The fact that many senior executives, including Coinbase CEO Brian Armstrong, have sold a significant amount of company stock (COIN) raises concerns. The sales came shortly after the double-digit rise in the price of COIN.
Coinbase executives divest COIN shares
According to documents filed with the SEC, Coinbase executives have sold a significant amount of stocks in recent days. These included Paul Grewal, Chief Legal Officer, and Jonnes Jennifer, Chief Accountant. Coinbase executives, including CEO Brian Armstrong, made a total of $6,886,552 in sales on July 6.
Popular crypto analyst Efe Bulduk said sales, “I wonder why? Why would anyone sell a company stock that would make 2x if the ETF was approved?” he commented.
CEO Brian Armstrong hits biggest stock sale this week
This week, Armstrong sold $5.8 million worth of stock in his biggest sale. It also sold $2.6 million worth of stock on May 25. Armstrong previously announced that he would sell his 2% stake in Coinbase within the next year. He aims to use the proceeds to fund science and technology developments at companies he co-founded, including biotech company NewLimit and scientific research company ResearchHub.
There have been multiple reports of Coinbase executives selling their shares, following a shareholder lawsuit accusing the CEO and investors of dumping shares to avoid significant losses in 2021.
What’s next for COIN?
Coinbase Global shares are up more than 125% this year, reflecting positive investor sentiment. However, regulatory pressures and sluggish trading volumes in the depressed crypto market raise concerns about the stock’s future performance.
The COIN is currently trading at $78.72. It has earned 30.57% over the past year. The decline is due to the ongoing SEC litigation. The SEC alleges that the company offers some unregistered securities that pose a threat to Coinbase’s core trading business. cryptocoin.comAs you follow from , the case came to an end one day from the Binance case.
Meanwhile, the COIN stock price has been gaining in value over the past few weeks. The rally came about when BlackRock updated its Bitcoin ETF through the listing of Nasdaq and Coinbase as partners under a custody sharing arrangement.
The latest in the Coinbase case
The US-based exchange countered shortly after the SEC lawsuit. He claimed that the regulator has no say over the coins it lists on its platform. In response, the SEC alleges that the exchange deliberately violated the law. You can take a look at the details of the hot development in this article.
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