According to a crypto enthusiast and Twitter user Bitfinex’ed @Bitfinexed, Coinbase CEO Brian Armstrong has reportedly been selling off tens of thousands of Coinbase shares (COIN) over the past few weeks, according to Twitter user Bitfinex’ed.
The first sale of shares was made on March 3rd, with three other large sales made on the same day. Later in the month, Armstrong sold an additional ten lots of COIN shares, totaling 59,500 at an average price of $58.74.
This resulted in approximately $3.49 million in earnings for Armstrong. Despite Armstrong’s massive share sales, the value of COIN has surged in recent weeks, rising from $53 to $83.90.
However, some analysts suggest that Armstrong’s decision to sell may signal a lack of confidence in the stock.
Meanwhile, Coinbase continues to face legal challenges, with the company’s pursuit of private arbitration with customers facing opposition from U.S. supreme court judges.
Coinbase argues that its user agreements require dispute resolution through arbitration, but the court seems divided on the issue. One of the cases currently facing Coinbase involves a customer who claims that $30,000 was stolen from their account by a scammer.