Coinbase CEO sells more than one million worth of shares

Brian Armstrong selling his Coinbase shares holdings to focus more investment in another tech innovation.

Brian Armstrong is the CEO of Coinbase exchange. Coinbase is a US based Nasdaq-listed public exchange, which goes public in April 2021. When Coinbase went public then at that time Coinbase share (COIN) was trading at $340 but now the current trade value is fluctuating to around $55.5, which is much similar to the downfall faced by the other traditional shares. 

A US Securities and Exchange Commission (SEC) filing revealed that Coinbase CEO Armstrong sold approximately 30,000 Class A Coinbase shares for $1.6 million on Nov. 11. For this, the CEO converted his Class B shares into Class A and also he will do the same in upcoming months, reports claiming.

Earlier this, on 15 October, Armstrong confirmed that he planned to sell his 2% Coinbase shareholding and he will do the same to get more money to invest in more tech projects.

Coinbase is the second biggest crypto exchange in the crypto sector. Due to compliance-based crypto services, exchange have huge numbers of institutional customers also, alongside retail investors.

Recently Coinbase secured regulatory approval to file amicus briefs in favor of Ripple company in the XRP lawsuit. So Coinbase emerged as one of the strong crypto companies in favor of the Ripple company against the SEC agency. 

Ripple vs SEC 

In December 2020, The SEC agency filed a case to prove that XRP, a native token of Ripple’s XRP ledger, is security and should be registered with the SEC agency. The SEC agency also claimed that the company violated securities law because its team sold more than $1.2 billion worth of unregistered securities publicly.

At present, approximately 16 companies are in support of the Ripple company and these companies are following legal steps to interfere in the XRP Lawsuit to support Ripple & its team. 

Read also: Under Bankruptcy filing, FTX freezes the funds of many crypto companies