Coinbase top officials made $1.2 billion from COIN shares sale: WSJ
Coinbase, the biggest cryptocurrency exchange in the United States, has seen its COIN shares peak in price in 2021, but since the start of 2022, the situation doesn't seem very well for the exchange as the shares have already dropped by more than 80%. Interestingly, as per a report from Wallet Street Journal, top executives have also sold huge chunks of shares.
Top execs benefit from Coinbase shares sale
Co-founders Brian Armstrong and Fred Ehrsam, as well as President and Chief Operating Officer Emilie Choi and Chief Product Officer Surojit Chatterjee, cumulatively netted an amount of a whopping $1.2 billion from the sale of Coinbase shares as per WSJ. Following the listing of the COIN shares in soring 2021, the shares have dropped more than 80%."They sold the shares at prices ranging from $189 to $422. Coinbase opened at $381 on April 14, 2021, its first day of trading. On Friday, the stock closed at $75.32," revealed WSJ.This year, investors have dumped stocks and cryptocurrencies, considering them risky assets. As noted by WSJ, some analysts expect company executives to sell stock in or after an initial public offering or IPO, having staked their assets in the company for a long time.
"These Coinbase executives maintain large positions in the company, reflecting their commitment to our long-term opportunities," a Coinbase spokesman said.
Individual Sales
According to WSJ, Armstrong and his living trust sold shares for $292 million, while Choi exercised options at $9.7 million and sold shares worth $226 million. On the other hand, Chatterjee exercised options at the cost of $6 million and sold shares for total proceeds of $110 million. Ehrsam sold shares worth half a billion dollars in the same period, although he later bought $75 million worth of COIN on behalf of the cryptocurrency investment firm he co-founded called Paradigm One L.P. He also bought another $1.8 million worth of stock on behalf of the firm.100% Success Money Back Guarantee
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