Coinbase CEO Brian Armstrong offloaded $1.8M worth of stocks in April

Coinbase CEO Brian Armstrong sold $1.8 million worth of the company’s stocks in April, according to Dataroma data.

According to the data, Armstrong sold a total of 29,730 Coinbase shares — which add up to $1,860,444 in value — in six transactions on April 12.

The recent sales continue the CEO’s previous dumping of the company’s stock. CryptoSlate reported that Armstrong sold 89,196 Coinbase shares for $5.8 million in March — almost half of these sales were made  24 hours before the U.S. SEC issued a warning to the exchange.

At the time, several members of the crypto community had raised issues about the timing of the sales — with some speculating that Armstrong was dumping on the public.

Before then, Armstrong had consistently sold Coinbase shares since November 2022, when he announced that he would fund scientific research and development through two startups — NewLimit and Research Hub.

At the time, Armstrong pledged to sell 2% of his stake at the crypto firm.

Meanwhile, Armstrong is not the only Coinbase executive selling the company’s stocks. The exchange’s chief legal officer Grewal Paul sold over $300,00 worth of the company stocks in March, according to Dataroma data.

Coinbase stocks on the ascendancy

Coinbase’s COIN stock is one of the best-performing crypto stocks in 2023. For context, the stock is up 17% in the past week and over 12% in the last month.

The exchange’s stock has risen by roughly 92% on the years-to-date-metrics, according to Tradingview data.

The stock performance has coincided with Bitcoin’s (BTC) return to above $30,000 and a renewed interest in digital assets among investors.

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