Coinbase (COIN) CEO Brian Armstrong Dumped $292 Million of His Stock on Market Debut
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Brian Armstrong the Chief Executive and co-founder of Coinbase (NASDAQ: COIN) inked nearly $292 million from selling a portion of his stake on Wednesday when the company made its much-awaited stock market debut.
The filings made with the U.S. Securities and Exchange Commission (SEC) show that Armstrong sold 749,999 shares in three separate trades to ink $291.8 million.
Armstrong sold the first batch at the opening price of $381, the second at $391.1, and the final batch at the opening price of $410.4. The largest batch of shares (466,665) at $381. It is estimated that his stake in COIN is worth about $13 billion.
The cryptocurrency media outlet Coindesk reported over the weekend that Coinbase shareholders and early investors sold about $5 billion in shares during the company’s stock market debut.
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