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.

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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.

Alexander Stefanov