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

Exchanges • November 15, 2022, 7:15PM EST
UPDATED: November 16, 2022, 9:17AM EST
The Block

Quick Take

  • Brian Armstrong sold Class A Coinbase shares, according to a regulatory filing.

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.” 

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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.


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About Author

Christiana is a long-time journalist who has written about markets in the Americas, politicians who stashed cash in their underwear and high-end heels, to name just a few. She previously spent six years at Bloomberg, and her work has appeared in the WSJ, LA Times, Insider, Vogue Business and more. Christiana has a bachelor's degree in English from Pace University and a master's degree in journalism from New York University. She completed a master's degree in media psychology for fun.

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