- Coinbase’s stock has lost more than 80% of its value since its first public offering (IPO).
- The company has taken a more aggressive approach to the NFT sector.
According to reports, top Coinbase executives have reportedly sold shares worth $1.2 billion. There are four executives included in this report: Brian Armstrong, Fred Ehrsam, Emilie Choi (president and chief operating officer), and Surojit Chatterjee (chief product officer), according to the study.
Choi and Chatterjee sold almost $450 million worth of shares, while the co-founders sold approximately $500 million in shares. According to the report, Fred Ehrsam, a co-founder of the crypto investment company Paradigm One LP, purchased back shares worth $75 million.
Since these investors have had their holdings locked up for so long, industry experts believe the transactions are not shocking. Similar comments were expressed by a Coinbase spokesman who responded to the news.
Striving Hard Despite Revenue Falling
Coinbase’s stock has lost more than 80% of its value since its first public offering (IPO). According to the first earnings call of the year from Coinbase, the number of users and revenue were both falling. However, the company has taken a more aggressive approach to the NFT sector by launching its own marketplace, albeit it has not achieved much success. On top of all that, the company has been working hard to extend its operations to other countries.
But a recent letter to investors from Cowen equities analyst Stephen Glagola spoke in favor of the exchange’s security architecture and regulatory compliance over its competitors. Interestingly, Fortune 500 recently ranked the firm as one of the United States’ biggest 500 corporations. Coinbase has become the first crypto company to be included in the prestigious list. Coinbase, according to Fortune 500’s Editor-in-Chief, Alyson Shontell, was one of the companies that benefited from the coronavirus.