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.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.