Immediately after the listing of Coinbase shares on the NASDAQ stock exchange, the management part sold the shares at the highest point, which caused reactions.
Last week, we talked about a cryptocurrency exchange that managed to enter the list for the first time in stock exchanges history. While the Coinbase exchange exceeded the $ 100 billion market value, it also stimulated the crypto market. However, the post was not very good.
In the first hours of opening to the NASDAQ stock exchange, it reached the level of $ 430, while its market value was $ 112 billion. The trade volume in the first 24 hours had exceeded $ 3.2 billion. Many sources thought Coinbase would set an important example.
However, even the management itself did not believe in this success. It turned out that some executives, including the CEO and the general manager , sold almost all of their shares during the hours when COIN stocks peaked . In addition, before the listing, the partnership funds have removed all their shares.
Shares hit $ 320 from the summit, then recovered to $ 340.Investors who live with the definition of “high-end” in the investment world are angry. It is said that Coinbase especially preferred the direct listing method and wanted to evaluate the wind in the crypto money market recently.
It may seem normal that the Coinbase administration made sales of about $ 4.5 billion, but this figure could have doubled with the further increase of the shares. Their desire to leave the ship as soon as possible caused a reaction. The performance of the shares this week will be decisive in understanding the course.