Sales continue… While Coinbase stock is still trading at less than half of its all-time high, analysis reveals the “dump” that company executives made.
Analysis of crypto media Protos reveals that Coinbase executives disposed of a total of $ 250 million in shares in the past month. In the first 145 days of COIN’s existence, company officials “dumped” a total of $ 5.43 billion.
It was Andreessen Horowitz’s Marc Andreessen who sold the most shares in the past month: $ 188 million alone. As a reminder, the man owns 10% of Coinbase, of which he is also a director.
This amount is, however, much less than that “dumped” on day one by venture capitalist Fred Wilson, who is also the company’s director. The day COIN started trading, it sold for $ 3.6 billion.
Coinbase’s stock reached $ 645 last April, before losing half of its value. Since then, it has failed to reach similar levels: it posts a price of 280 dollars this morning:
Coinbase remains a precursor, however. Its market capitalization is the largest in the cryptocurrency sector, reaching $ 72.9 billion. The company’s attractiveness was also confirmed by Intel last month. The computer giant has acquired 3,014 COIN shares, which were worth $ 787,000 at the time of sale.