Coinbase top executives reportedly made over $1B via stock sales
A new Wall Street JourÂnal report has revealed that four top offiÂcials of CoinÂbase have cumuÂlaÂtiveÂly made over $1 bilÂlion by sellÂing the comÂpaÂny shares since the exchange went pubÂlic last year.
AccordÂing to the report, the offiÂcials involved in the act include co-founders BriÂan ArmÂstrong and Fred Ehrsam, Chief OperÂatÂing OffiÂcer EmiÂlie Choi, and Chief ProdÂuct OffiÂcer SuroÂjit Chatterjee.
The report notÂed that Fred Ehrsam had made the highÂest sales with “nearÂly half a bilÂlion dolÂlars in stock sales” while othÂers like ArmÂstrong have sold shares worth $292 million.
The othÂer execÂuÂtives, Choi and ChatÂterÂjee, have sold $226 milÂlion and $110 milÂlion worth of shares each.
The shares were said to have been sold at varyÂing times of the marÂket, with some sellÂing when the stock was tradÂing for as high as $422 and some at $189.
AccordÂing to WSJ, a CoinÂbase spokesperÂson reportÂedÂly said
“These CoinÂbase execÂuÂtives mainÂtain large posiÂtions in the comÂpaÂny, reflectÂing their comÂmitÂment to our long-term opportunities.”
Coinbase’s recent stock performance
The price perÂforÂmance of the only pubÂlic listÂed crypÂto exchange has not been overÂly encourÂagÂing in recent times.
In its earnÂings call from the first three months of 2022 (Q1 2022), the firm revealed that its revÂenue was dropÂping, and its user base was also reducÂing. This reducÂtion has promptÂed some of the firm’s recent actions as it seeks to widen its horiÂzon into new markets.
As of press time, CoinÂbase stock is tradÂing for $74.69, which is over 70% lowÂer than its year-to-date (YTD) metric.
HowÂevÂer, that has not stopped the exchange from getÂting into the list of ForÂtune 500. The ForÂtune 500 meaÂsures the largest 500 comÂpaÂnies in the UnitÂed States by gross income, and CoinÂbase is the first crypÂto firm to enter the list.
AccordÂing to the foreÂword writÂten by Alyson ShonÂtell, ForÂtune EdiÂtor-in-Chief, CoinÂbase benÂeÂfitÂed from the “freakÂish cirÂcumÂstances of COVID.”