Dataroma’s information indicates a date of July 6, when Brian Armstrong made 12 transactions that resulted in the sale of 8,058 shares of Coinbase.
Most of it was sold by Armstrong himself – 74,325 COIN. Legal counsel Paul Grewal, chief accounting officer Jennifer Jones and director Rajaram Gokul sold the remaining 13,733 COINs.
This isn’t the first time the management of the largest U.S. cryptocurrency exchange has sold shares of its own company. In April, Armstrong, who has been selling the company’s stock since 2022, received $1.8 million from the sale of 29730 COINs. And in March, he was able to sell another 89196 shares of Coinbase for $5.8 million. Paul sold more than $300,000 worth of the company’s stock.
In May, one of the exchange’s shareholders even sued Coinbase management for trading in the exchange’s stock. He said that management deliberately got rid of its securities before the first quarterly earnings report became available to the public.. According to this report, Coinbase’s earnings declined significantly, and this shattered investors’ optimistic sentiments, causing Coinbase’s share price to decline.
Armstrong himself recently stated that the SEC’s legal action against the exchange could ultimately provide more regulatory clarity for the industry as the case goes to trial.