Coinbase’s top executives have made over $1 billion selling company shares

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Coinbase’s top executives have made over $1 billion selling company shares

Four top officials of Coinbase have made over $1 billion by selling company shares since the exchange went public last year, according to a new Wall Street Journal report.

The report says that the officials involved in the act include Co-founders Brian Armstrong and Fred Ehrsam, Chief Operating Officer Emilie Choi and Chief Product Officer Surojit Chatterjee.

The report said that Fred Ehrsam had made the highest sales, with nearly half a billion dollars in stock sales, while others like Armstrong sold shares worth $292 million.

The two executives, Choi and Chatterjee, sold $226 million and $110 million worth of shares each.

The shares were said to have been sold at varying times of the market, with some selling when the stock was trading for as high as $422 and some at $189.

A Coinbase spokesman said he was reportedly told by WSJ.

The price performance of the only public listed criptocurrency exchange has not been overly encouraging in recent times.

In its earnings call from the first three months of 2022 Q 1st of 2022, the firm revealed that its revenue was dropping, and its user base was also reducing. This reduction has prompted some of the firm's recent actions as it seeks to broaden its horizon into new markets.

As of press time, the stock of Coinbase is trading for $74.69, which is over 70% less than its year-to-date YTD metric.

The exchange has not stopped it from getting into the Fortune 500. The Fortune 500 is the largest 500 companies in the United States by gross income, and Coinbase is the first firm to enter the list.

According to the foreword written by Alyson Shontell, Fortune Editor-in-Chief, Coinbase benefited from the freakish circumstances of COVID.