2 years ago
Michael Bellusci is CoinDesk's crypto payments reporter.
Fred Ehrsam implicit the past week purchased much than 1 cardinal shares of Coinbase (COIN) worthy astir $75 million, stepping successful arsenic the crypto exchange's banal terms plunged pursuing the company’s weak net report.
According to a Form 4 filing with the SEC, Ehrsam – done Paradigm, the task superior steadfast helium co-founded – purchased much than 706,000 shares of Coinbase connected May 13 astatine an mean terms of astir $70 each, oregon astir $50 cardinal worth. He past followed that up connected May 17 with the acquisition of different 385,000 shares astatine an mean terms of astir $65 each, oregon astir $25 cardinal worth.
The buys brought holdings of Coinbase by Paradigm to much than 3.6 cardinal shares. Ehrsam besides holds 1.1 cardinal shares via a trust.
Last week’s purchases came with Coinbase shares tumbling much than 70% successful 2022, and disconnected much than 80% from the all-time precocious deed soon aft the company’s IPO 13 months ago. Ehrsam and related entities antecedently had been accordant sellers of Coinbase banal since that April 2021 IPO, unloading respective 100 cardinal dollars worth.
Ehrsam was antecedently a co-founder of Coinbase, and is presently connected the company’s board. He and Matt Huang are co-founders and managing partners of Paradigm.
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Michael Bellusci is CoinDesk's crypto payments reporter.
Michael Bellusci is CoinDesk's crypto payments reporter.
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