Coinbase CEO Brian Armstrong Sells $5 Million in Shares

In a recent move, Coinbase CEO Brian Armstrong has sold nearly $5 million worth of COIN shares, potentially influencing the stock's decline.

According to an SEC filing, Armstrong sold 23,075 shares on July 12, valued at around $4.92 million. This sale led to a 2.25% drop in COIN’s stock price, which closed at $214.63 that day. However, the stock showed a slight recovery the next day, rising by 0.85% in pre-market trading to $216.46.

This sale is part of a pattern for Armstrong, who has also sold $5.3 million worth of shares in June and $5.9 million in April. Despite these sales, he still retains a significant number of shares.

Coinbase, which went public in April 2021, has seen its stock price fluctuate significantly, often impacted by insider trading activities.

Coinbase is set to announce its Q2 earnings on August 1, 2024. Analysts predict an average EPS of $1.13, a significant increase from last year’s -$0.42 for the same quarter, but a 31% decline from the first quarter of 2024.

This projected decrease is attributed to reduced trading volumes following a drop in Bitcoin prices, which fell from $72,000 in April to around $53,000 recently, influenced by various market factors.