Last April 14, coinciding with the first day of the direct listing of Coinbase shares on the NASDAQ, some members of the exchange's management team sold its securities for $3.6B. The information has been published on the website of the US Securities and Exchange Commission (SEC).
Coinbase CEO Brian Armstrong sold almost 750,000 shares on the first day of trading when the share price ranged from $381 to $410. As a result, Armstrong made $291.8M.
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In addition, Union Square Ventures, a venture capital firm led by Fred Wilson, sold 4.7 million shares of the exchange for $1.82B. Marc Andreessen, another Coinbase board member, sold 1.18 million shares for $449.2M.
As of 12:31 a.m. CET on April 19, Coinbase shares were trading at $342 in the US premarket.
Coinbase had previously distributed 100 shares of the company to each of its employees. Taking into account the current value of the shares, they received $34,400 each.