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Coinbase employees and major investors sell more than $ 40 million worth of COIN shares during December selloff, SEC figures show

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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.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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