos staking service: Jinse Finance reported that according to Coinbase’s official blog, Coinbase Custody has launched a staking service for Cosmos, and its customers can now earn rewards through staking. [2020/5/21]

First, Coinbase Chief Executive Officer (CEO) Brian Armstrong sold less than 2% of his stock. In addition, Chief Financial Officer (CFO) Alesia Haas only sold 15% of her holdings after netizens misrepresented that she sold all her shares. Based on COIN’s closing price last Friday (April 16), she still holds nearly $500 million in stock.

News | OKCoin Group founder Xu Mingxing will be handed over from Shanghai Pudong Branch to Beijing Haidian District Public Security Bureau: According to Caixin, on the evening of September 10, Xu Mingxing, the founder of OKCoin Group, was brought to Beijing by the Shanghai police for his involvement in a currency speculation dispute. Weifang Xincun Police Station, Pudong Branch of Shanghai Municipal Public Security Bureau. The current conclusion is that the crime took place in Beijing instead of Shanghai. Although Xu Mingxing also has a company in Shanghai, the Shanghai company has nothing to do with digital currency. Therefore, the report materials submitted by investors will be handed over to Shanghai Pudong New Area Economic Investigation, and then The economic investigation department will be handed over to the Beijing Haidian District Public Security Bureau. [2018/9/11]

Emilie Choi, President and Chief Operating Officer (COO) of Coinbase and former LinkedIn M&A executive, ranks second in the percentage of sell-offs as a percentage of total holdings. Choi sold 24% of his shares in the previous two trading sessions, dumping more than 50 shares as the stock neared a high of more than $420, according to SEC filings.

Coinbase Chief Accounting Officer (CAO) Jennifer Jones sold 38% of her total holdings, the highest percentage sell-off among the executive team.

The market shouldn't be surprised that executives are selling shares. In a direct listing, no new shares are issued as in a traditional IPO. As a result, shareholders selling existing shares can ensure that there is enough supply for a direct listing.

Coinbase General Counsel Paul Grewel pointed this out on Twitter. He commented, “In order to provide sufficient supply and attract new investors, a company must sell a minimum number of (shares) in the total ownership structure table to successfully go public. The largest shareholders are usually investors and executives, so That means they tend to sell the most on their listing day.”

The chart below shows the amount of shares sold by major Coinbase shareholders during the week of April 14.

Unsurprisingly, Coinbase CEO Brian Armstrong sold the most shares (just under $300 million), but those shares represented only a small fraction of his total ownership in the company. During the same period, Choi sold just under $220 million in stock.

As for  COIN 's performance, the stock closed at  342 $ on Friday, down sharply from its trading price in the first hours of its debut. Coinbase  touched a low of  310 $ in the final hour of trading on the listing day, before closing at  16 ET at $328.28 $. It ended its first trading day with a fully diluted valuation of $85.7 billion.


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