Coinbase co-founder sells another $13m in shares

Fred Ehrsam, co-founder of the Coinbase cryptocurrency exchange, sold $13 million worth of company shares.

Ehrsam, who owns 10% of the company, sold shares at $130.40 cashing out $12,276,105 on Dec. 11, according to Insider Tracker.

The latest deal marks another major sale in recent weeks. Before this, Cathie Wood’s investment firm ARK Invest conducted a series of sales. On Dec. 8, the firm sold 335,860 Coinbase shares from three funds – ARKW, ARKK, and ARKF. The deal brought the company $49.2 million. The shares were sold for $146.4 each.

It is noteworthy that the sharp sale of shares began in mid-November. Since then, investors have carried out a series of significant sales, with increased activity late last month. The number of transactions increased amid growth in the company’s shares. Over the past month, they have risen in price from $92 to $138 at the time of writing.

Analyst Peter Brandt was also bullish on Coinbase. At the end of November, he predicted the company’s shares would increase.