Coinbase, the first crypto exchange to issue shares in the United States, has had a difficult few months. Government figures reveal that the company’s employees and the first investors were part of a significant selloff.
December selloff of COIN shares
According to ownership data collected by the Securities and Exchange Commission and Dataroma the main players sold COIN worth $ 40,631,394 during December. The Securities and Exchange Commission (SEC) requires this information from the company’s representatives and directors, as well as from all shareholders who own 10% or more of the company’s outstanding shares.
In the three months to date, total sales of stakeholders have reached $ 331,744,516. These individuals reported zero purchases during both periods.
Co-founder and CEO Fred Ehrsam, now also co-founder of Paradigm’s VC crypto, sold COIN worth $ 31,369,991 during December. Within the same time frame, Chief Product Officer Surojit Chatterjee sold Coinbase shares worth $ 9,007,797 and Chief Accountant Jennifer Jones sold the shares for $ 253,606.
According to the NASDAQ, the historical maximum COIN was recorded within a few days of the April listing and reached about $ 388. The company’s shares recently peaked at just under $ 370 on November 9, along with BTC’s all-time high.
The SEC figures show that Coinbase had a big sell-off in early November, involving many of these players, specifically on days 8 and 15, and on November 4, Ehrsam made a single sale of $ 63,001,342.
With the Coinbase peak of November 9 reflecting BTC’s all-time high, its recent performance seems to reflect wider declines in both the crypto and traditional stock markets.
