American business executive and Coinbase Co-Founder Fred Ehrsam has acquired $75 million of Coinbase's (COIN) stocks as the US-based trading platform reported weak earnings.
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According to regulatory filings with the US Securities and Exchange Commission (SEC), Ehrsam bought over 1 million shares of Coinbase through Paradigm, an investment firm co-founded with investor Matt Huang.
With the latest purchase, Paradigm now hodls over 3.5 million shares of Coinbase, while Ehrsam personally owns over 1 million shares via a trust. The move comes as Coinbase's stocks reached the year's lows at $53.7 per share, losing 74% since January 2022. The company's market capitalization is a little over $14 billion.
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