- Massive sell off of Coinbase Stock by staff and executives has fueled its price slump.
- Coinbase Stock has continued to go up and down since its listing in April 2021.
Amidst the massive price crash the crypto market is currently experiencing, the stock of American crypto exchange firm, Coinbase has also plunged 11 percent between December and January.
The plunge in value of Coinbase stock ($COIN) is fueled by massive sell-off by officials of the exchange firm, including executives.
US SEC data reveals that Coinbase executives have been on a selling spree over the past three months. Overall, the insiders dumped more than $90 million worth of COIN.
According to a recent filing with the SEC, Coinbase co-founder Fred Ehrsam and Chief Product Officer Surojit Chatterjee together sold COIN stocks worth over $40 million in December 2021.
Ehrsam and Chatterjee sold shares worth $31,369,991 and $9,007,797, respectively. Chief Accounting Officer Jennifer Jones sold COIN stocks worth $253,606 during the month.
They are reportedly doing this as a result of the crypto market bloodbath. The large selling by Coinbase employees is also among major factors for the sharp decline in prices.
Front and back with Coinbase stock so far
Back in April 2021, when Coinbase stock was listed, the exchange gifted each of its 1700 employees 100 shares worth $56 million. At the end of the first day of trading, $COIN public data reveals that the stock opened at $381, reached a high of $430, and closed its first trading day at $310.
However, by the first week of May, it slipped below $300 as bitcoin had begun its nosedive. On May 4, COIN stock opened at $292, and despite initially rising, it closed the day at $275. It again attained the $300 territory on October 19, opening at $300 and rising to $308.
Riding the bullish market sentiment in October and November, COIN maintained the $300 territory with a peak on November 9 when it jumped to $369.
It dropped beneath $240 days back as the crypto market began to plummet.