Early investors and executives of Coinbase have sold COIN stocks worth more than 4.6 billion US dollars

On April 18, according to Capital Market Laboratories and confirmed by filings on the Coinbase Investor Relations website, insiders sold a total of 12,965,079 shares shortly after COIN's direct listing, at Friday's closing price At $344.38 per share, COIN is worth more than $4.6 billion.

Coinbase: Launching an extensive global expansion strategy: News on February 15, Coinbase (COIN.O): Launching an extensive global expansion strategy. (Golden Ten) [2022/2/16 9:54:15]

Executives who sold stock included Coinbase CFO Alesia Haas, who sold about 255,500 shares for $388.73 (despite her Form 4 stating that she retained options), and CEO Brian Armstrong in three transactions for $388.73. 749,999 shares were sold at various prices for a total net profit of $291,827,966. According to his Form 4 disclosure, Armstrong still retains 300,001 shares worth more than $1 billion. A filing ahead of the direct listing mentioned he owned 36,851,833 shares, suggesting he sold more than 2% of his stake in the company.  

Korea's Woori Bank will establish a digital asset custody joint venture D-Custody with Coinplug: Woori Financial Group becomes the third company in South Korea to enter into digital asset custody services after KB Financial Group and Shinhan Financial Group (DACS) market's major banking groups. Woori Bank, the banking arm of the financial conglomerate, has agreed to form a digital asset custody joint venture (JV) with Bitcoin-based fintech solutions provider Coinplug Inc. Coinplug will be the largest shareholder of the joint venture D-Custody, and Woori Bank will be the second largest shareholder. The joint venture could be established as early as next week, the sources said. (The Korea Economic Daily)[2021/7/12 0:43:48]

1,126 BTCs were transferred from the Coinbase exchange, worth $11.053 million: WhaleAlert data shows that at 20:18 on May 08, Beijing time, 1,126 BTCs were transferred from the Coinbase exchange to the address starting with 34FVCD, which is worth about 1105.3 based on the current price million USD, the transaction hash is: dd4bb67aa2a34e1d427aad8f2b4c199068e95ff0bc320cd9ee631da8e50fdab7. [2020/5/8]

Representatives for Coinbase said the reporting services could not accurately pinpoint each executive's percentage of ownership, and that the shares sold represented only a small fraction of executive and insider ownership.  However, this behavior has aroused ridicule by many users on social media, and many still compare Coinbase's behavior to the classic "pump and dump" in order to achieve the purpose of selling high and buying low.

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