To the victors go the spoils, and Brian Armstrong, the CEO and co-founder of Coinbase was able to reward himself for the foresight, risk, hard work and sacrifice needed to start a company and bring it public with a 12-figure valuation.
Armstrong sold just under 750,000 shares worth $291.8 million on the first day his company stock was being traded on the Nasdaq.
Coinbase closed out the first day of being a public company with a price of $328.28 per share, which meant Armstrong was worth about $13 billion, so taking out just south of $300 million was a drop in the bucket.
All told, shareholders sold $5 billion worth of stock on the first day of trading after it went public via a direct listing this past Wednesday.
To say demand and excitement for the crypto exchange company was high would be like saying Jake Paul moderately enjoys attention. The expected starting point price was supposed to be about $250, but it opened at an incredible $381, shot up to as high as $429.54 at one point, which valued the company at it’s highest point at $112 billion.
So, for a short time on Wednesday, it was one of the 100 most-valuable company in the U.S.
Monday morning the price had leveled off to $33.21 at the start of trading, partly due to the fact that bitcoin took a fall over the weekend.