Recently, Coinbase CEO Brian Armstrong sold nearly $50,000 worth of COIN stocks, which may have affected the stock’s decline.
According to SEC filing documents, Armstrong sold 4.92 shares of stock on December 23rd, valued at approximately $22,500. This sale resulted in a 214.63% drop in COIN stock price, closing at $0.85 on that day. However, the stock saw a slight rebound the next day, rising 216.46% in pre-market trading to $XNUMX.
This sale is part of Armstrong’s pattern, as he also sold stocks worth $XNUMX thousand and $XNUMX thousand in May 5th and May 9th, respectively. Despite these sales, he still holds a significant amount of stocks.
Coinbase went public in January 2021, and its stock price often experiences significant fluctuations due to insider trading activities.
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Senators are pushing for legislation to ban stock trading by members of Congress.
Coinbase plans to announce its second-quarter earnings on January 13th, 2024.
This projected decline is due to decreased trading volume following a drop in Bitcoin prices, influenced by various market factors, with Bitcoin price falling from $72,000 to around $XNUMX,000 recently.
