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Coinbase Co-Founder Fred Ehrsam Led Insider Sell-off with $91M Worth of COIN Shares

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In the crash of crypto awards after the bull race in october and november 2021, u.s. sec data reveals that COINBASE executives have embarked on a series of sales over the past three months. overall, the insiders dumped more than $90 million worth of coin.

coin sell-off by executives

according to a recent filing with the sec, coinbase co-founder fred ehrsam and chief product officer surojit chatterjee together sold coin stocks worth over $40 million in december 2021.

Ehrsam and chatterjee sold shares with a value of $31,369,991 and $9,007,797, respectively. Chief Accounting Officer Jennifer Jones sold shares worth $253,606 this month.

This transfer is insignificant relative to the overall coin inventory transactions. However, analysts believe that this indicates a decrease in confidence among insiders and early investors in the first publicly traded crypto exchange in the states.

Ehrsam leads the sale.

Records show that Ehrsam made the largest single sale on November 4 of this year, worth more than $63 million.

The sale by the insiders of the coinbase totaled more than 331 million dollars during the last three months, while no purchase was made by them during that period.

In the U.S., the SEC directive requires directors, company officers and shareholders with 10% or more outstanding shares to report their transactions to the regulator.

COIN Stock at Choppy Waters.

Since its listing in April 2021, the performance of Coinbase (COIN) shares has been in line with the overall market movements.

Based on public data, the newly traded stock opened at $381, peaked at $430, and closed its first trading day at $310.

However, by the first week of May, it slipped under $300 that bitcoin had started its nosedive. On May 4, coin stock opened at $292, and despite an initial increase, it closed the day at $275. It returned to $300 on October 19, opening to $300 and rising to $308.

On the bull market sentiment in October and November, coin maintained the $300 territory with a peak on November 9 when it jumped to $369. However, the crypto market correction which began in early December had an impact on equities as well. COIN spent the bulk of its time under $300 and even dropped below $240 on January 7.

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 1/9/2022

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