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

US SEC data shows that Coinbase executives are on a three-month selling spree amid plummeting crypto prices following the bull run of October and November 2021. The insiders sold more than $90million worth of COIN.

Executives Sell COIN

According to Coinbase’s most recent filing with SEC, Fred Ehrsam, Coinbase founder, and Surojit Chatterjee Chief Product Officer sold COIN stocks in excess of $40 million in December 2021.

Chatterjee and Ehrsam sold shares in the amount of $31,369.991 and $9.007,797, respective. Jennifer Jones, Chief Accounting Officer, sold COIN stocks in the month of $253,606

The overall transaction volume in Coinbase stocks is much larger than this sell-off. Analysts believe that it indicates a decrease in confidence among early investors and insiders of the first crypto exchange publicly traded in the United States.

Ehrsam leads the sell-off

According to the documents, Ehrsam sold more than $63 million in single sales on November 4, last year.

Coinbase insiders have sold off more than $331 million over the past three months. However, no purchase has been made during that time.

According to the U.S. SEC guideline, directors, officers of companies, and shareholders who have 10% or more stock outstanding must report trading details to the regulator.

Choppy Waters has COIN Stock

The performance of Coinbase (COIN stock) has been consistent with overall market movements since its April 2021 listing.

Public data shows that the stock was listed at $381 at its opening, hit a high of $430 at the peak, and ended trading at $310.

It fell below $300 by the end of May because bitcoin was in a steep decline. COIN stock opened on May 4 at $292 and closed the day at $275. On October 19, it opened at $300 and rose to $308.

COIN remained in the $300 area despite the bullish sentiment of the market in November and October. It reached a peak of $369 on November 9, when it rose to $369. The shares have also been affected by the crypto market correction which began in December. COIN spent most of its time below $300, and even fell below $240 on January 7.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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