- Coinbase insiders, including co-founder Fred Ehrsam III, sold over $120 million in COIN shares in December as the stock reached a new yearly high.
- CEO Brian Armstrong and other executives also participated in insider selling amid COIN’s 480% price increase year-to-date.
- Cathie Wood’s Ark Invest sold nearly 150,000 COIN shares worth $24 million in December to rebalance holdings as the stock surged.
Coinbase insiders seem to be disposing of COIN shares this December, with co-founder Fred Ehrsam III appearing as the most active seller. The selling comes as Coinbase’s stock reaches a new yearly high.
Major Insider Selling Activity
Coinbase insiders sold over $120 million in shares in December, according to data from Insider Alerts. Co-founder Fred Ehrsam III led the selling, disposing of over 450,000 shares. Coinbase CPO Lawrence J Brock sold 104,767 COIN shares for $18.3 million in one transaction. CEO Brian Armstrong was the third most active seller, offloading 146,150 shares for $21.6 million. Other executives also participated, including CFO Alesia J Haas and COO Choi Emilie.
COIN Price Reaches New Highs
Despite reaching $18.52, a 480% increase year-to-date, COIN remains below its all-time high of $342.9 from November 2021.
Ark Invest Cashes in on Coinbase Shares
Cathie Wood’s Ark Invest sold additional Coinbase shares as the stock reached new highs this month. Ark Invest offloaded 149,780 COIN shares worth $24.2 million from two funds. The sales come as part of Ark’s strategy to rebalance holdings amid the surge in COIN price.
The recent insider selling could be a profit-taking strategy, despite growing confidence around a potential Bitcoin ETF approval by January 2024. While anticipation may boost crypto stock prices further, insiders seem keen to capitalize on the current highs.