SAN FRANCISCO, California –Coinbase (COIN.O) has gotten off to tumultuous start following its IPO on the Nasdaq that briefly valued it at more than $100 billion.
According to regulatory filings, Chief Executive Brian Armstrong sold about $292 million in shares in total during the cryptocurrency exchange’s first day of trading on the Nasdaq in the past week.
Armstrong sold 749,999 shares in three instances at prices ranging from $381 to $410.40 per share for total proceeds of $291.8 million, the filings made with the U.S. Securities and Exchange Commission showed.
Blockchain and cryptocurrency website Coindesk reported over the weekend that Coinbase stakeholders and investors sold about $5 billion in shares in total during first day of trading.
Amongst those who are noted to have invested in the blockchain and cryptocurrency Coinbase are NBA superstar Kevin Durant (Brooklyn Nets) and hip-hop legend Nas. Durant received praise from hip-hop icon Curtis “50 Cent” Jackson on his recent success with his investment in Coinbase.
Reported by Woodlawn Post Technology staff
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