It turned out that Brian Armstrong, CEO of Coinbase, the largest US crypto exchange, sold about $ 2 million worth of COIN shares a day before the stock market was sued by the SEC.
Coinbase CEO Brian Armstrong by the US Securities and Exchange Commission (SEC) sue Coinbase before opening 29,730 COINs sold the stock. Average Coinbase share price 58.71 on June 5, 2023, when Armstrong sold it that day. 29,730 share, approx. 1 million 750 thousand dollars was doing.
COIN price as Coinbase sued 1 day after Armstrong sold shares to 20% losing near value to the level of 46 dollars as much as it declined.
This sale timing among the community speculations though it was inflamed, in fact, Armstrong, Since November 2022 He was trading regularly.
Armstrong will continue these transactions, which have been going on for about 7 months, until the end of 2022. August an agreement that predetermines the timing and size of transactions. under plan 10b5-1 performed.
Comparing Coinbase’s stock price with Armstrong’s trading dates, not always profitable it’s coming out. Therefore, Armstrong’s sale before the SEC lawsuit purely by chance it could be.
According to Nasdaq data, COIN at the time of writing from $54.90 finds buyers.