The WSJ reports that Coinbase executives have sold over $1 billion in shares since February.

The Wall Street Journal has analyzed regulatory recent filings from Coinbase and found that four of the company’s leading executives have earned $1.2 billion from stock sales since February. According to the report Brian Armstrong, co-founder and CEO of The Company, and his trust, sold shares worth $292 millions. Emilie Choi, COO, exercised options for $9.7 million to sell her shares for $226 millions. Fred Ehrsam, the co-founder, was the one who sold most stock. He earned almost $500 million from his shares. CPO Surojit Chatterjee sold shares at $110 million, and exercised options at $6 million. It seems that each individual still owns shares of the company’s stock. According to a Coinbase representative, each person still owns shares of the company’s stock. Wall Street Journal that the executives “maintain large positions in the company, reflecting their commitment to our long-term opportunities.” Ehrsam, notably, bought back $75 million of Coinbase’s stock this month, even as prices plunged downward.

The value of Coinbase’s stock (COIN) is $75.32 as of Wednesday, May 26. This price is close in relation to its previous low this month, $53.72. Although executive sales were made when the stock was at a higher price, it appears that some sales were motivated by falling prices. The company’s stock opened at $381 in April 2021, and Coinbase executives sold at prices between $189 to $422. Coinbase’s declining stock value is likely the result of a weak crypto market. Bitcoin is now worth $28,900 — its lowest value since December 2020. Poor market conditions caused Coinbase’s year-over-year revenue to drop by 27% this month. Despite these issues, Coinbase’s stock has a promising outlook according to some analysts. One Cowen analyst suggests that COIN has a 27% upside and target of $85, based mainly on Coinbase’s approaches to security and regulatory compliance. Coinbase was also added this week to the Fortune 500 List. This is the first time that a cryptocurrency exchange has been granted that status.

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