Coinbase CEO Brian Armstrong sold $1.8 million worth of company shares on June 5, according to data from Dataroma, before news of the U.S. Securities and Exchange Commission (SEC) lawsuit against the company tanked its shares by more than 15% on June 6.
The SEC alleges Coinbase operated as an unregistered broker, exchange, and clearing agency. The regulator further alleged that its staking program qualifies as an unregistered securities offering. The platform has stated it would defend itself in court.
Roughly 30k shares sold
Armstrong sold 29,730 Coinbase shares in eight transactions on June 5, with the selling prices ranging between $56.70 and $63.79, according to the Dataroma data.
COIN shares dropped by over 15% to less than $50 on June 6. As of press time, it had slightly recovered to $54.90 — down 3.22% from Armstong’s least selling price.
Brian Armstrong Coinbase Share Sales (Source: Dataroma)
Sales were pre-planned
The timing of these sales leading up to the SEC lawsuit
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