Coinbase top executives and early investors sold shares of the exchange at $5 billion – Bits Media

On the very first day of trading in shares of the cryptocurrency exchange Coinbase on NASDAQ, top managers and early investors of the company sold shares for the amount of $5 billion.

According to the reports, the US Securities and Exchange Commissions posted on the website (SEC), CEO Coinbase Bryan Armstrong (Brian Armstrong) sold 749 999 COIN shares at a price from $381 to $410. He got approximately $291.8 million. True, it is worth noting, that the specified volume of shares is only about 1.5% From his share in the company.

A noticeably larger number of shares was sold by a member of the board of directors of Coinbase Frad Wilson (Fred Wilson). He sold 4.7 million shares and received approximately $1.8 billion. The same shares were sold by Union Square Ventures, which is headed by Wilson.

Another member of the board of directors Mark Andrissen (Marcs Andreats) Together with the venture company Andreessen Horowitz and two affiliated companies sold 1.18 Million Coin shares in the amount $449 million.

The direct placement of shares differs from IPO, that there are already existing shares on the market, and new. In this way, Sale of shares by investors and top managers Coinbase increased the liquidity of security and a share of shares in circulation (free float).

Recall, that the direct placement of Coinbase shares took place 14 april. The Nasdaq exchange has set
Recommended shares in the price of $250. After the start of trading, the securities rate reached $420, and then decreased to $310. According to the results of the first day of trading, the capitalization of the company was
$85.7 billion. Now Coin papers are traded in $329.5.