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Coinbase CEO Sold $291.8M Worth of Shares On Exchange Debut Last Updated: 21 April 2021 Coinbase CEO and co-founder Brian Armstrong sold $291.8 million worth of his shares on the first day of trading, new filings show. Millions Of Coinbase Shares Sold On Debut Filing with the Securities and Exchange Commission (SEC) shows that the Coinbase CEO Brian Armstrong sold about 749,999 shares on the first trading day of the cryptocurrency exchange on Nasdaq. The report reveals that Armstrong sold three different groups of shares at varied prices of $381 to $410.40. The total shares sold by Armstrong are less than 2% of his total holdings in the company. ....
Why It Matters: Unlike a typical IPO, where new shares are issued to the public and insiders have a lock-up period to prevent them from selling, the whole purpose behind Coinbase’s direct listing was that these insiders sold their shares to the public. Essentially, they have to make their shares available for sale in order for the listing to be successful. Those unfamiliar with the details of a direct listing criticized Coinbase executives for “dumping their shares” on the first day of trading. “In a direct listing, you need sellers otherwise there is no liquidity. So ridiculous that people are grasping at straws to throw shade at the Coinbase team,” commented Meltem Demirors, chief strategy officer at Coinshares. ....
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