Coinbase Executives and Shareholders Sell Stock Amidst Highs
Several Coinbase executives and top shareholders have recently sold their Coinbase ($COIN) stock as it reaches a new yearly high. This trend of selling is also seen in other crypto stocks like Microstrategy, suggesting anticipation for a spot Bitcoin ETF approval in January 2024.
Coinbase Executives’ Stock Sales
Brock Lawrence, the Chief People Officer at Coinbase, sold 104,767 $COIN shares on December 27, 2023. Ehrsam Frederick Ernest III, the company’s director, also sold 43,675 shares. Earlier on December 21, Ernest III sold an additional 97,836 shares. Another director, Rajaram Gokul, sold 1,145 shares on December 26.
Previously, Coinbase executives such as CEO Brian Armstrong and Chief Legal Officer Paul Grewal sold $COIN stocks due to the US SEC lawsuit filed on June 6, 2023. The lawsuit accused Coinbase of operating the crypto platform without proper registration as a national securities exchange, broker, and clearing agency.
Possible Bitcoin ETF Approval Impact
Ark Invest sold a total of 343,261 Coinbase shares within a week. This move coincides with growing confidence in the SEC’s approval of a Bitcoin ETF before the January 10, 2024 deadline. While speculation about ETF approval could lead to further increases in crypto stock prices before January 10, the recent stock sales may indicate a profit-taking strategy. It also raises questions about a potential minor correction in Bitcoin (BTC) price before the ETF-driven rally begins.
Hot Take: Coinbase Executives and Shareholders Opt for Profit Taking Amidst New Highs
The recent sale of Coinbase stock by executives and shareholders suggests a profit-taking strategy as the stock reaches new yearly highs. This trend is seen not only in Coinbase but also in other crypto stocks like Microstrategy, indicating anticipation for a spot Bitcoin ETF approval in January 2024. While the speculation around ETF approval could lead to further price increases, the recent offloading of $COIN stocks raises the possibility of a minor correction in Bitcoin’s price before the ETF-driven rally begins.
By
By
By
By
By