Coinbase top executives reportedly made over $1B via stock sales

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A new Wall Street Jour­nal report has revealed that four top offi­cials of Coin­base have cumu­la­tive­ly made over $1 bil­lion by sell­ing the com­pa­ny shares since the exchange went pub­lic last year.

Accord­ing to the report, the offi­cials involved in the act include co-founders Bri­an Arm­strong and Fred Ehrsam, Chief Oper­at­ing Offi­cer Emi­lie Choi, and Chief Prod­uct Offi­cer Suro­jit Chatterjee.

The report not­ed that Fred Ehrsam had made the high­est sales with “near­ly half a bil­lion dol­lars in stock sales” while oth­ers like Arm­strong have sold shares worth $292 million.

The oth­er exec­u­tives, Choi and Chat­ter­jee, have sold $226 mil­lion and $110 mil­lion worth of shares each.

The shares were said to have been sold at vary­ing times of the mar­ket, with some sell­ing when the stock was trad­ing for as high as $422 and some at $189.

Accord­ing to WSJ, a Coin­base spokesper­son report­ed­ly said 

“These Coin­base exec­u­tives main­tain large posi­tions in the com­pa­ny, reflect­ing their com­mit­ment to our long-term opportunities.”

Coinbase’s recent stock performance

The price per­for­mance of the only pub­lic list­ed cryp­to exchange has not been over­ly encour­ag­ing in recent times.

In its earn­ings call from the first three months of 2022 (Q1 2022), the firm revealed that its rev­enue was drop­ping, and its user base was also reduc­ing. This reduc­tion has prompt­ed some of the firm’s recent actions as it seeks to widen its hori­zon into new markets.

As of press time, Coin­base stock is trad­ing for $74.69, which is over 70% low­er than its year-to-date (YTD) metric.

How­ev­er, that has not stopped the exchange from get­ting into the list of For­tune 500. The For­tune 500 mea­sures the largest 500 com­pa­nies in the Unit­ed States by gross income, and Coin­base is the first cryp­to firm to enter the list.

Accord­ing to the fore­word writ­ten by Alyson Shon­tell, For­tune Edi­tor-in-Chief, Coin­base ben­e­fit­ed from the “freak­ish cir­cum­stances of COVID.”

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