Recently, Coinbase (COIN), the popular US cryptocurrency exchange, was listed on Nasdaq. The debut was accompanied by a 52% valuation over the reference price and a market capitalization of a whopping $ 99.5 billion.

Initially, the COIN rate shot up immediately after listing, from $ 381 to $ 410, but that was short-lived. The price then dropped to $ 310, possibly because several early investors and executives sold some of their COIN shares shortly after listing.

According to data from Capital Market Laboratories, nearly 13 million shares have been sold by this group, worth approximately $ 4.6 billion. According to a series of documents filed with the SEC, it also included CEO Brian Armstrong. He sold some 255,000 COIN shares worth $ 292 million.

CFO Alesia Haas also sold 255 thousand shares, director Frederick Wilson even sold 4.7 million shares for $ 1.82 billion, and venture capitalist Marc Andreessen sold 1.18 million shares for $ 449.2 million.

That causes a lot of criticism from the crypto community. The sale of the Coinbase shares is labeled as a so-called pump ‘n dump. Still, the situation may not be as bad as it may seem at first.

As it turns out, many of these early investors and executives actually sold less than 10% of their shares. It is reported that Armstrong still owns a whopping 37 million shares of COIN. COIN’s price recovered after its dip around $ 345, meaning Armstrong still owns $ 12.5 billion in stock.

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