Coinbase CEO Brian Armstrong has reportedly received a substantial sum of $4.92 million from the sale of 23,075 shares on Thursday. Despite this transaction, Armstrong still holds a significant number of Coinbase shares.
Armstrong’s recent decision to reduce his holdings in the cryptocurrency exchange seems to have influenced the decline in COIN stock price. The sale had a major impact on the company’s shares, which experienced a sharp decrease and closed at $214.63 on the day of the transaction, representing a 2.25% drop from the previous closing.
The news of Armstrong selling his shares appeared to negatively affect the market sentiment, contributing to the downward trend. However, on Friday, July 12, there were signs of improvement as the COIN stock began to recover. At the time of writing, it had increased by 2.67% to reach $220.36.
Despite these recent transactions, Armstrong still retains a substantial amount of Coinbase shares. However, his holdings in COIN have been gradually decreasing due to ongoing selling activities. This is not the first time Armstrong has sold Coinbase shares in the past few months, as he reportedly sold $5.3 million worth of shares in early June. In addition, in April of this year, he sold $5.9 million worth of COIN shares.
Since Coinbase went public in April 2021, its stock price has experienced significant volatility. The insider trading scandal has also had a notable impact on the company’s stock performance.
In other crypto news, a Dutch court has denied the release of the Tornado Cash developer amidst an ongoing legal battle.