Coinbase falls from 3-year high as CEO Armstrong offloads nearly $300 mln shares

Investing.com-- Coinbase Global Inc (NASDAQ:COIN ) fell from a three-year high on Wednesday as filings showed CEO Brian Armstrong sold nearly $300 million worth of shares this week, his second major share sale in November.

Armstrong sold just over 1 million shares on Monday for about $285.6 million, after selling about 300,000 shares last week. The sales were made through the Brian Armstrong Living Trust, SEC filings showed. 

Armstrong’s sales come amid a strong rally in crypto stocks over the past two weeks, as the industry cheered the prospect of friendlier regulations under Donald Trump.

Coinbase surged to a three-year intraday high of $341.75, before settling lower at $320.01 on Wednesday. The stock has nearly doubled in value since Trump’s election win in early-November, and rose marginally in aftermarket trade.

Gains in Coinbase tracked a sharp increase in cryptocurrency prices, with Bitcoin hitting record highs around $95,000 as the prospect of friendlier regulations under Trump sparked heavy buying. 

Increased crypto trade is expected to benefit Coinbase, although the exchange still missed expectations with its earnings for the September quarter. 

Coinbase’s shares are trading up about 103% so far in 2024, with a bulk of gains coming over the past three weeks.

Source: Investing.com