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Brian Armstrong, Chairman and CEO of Coinbase Global , Inc. (NASDAQ:COIN), executed a significant stock sale according to a recent SEC filing. On March 25, Armstrong sold 10,000 shares of Class A Common Stock from his trust, generating approximately $1.98 million. The shares were sold at a weighted average price of $198.15, with individual sale prices ranging from $198.00 to $198.50. The transaction comes as Coinbase, currently valued at $49.48 billion, maintains a strong financial health rating according to InvestingPro analysis.
The sale was conducted under a Rule 10b5-1 trading plan, which Armstrong adopted on August 15, 2024. This plan allows insiders to set up a predetermined schedule for selling stocks, ensuring compliance with insider trading laws. The stock has shown significant volatility, with a notable 7.63% return over the past week despite falling from its 52-week high of $349.75.
Additionally, on March 24, Armstrong’s trust converted 10,000 shares of Class B Common Stock into Class A Common Stock. This conversion was part of a broader strategy, as Class B shares can be converted into Class A shares at the holder’s discretion.
Following these transactions, Armstrong’s trust holds 526 shares of Class A Common Stock. The transactions reflect ongoing adjustments in Armstrong’s holdings in the company he leads.
In other recent news, Coinbase Global Inc. is reportedly in advanced discussions to acquire Deribit, a leading trading platform for Bitcoin and Ether options. This potential acquisition, communicated to regulators in Dubai, could involve a transfer of Deribit’s license to Coinbase. However, it remains uncertain if a final agreement has been reached. Meanwhile, Goldman Sachs has resumed its coverage of Coinbase, assigning a Neutral rating with a price target of $195, based on a price-to-earnings multiple. The firm anticipates an 11% annual revenue growth for Coinbase, although it expects adjusted earnings to decline by 2% from 2024 to 2027.
Additionally, LQR House Inc. has announced the adoption of Bitcoin as part of its corporate treasury strategy, utilizing Coinbase Prime for security and management. This move aligns with a growing trend among businesses to incorporate digital assets into their investment strategies. In another development, David Sacks, a former adviser to President Trump, along with Craft Ventures, has divested over $200 million in digital assets, including shares in Coinbase. Furthermore, representatives of President Trump’s family are reportedly in talks to acquire a financial interest in the U.S. division of Binance, a cryptocurrency exchange that faced legal challenges in 2023. These discussions could potentially expand the family’s involvement in the cryptocurrency sector.
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