Top Coinbase Executives Offload $COIN Stock Amid Bitcoin ETF Hype

Anvesh Reddy
December 28, 2023
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Breaking: Coinbase UK Faces $4.5M Fine For Onboarding High-Risk Customers

Several Coinbase executives and top shareholders have recently joined the likes of Cathie Wood’s asset management firm Ark Invest in offloading the Coinbase ($COIN) stock as it reaches a new yearly high. Along with Coinbase, other crypto stocks like Microstrategy gained significantly in recent weeks in an apparent anticipation of a spot Bitcoin ETF approval in January 2024.

Also Read: Bitcoin ETF: Attorney Says US SEC’s Holiday Week Meetings Means “It’s Coming”

Advertisement
Advertisement

Coinbase Stock Sale; Profit Taking?

While ARK Invest sold $COIN shares when the stock reach 52-week high of $178, the latest sale streak from Coinbase executives marked yet another high at $185. According to data from Inside Tracker, Brock Lawrence, the Chief People Officer at Coinbase, sold 104,767 $COIN shares on December 27, 2023, while the company’s director Ehrsam Frederick Ernest III sold 43,675 shares. Earlier on December 21, Ernest III sold 97,836 shares. Another director, Rajaram Gokul, has on December 26 sold 1,145 shares.

Earlier, CoinGape reported that executives at the crypto exchange, including chief executive officer Brian Armstrong and chief legal officer Paul Grewal sold the $COIN stocks in the backdrop of the US SEC lawsuit on June 6, 2023. The lawsuit alleged that the company was running the crypto platform as an unregistered national securities exchange, broker, and clearing agency.

Advertisement
Advertisement

Bitcoin ETF Approval

Earlier, CoinGape reported that Ark Invest sold a total of 343,261 Coinbase shares in the space of a week. This came amid rising confidence around the U.S. Securities and Exchange Commission’s (SEC) approval of the Bitcoin ETF  before the deadline of January 10, 2024. Although the speculation around ETF approval could mean further rise in crypto stock prices in the lead up to January 10, the recent offloading of $COIN stocks could be a profit taking strategy. On the other side, does this mean a minor correction is in the making for Bitcoin (BTC) Price before the ETF led rally begins?

Also Read: Cathie Wood: Spot Bitcoin ETF Discussions With US SEC ‘Very Positive’

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.