- In addition to Coinbase, other crypto stocks like MicroStrategy have also gained significant profits in recent weeks, fueled by a clear expectation of approval for a spot Bitcoin ETF expected in January 2024.
- ARK Invest sold COIN shares when it reached a 52-week high of $178, but the latest selling spree by Coinbase executives went up to $185.
- Ehrsam Frederick Ernest III sold 43,675 shares. Ernest III had sold 97,836 shares on December 21. Another executive, Rajaram Gokul, sold 1,145 shares on December 26.
Many Coinbase executives and prominent stakeholders are divesting COIN shares as expectations for a spot Bitcoin ETF rise.
COIN Stock Sale by Coinbase Executives
Several Coinbase executives and prominent stakeholders, along with companies like Cathie Wood’s asset management firm Ark Invest, have sold COIN shares as Coinbase (COIN) shares reached a new annual peak. In addition to Coinbase, other crypto stocks like Microstrategy have also experienced significant gains in recent weeks, fueled by an explicit expectation of approval for a spot Bitcoin ETF expected in January 2024.
ARK Invest sold COIN shares when it reached a 52-week high of $178, but the latest selling spree by Coinbase executives went up to $185. According to the available data, Coinbase’s Chief People Officer, Brock Lawrence, sold 104,767 COIN shares on December 27, 2023, while the company’s board member Ehrsam Frederick Ernest III sold 43,675 shares. Ernest III had sold 97,836 shares on December 21. Another executive, Rajaram Gokul, sold 1,145 shares on December 26.
Previously, COINOTAG reported that cryptocurrency exchange executives, notably President Brian Armstrong and Vice President Paul Grewal, sold COIN shares, particularly against the backdrop of the SEC lawsuit process on June 6, 2023. The lawsuit alleged that the company operated its crypto platform as an unregistered national securities exchange, broker, and clearing agency.
Bitcoin ETF Approval
COINOTAG previously reported that Ark Invest sold a total of 343,261 Coinbase shares within a week. This was a result of increasing confidence around the approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) before the January 10, 2024, deadline. Speculation around ETF approval may lead to further increases in the prices of crypto stocks in the period up to January 10, but the recent sale of COIN shares could be a profit-taking strategy.
