Raymond James analysts said multiple Coinbase insiders, including four members of top management, sold a total of $383 million worth of company stock in Quarter 1. That's more than double the sales in the fourth quarter of 2023 and the largest insider sales since the company went public on the Nasdaq stock market in 2021.
Raymond James noted that the biggest seller was co-founder and board member Fred Ehrsam, who netted $129 million on his shares.
Coinbase reported better-than-expected results for Quarter 1 after hours on Thursday. The cryptocurrency exchange, which reported revenue of $1.64 billion against expectations of $1.34 billion, has rallied about 30 percent this year after surging nearly fivefold in 2023 as bitcoin prices have surged.
Raymond James Analyst: Multiple Coinbase Insiders Sold $383 million of Shares in the First Quarter
2024-05-02 23:55:29
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