Summary
Brian Armstrong sold 2% of his Coinbase stake, making $53.2 million, but missed out on potential $76 million as stock price rose. He invested in startups like NewLimit and ResearchHub. He has continued selling shares, now using a trading plan to sell up to 1.8 million shares, worth $295 million. Other Coinbase insiders are also planning to sell shares. Coinbase went public via direct listing with insiders selling $5 billion in stock on day one. The stock initially tanked but has since recovered.
Key Points
1. Brian Armstrong sold about 790,000 Coinbase shares, equivalent to 2% of his ownership stake, between November 2022 and November 2023, raking in nearly $53.2 million.
2. Armstrong left about $76 million on the table by selling his 2% stake too soon, as the stake would have been worth $129.5 million at the current trading price of Coinbase stock.
3. Armstrong has continued to sell Coinbase stock, offloading 316,150 shares since November, nearly another whole percentage point of his stake, and has entered into a trading plan to sell up to 1.8 million shares in one year starting November 2023.