Coinbase CEO, Brian Armstrong, has been dumping Coinbase shares (COIN) over the past few weeks.
Coinbase CEO dumps over 59k shares
According to a crypto enthusiast and Twitter user Bitfinex’ed @Bitfinexed, the Coinbase head has recently been dumping tens of thousands of shares.
The Twitter user posted an image with a detailed analysis of the shares as sold by Armstrong.
The first lot of shares were sold on March 3. The first transaction based on the image is of 11,415 COINs, each at $63.8885, amassing $729,287. On that same date, there were three other large share sales of 14.700, 3.200, and 400, at $64.5, $65.6, and $66.5, respectively.
Later, in mid-March, Armstrong made ten more COIN sales. The total of shares sold by Armstrong since March 3 is 59,500 at an average price of $58.74. As such, Armstrong made about $3.49 million from his stock sales.
As Armstrong sells massive shares, charts indicate that COIN’s value has recently increased. In less than two weeks, Coinbase stock has surged by over 50%, moving from a low of about $53 to a high value of $83.90.
Based on its charts, this stock trades at a six-month high. Tradingview technical analytics indicates that the stock is in a strong buy situation.
The analyst highlighted that the Coinbase CEO might not have enough confidence in the Coinbase stock. He noted that the CEO is aware of the incoming bull market, which will drive shares up, yet he is dumping, probably signaling a lack of confidence in COIN.
Coinbase arbitration dispute decision on hold
Amid the surge of COIN, Coinbase continues with a legal problem of its own. On March 21, U.S. supreme court judges seemed divided on whether to allow Coinbase to pursue a private arbitration of their ongoing disputes with customers.
Coinbase argues that their user agreements demand resolving users’ disputes through arbitration. One of the cases Coinbase faces at the moment is by Abraham Bielski, who complained that about $30,000 was stolen by a scammer from his account.