Recently, Coinbase CEO Brian Armstrong sold nearly $50,000 worth of COIN stocks, which may have affected the stock’s decline.
According to SEC filings, Armstrong sold 4.92 shares of stock on December 12th, worth approximately $22,500. This sale caused the COIN stock price to drop by 214.63%, closing at $0.85 on that day. However, the stock slightly rebounded the next day, rising by 216.46% in pre-market trading to $XNUMX.
This sale is part of Armstrong’s pattern, as he also sold stocks worth $XNUMX thousand and $XNUMX thousand in May. Despite these sales, he still holds a significant amount of stocks.
Coinbase went public in January XNUMX, and its stock price often fluctuates significantly due to insider trading activities.
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Coinbase plans to announce its second-quarter earnings on January XNUMX, XNUMX.
This projected decline is due to reduced trading volume following a drop in Bitcoin prices, influenced by various market factors, with Bitcoin prices falling from $72,000 to around $XNUMX,XXX recently.
