Topic: The Coinbase CEO sold 749999 shares of COIN on the first day of the offering - page 2. (Read 213 times)
April 20, 2021, 01:50:14 AM
Good for him. He sold his stocks at peak levels. I am actually surprised that he didn't sold more of his shares. Remember that Coinbase went for a direct listing and not an IPO. In case of an IPO, then I would have expected Brian Armstrong and the other promoters to offload a few billion USD worth of shares (which is normal with any IPO). So this amount ($292 million) doesn't sound too high. He may sell more of his shares in the coming days and weeks.
April 19, 2021, 12:29:31 PM
Yeah well, most insiders of privately-held companies just can't wait to cash out once they go public--so this news isn't exactly shocking. The same thing happens after a lot of IPOs, and there's nothing particularly sinister about it (or newsworthy, for that matter).
Looking at the above chart, the CEO was fortunate to sell at the prices he did--but who knows what the stock is going to do in the future. From my brokerage's analysis page, COIN appears to have a P/E of 208, so I'd say the stock is seriously overvalued. If Coinbase were a company that was growing like crazy, that P/E might be acceptable to some investors, but I'm not sure how much they're actually growing their business. I betcha COIN will see much lower prices in the coming months.
Looking at the above chart, the CEO was fortunate to sell at the prices he did--but who knows what the stock is going to do in the future. From my brokerage's analysis page, COIN appears to have a P/E of 208, so I'd say the stock is seriously overvalued. If Coinbase were a company that was growing like crazy, that P/E might be acceptable to some investors, but I'm not sure how much they're actually growing their business. I betcha COIN will see much lower prices in the coming months.
April 19, 2021, 11:35:42 AM
Coinbase, a US-based cryptocurrency exchange, first opened in Nasdaq last week. On the first day of the offering, Brian Armstrong, CEO of Coinbase Exchange, sold nearly $ 292 million worth of COIN shares.
According to the latest case filed with the US Securities and Exchange Commission (SEC), CEO Coinbase sold a total of 74,999 shares of Coinbase in three different stages, ranging in price from $ 381 to $ 410. The stock began trading on April 14 and went on sale under the name NASDAQ: COIN for a reference price of $ 250. ...
The closing price of COIN shares closed at $ 342 on Friday. The shares of this crypto exchange reached the highest price level of $ 420 on the first day and stabilized its correction at a lower price of $ 300 on the same day.
Cathie Wood’s Ark bought $ 249 million worth of COIN shares on Wednesday, according to a recent Bloomberg report. In addition, the company added 34,286 shares to its COIN portfolio on Thursday, buying 34,116 shares worth approximately $ 110 million.
Coinbase stock offering
According to a report from Coindesk, Frederick Wilson, CEO of Coinbase and a leading investor, reduced his portfolio by selling 4.70 million shares worth $ 1.82 billion. Together with Mr. Wilson, Marc Andreessen and colleagues at Union Square Investment Company also sold part of their assets.
Paul Grewal, Chief Legal Officer at Coinbase: "To provide enough supply and invite new investors in, a company must sell a minimum of the total cap table for a successful listing. The largest shareholders are typically the investors and executives, so this means that they will often have the largest sales on listing day. For Coinbase, this means that we saw our investors and certain executives create this pool of liquidity. Without their sales, CB could not have successfully created a supply of shares that could enable new investors to come in, which is basically the point of a DL."
Coinciding with $ 335 billion in trading in the first quarter of 2021, Coinbase reported strong financial figures.
Source: https://www.financemagnates.com/cryptocurrency/news/coinbase-ceo-brian-armstrong-sold-749999-coin-shares-on-opening-day/
According to the latest case filed with the US Securities and Exchange Commission (SEC), CEO Coinbase sold a total of 74,999 shares of Coinbase in three different stages, ranging in price from $ 381 to $ 410. The stock began trading on April 14 and went on sale under the name NASDAQ: COIN for a reference price of $ 250. ...
The closing price of COIN shares closed at $ 342 on Friday. The shares of this crypto exchange reached the highest price level of $ 420 on the first day and stabilized its correction at a lower price of $ 300 on the same day.
Cathie Wood’s Ark bought $ 249 million worth of COIN shares on Wednesday, according to a recent Bloomberg report. In addition, the company added 34,286 shares to its COIN portfolio on Thursday, buying 34,116 shares worth approximately $ 110 million.
Coinbase stock offering
According to a report from Coindesk, Frederick Wilson, CEO of Coinbase and a leading investor, reduced his portfolio by selling 4.70 million shares worth $ 1.82 billion. Together with Mr. Wilson, Marc Andreessen and colleagues at Union Square Investment Company also sold part of their assets.
Paul Grewal, Chief Legal Officer at Coinbase: "To provide enough supply and invite new investors in, a company must sell a minimum of the total cap table for a successful listing. The largest shareholders are typically the investors and executives, so this means that they will often have the largest sales on listing day. For Coinbase, this means that we saw our investors and certain executives create this pool of liquidity. Without their sales, CB could not have successfully created a supply of shares that could enable new investors to come in, which is basically the point of a DL."
Coinciding with $ 335 billion in trading in the first quarter of 2021, Coinbase reported strong financial figures.
Source: https://www.financemagnates.com/cryptocurrency/news/coinbase-ceo-brian-armstrong-sold-749999-coin-shares-on-opening-day/
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