Brian Armstrong sells $1.6 million worth of Coinbase shares

Coinbase CEO Brian Armstrong decides to sell $1.6 million worth of shares in his platform. This move surprised the cryptocurrency community and the exchange users themselves.

A few hours ago it was discovered that the current CEO of the exchange house. Coinbase, Brian Armstrong, sold a significant portion of his shares in the platform. On November 11, Armstrong reportedly made the sale of 30,000 Class A shares Coinbase for a total of $1.6 million. At the same time as the sale, the company also converted a substantial amount of Class B shares to Class A shares.

The reason for the sale is not known, but it is ruled out that Armstrong wants to disassociate himself from the platform. The move is shocking, but the integrity of Coinbase has been maintained and the platform has not lost value since the move. The most solid reason for the move is that Armstrong may have wanted to clean up some of his accounts and get rid of some of the shares he felt were excessive in his holdings at the end of the year.

Coinbase has become a public company in April 2021. At that time, the company’s shares were launched at a value of about 340 dollars per shareBut today’s picture is very different. Each share is currently trading at about $55.53, a significant drop in the space of a year and a half.. The reason for this decline is the state of the digital asset market, the bearish market has dragged down the value of shares of Coinbase since November last year.

Recently, Coinbase announced the layoff of 60 staff members to adjust the budget. This number is in addition to the 1,100 workers laid off from the platform in June this year.

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