Domestic agents in Quinn Base sold $ 5 billion worth of shares in the company shortly after the exchange was listed on the Nasdaq Stock Exchange; The sale of shares by the initial shareholders was one of the factors behind the fall of Coin Base shares at the beginning of the offering.
to the the report Coin Telegraph It seems that despite all efforts to focus on the Quinn Base public offering project, the managers of this exchange could not ignore their personal profits.
The data show that many of the initial shareholders started selling their shares after the public offering of Coin Base shares on the Nasdaq Stock Exchange. It was initially thought that a large portion of this stock sale belonged to CEO Coin Bass; But according to one of the exchange’s representatives, many of those who have sold their shares hold high ownership positions in the exchange.
Data from Capital Market Labratories show that Coin Bass agents sold 12,965,079 shares in the exchange. If we consider the price of each share of Quinn Base (according to its price on Friday) at $ 38.344, it means that about $ 6.4 billion of the shares of this exchange have been sold by its managers and employees.
The most notable of these transactions were the sale of 255,500 shares for $ 73.388 (per share) by Alesia Hass, Chief Financial Officer of Coin Bass, and the sale of 749,999 shares by Brian Armstrong. ), CEO Coin Base pointed out. It should be noted that Brian Armstrong sold his stock in 5 separate transactions at different prices, but the total value of the stock he sold was reported at $ 291,827,966.
After selling its shares, Armstrong still owns 300,001 shares of Coin Base (about $ 1 billion). However, in the report that was published before the public offering of Coin Base shares, his share of this exchange was 36,851,833. Therefore, CEO Coin Bass has sold 2% of his shares in this exchange.
However, Meltem Demirors, strategic director of Coinshares Investment Company, believes that this information is just misleading details and that the real share of these managers in this exchange could be much more than that. According to him:
This information is nothing more than misleading details. Each of these managers has hundreds of option contracts that equate to their total assets. In fact, each of them may have sold just under 10% of their stock.
None of this data shows Coin Base executives and employees trying to buy more shares.
A Quinn Base exchange representative told the Quinn Telegraph that none of these information services provide accurate statistics on the amount and value of shares of CoinBase agents.
The news has caused a stir in cyberspace, with many likening Coin Bass’ agents to traditional “pump and dump patterns.” In these patterns, the price of coins, after being listed in an exchange, would immediately increase sharply, and then agents of the same exchange would sell the coins.
It should be noted that despite the desire of Coin Bass agents to sell the shares of this exchange, there are still many people who want to buy these shares. Cathy Wood, the founder of Ark Capital Management, has bought more than $ 350 million in the exchange for three different tradable funds.
In addition, many Coin Bass employees are currently shareholders in the exchange. At the very beginning of his public offering, Coin Base presented 100 shares to 1,700 employees as a token of appreciation for their efforts.
Earlier this year, CEO Coin Bass was criticized for his policies of pushing for political and social restrictions (imposed by the US government). In response to the criticism, Armstrong said he had no intention of thinking of anything other than his goal, and that his only goal was to become a leading digital currency exchange where people could easily turn their digital currency into a native currency (and Vice versa) to convert.