Coinbase CEO Brian Armstrong has been selling Coinbase (COIN) shares in recent weeks.
Coinbase CEO Divests Over 59k Shares
According to a cryptocurrency enthusiast and Twitter user Bitfinex’ed @Bitfinexedthe Coinbase boss has recently been selling tens of thousands of shares.
The Twitter user posted an image with a detailed analysis of the shares sold by Armstrong.
The first batch of shares was sold on March 3. The first transaction based on the image is for 11,415 COIN, each at $63.8885, accumulating $729,287. On that same date, there were three other large sales of shares of 14,700, 3,200, and 400, at $64.5, $65, 6 and $66.5, respectively.
Subsequently, in mid-March, Armstrong made ten more COIN sales. The total number of shares sold by Armstrong since March 3 is 59,500 at an average price of $58.74. As such, Armstrong earned about $3.49 million from his stock sales.
As Armstrong sells massive shares, the charts indicate that the value of COIN has increased recently. In less than two weeks, Coinbase shares have surged more than 50%, going from a low of about $53 to a high of $83.90.
According to its charts, this stock is trading at a six-month high. Technical analysis from Tradingview indicates that the stock is in a strong buy position.
The analyst highlighted that the CEO of Coinbase might not have enough confidence in Coinbase’s stock. He noted that the CEO is aware of the incoming bull market, which will drive stocks higher, but it is unraveling, likely indicating a lack of confidence in COIN.
Coinbase Arbitration Dispute Decision On Hold
Amid the COIN boom, Coinbase continues to have a legal problem of its own. On March 21, the justices of the US Supreme Court seemed divided about whether to allow Coinbase to seek private arbitration of its ongoing disputes with customers.
Coinbase argues that its user agreements require resolving user disputes through arbitration. One of the cases Coinbase is facing right now is that of Abraham Bielski, who complained that a scammer stole around $30,000 from his account.
