Crypto

Coinbase Executives Plan to Sell Shares Worth Over $900 Million

Coinbase executives plan extensive stock sales worth over 900 million USD, which the company states is not a cause for concern.

Eulerpool News Nov 5, 2024, 10:45 AM

Five Executives and Directors of Coinbase Intend to Sell Shares Worth Over $900 Million. Recently Published Trading Plans Reveal That Up to Five Million Shares of the Crypto Trading Platform Are to Be Sold.

Brian Armstrong, co-founder, chairman, and CEO of Coinbase, plans to sell up to 3,750,000 Class A common shares, which are converted from Class B shares, according to a Rule 10b5-1 plan adopted on August 15. The sale is set to begin no earlier than November 18 and be completed no later than November 14, 2025.

Here is the heading translated to English:

"Co-founder and director Frederick Ernest Ehrsam III also approved a plan on August 25 to sell up to 866,122 Class A shares once B shares are converted. His sales period extends from November 25 at the earliest to a maximum of May 27, 2025.

Chief Legal Officer and Secretary Paul Grewal announced on August 28 the intention to sell up to 151,005 Class A shares. This includes the transfer and settlement of restricted stock units as well as the exercise of vested stock options. His plan is set to start on December 2 and will end no later than December 2, 2025.

Chief Financial Officer Alesia Haas plans to sell up to 153,896 Class A shares according to her plan approved on August 29. The sale period is scheduled from January 2, 2025, to December 31, 2025.

Already on August 8, Coinbase Director Fred Wilson had adopted a plan to sell up to 50,000 Class A shares belonging to the Fred and Joanne Wilson 2012 Delaware Trust. The duration of this plan is set from November 7, 2024, to November 4, 2026.

Coinbase emphasized that these sales plans represent only a small portion of the overall stake held by insiders. CFO Alesia Haas stated during the fourth-quarter conference call in February: "All our insiders share the long-term conviction of Coinbase.

The Coinbase stock has gained more than five percent on the NASDAQ so far this year. On Monday, the stock initially appeared significantly weaker in early trading, but it managed to recoup losses and was temporarily listed at 186.10 US dollars with a gain of 1.82 percent.

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