Analyst: Coinbase insiders sold $383 million worth of company stock in Q1, more than double the previous quarter

Raymond James analysts said that multiple Coinbase insiders, including four members of senior management, sold a total of $383 million worth of company stock in the first quarter, more than double the fourth quarter of 2023 and the highest insider sales since the company went public in 2021. James noted that the largest seller was co-founder and board member Fred Ehrsam, who netted $129 million from the sale of shares. Coinbase reported better-than-expected first-quarter results after the market closed on Thursday, with revenue of $1.64 billion, compared with expectations of $1.34 billion. The stock has risen about 30% this year after surging nearly fivefold in 2023 as the price of Bitcoin has risen sharply. (CNBC)