Coinbase CEO Brian Armstrong sells more than $1.6 million in shares

Coinbase CEO Brian Armstrong sold 29,000 Class A Coinbase shares for $1.6 million on Nov. 11, according to a filing with the U.S. Securities and Exchange Commission reported by Coinbase. 

He also converted Class B shares into Class A shares. 

“As Brian disclosed on Twitter last month, he plans to sell about 2% of his Coinbase holdings over the next year to fund scientific research," the company said in a statement. "This sale timing is unrelated to recent market events, and follows a standard, pre-scheduled 10b5-1 plan, as we have previously discussed on our blog.” 

Coinbase shares were trading over $340 when the company first went public in April 2021. They closed today at $55.53 as crypto prices have shed their value over the past year, alongside many traditional assets.

Correction: Updates story to reflect the correct number of shares sold and adds company comment.