By NewsBTC - 9 months ago - Reading Time: 2 minutes
Coinbase Shake-Up: Top Execs Sell Off COIN Shares – How Will It Affect The Stock Price?
Reputable cryptocurrency company Coinbase, headquartered in the United States, has recently experienced significant stock sales by its top executives. This development occurs against the backdrop of the company’s ongoing struggles, such as regulatory scrutiny and a stagnant trading volume on the cryptocurrency market, which have hampered its growth prospects.
Detailed information concerning the stock sales made by the exchange executives has been disclosed through filings submitted to the U.S. Securities and Exchange Commission.
The most recent Form 4 filing submitted to the SEC shows the stock sales executed by key individuals at Coinbase, namely Chief Legal Officer Paul Grewal, and CEO Brian Armstrong.
Stock Sales By Coinbase Executives
According to Coinbase’s SEC filings, in March, Armstrong and Grewal sold approximately $7 million worth of Coinbase (COIN) stocks. More recently, Armstrong sold shares exceeding $5.8 million in value this week, followed by an additional sale of shares worth $2.6 million on May 25.
It is worth noting that Armstrong has not made any purchases of COIN shares in the past two years and has been selling more frequently in 2023.
He previously disclosed his intention to gradually sell his 2% stake in Coinbase over the next year, with the proceeds being directed towards funding advancements in science and technology within his co-founded companies, including NewLimit (a biotechnology company) and ResearchHub (a scientific research firm).
COIN Performance Amidst Challenges
Coinbase token, COIN has witnessed a significant surge in its stock price, with gains of over 125% so far this year. Currently priced at $78.72, Coinbase Global Inc’s stock market cap is $18.46 billion with $13.20 million trading volume.
This upward trend reflects positive investor sentiment towards the company. However, this upbeat trajectory has been affected by various factors, including ongoing regulatory scrutiny from U.S. authorities and a lawsuit filed by the SEC against the exchange.
The SEC alleges that Coinbase offered unregistered securities, which poses a potential threat to the core trading business of the company.
Amidst these challenges, the stock price of COIN experienced a 12% increase when BlackRock updated its Bitcoin ETF through Nasdaq, with Coinbase listed as a partner under a surveillance sharing arrangement.
Meanwhile, the future of Coinbase Global’s stock performance remains uncertain, with investors and industry observers closely monitoring these developments as they unfold, shaping the company’s trajectory in the coming months.
Original source: NewsBTC