Coinbase COIN Stock Insider Reports indicate that many early investors and CEOs sold billions of shares shortly after the direct listing of COIN. While the archives initially indicated that many executives sold a high percentage of their stake in the company, a Coinbase spokesperson told Cointelegraph that the sellers maintained a strong ownership position.

Capital Market Laboratories data backed by investor relations website Coinbase shows that 12,965,079 shares were sold by insiders on Friday for more than $ 4.6 billion at $ 344.38 per COIN share.

Notable deals include Coinbase CFO Alesya Haas, which sold around 255,500 shares at $ 388.73 (although her Model 4 indicates she is holding options), and CEO Brian Armstrong sold 749,999 shares in three different deals. Prices, totaling $ 291,827,966. …

Under Model 4, Armstrong will hold more than $ 1 billion in 300,0001 shares after the sale. However, prior to the direct listing, the archive reported that it owned 36,851,833 shares, indicating that it sold just over 2% of its stake in the company.

The capital market data does not indicate that directors or insiders have purchased additional shares, and only sold them. Sale can also be seen on OpenInsider SEC Form 4.

A Coinbase spokesperson told Cointelegraph that these reporting services do not accurately report the percentage of shares of each department and that the sale represents only a fraction of the internal management and ownership.

The reports sparked cheers and entertainment on social media, with many observers likening the sale to the classic “pump and dump”, with insiders and team members throwing tokens into retail cash soon after listing.

While the early investors and executives wanted to make money, there were at least a few large buyers. Hedge fund manager Katie Wood is investing heavily in the stock market, buying more than $ 350 million in stocks for three different Ark ETFs.

Likewise, many Coinbase employees now own the company, and 1,700 Coinbase employees have received 100 shares each “thank you” from the company.

Earlier this year, Coinbase was involved in a series of negative headlines related to CEO Brian Armstrong considering a new policy curbing interest in political and social issues at work. Armstrong insisted that the company remains “mission-oriented,” and the company’s mission includes the goal of becoming “a leading global brand to help people convert digital currency into local currency and vice versa.”