Coinbase insiders sold over $40 million in $COIN during December selloff, SEC data shows by the_postman_
, major players sold $40,631,394 worth of COIN over the course of December. The SEC requires these disclosures of company officers and directors, as well as any shareholders who possess 10% or more of the company's outstanding stock.
In the three months to date, total sales from insiders amounted to $331,744,516. Those insiders reported zero purchases during either timeframe. Co-founder and board director Fred Ehrsam, now also the co-founder of crypto VC firm Paradigm, sold COIN worth $31,369,991 over the course of December. In the same timeframe, chief product officer Surojit Chatterjee sold $9,007,797 worth of Coinbase stock, while chief accounting officer Jennifer Jones sold $253,606., Coinbase's all-time high was within days of its April listing, hitting roughly $388.
December saw COIN drop from $315 to $252. Today, January 7, COIN is bouncing around the low $220s, with a market cap of $50.095 billion. Relative to that total market cap and daily average volume of over 3 million shares, the sales by insiders are relatively small.As Coinbase's November 9 peak reflected Bitcoin's all-time high, its more recent performance appears to© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only.