A crypto-focused investment firm Paradigm founded by Coinbase's Co-Founder, Fred Ehrsam, has purchased $50 million worth of Coinbase shares, according to a recent regulatory filing with the US Securities and Exchange Commission (SEC).
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As per the document, Paradigm's arm — Paradigm One LP — purchased 810,000 COIN shares. With the latest move, Paradigm One LP and Paradigm Fund LP now have a total of 4.5 million Coinbase shares. The shares have been bought at an average price of $61.2. As of press time, COIN slipped 4.9% to $57.3.
In early May, Coinbase's boss, Brian Armstrong, said the exchange would not relocate overseas as the company wants to stay in the US, although the country is a "little bit behind right now." The Coinbase CEO also doubted the SEC's current approach has anything to do with regulation, saying the agency's boss, Gary Gensler, is putting more efforts to curtail the market rather than regulate it.
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