Coinbase co-founders made a lot of cash money as the crypto exchange went public. CEO Brian Armstrong sold 749,999 Class A shares at a weighted-average price of about $389.10, to raise about $291. 83 million, according to a MarketWatch calculation.
Coinbase Global Inc. co-Founders Brian Armstrong and Fred Ehrsam, as well as other insiders, raked in a whole lot of fiat money when the cryptocurrency exchange went public last week through a direct listing.
In Form 4 filings with the Securities and Exchange Commission late Friday, Coinbase detailed the share sales by company insiders. On Wednesday, Armstrong sold 749,999 Class A shares at a weighted-average price of about $389.10, to raise about $291. 83 million, according to a MarketWatch calculation of data in SEC filings. The sales were executed in a number of open-market transactions at prices ranging from $381.00, where the stock opened, and $410.40.
In afternoon trading on Monday, the stock was down 2.4% at $333.82, while bitcoin BTCUSD, -1.95% fell 1.5% and the S&P 500 index SPX, -0.53% slipped 0.6%.See related: Coinbase IPO is a huge score for the crypto platform’s ‘Who’s Who’ list of private-equity investors.
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