Coinbase CEO Sold $291.8M in Shares on Opening Day

Coinbase insiders and early investors sold about $5 billion in shares in total during the leading cryptocurrency exchange’s first day of trading on the Nasdaq earlier this week, according to series of filings made Friday with the U.S. Securities and Exchange Commission (SEC). CEO Brian Armstrong sold 749,999 shares in three batches at prices ranging from $381 to $410.40 per for total proceeds of $291.8 million, according to one filing. While a Coinbase representative declined to comment due to the company being in a so-called “quiet period,” based on filings made before the listing, it would indicate Armstrong sold about 1.5% of his stake.

In another SEC filing, it was disclosed that Coinbase director and venture capitalist Fred Wilson sold 4.70 million shares for proceeds of $1.82 billion. While it’s not clear how much of Coinbase Wilson still holds, he’s listed on the filing as a holder of at least 10% of the shares of Coinbase, which has a market cap of $63.6 billion.

Union Square Ventures, the VC firm led by Wilson, sold $4.70 million shares from its 2012 fund for proceeds of $1.82 billion, according to another filing. The fund is also listed as a 10% owner of Coinbase shares. Together, the sales by Wilson and his firm’s fund accounted for more than two-thirds of the $5 billion worth of shares sold.