Coinbase Founder Buys $75M Worth of Crypto Stock as Prices Fall

Coinbase Global Inc. PIECE OF MONEY co-founder Fred Erhsam bought the cryptocurrency exchange’s stock drop, according to a recent regulatory filing.

What happened: A Form 4 filing in the United States Security and Exchange Commission (SEC) shows that Ehrsam acquired more than one million shares of Coinbase worth $75 million over the past week.

The Coinbase co-founder made the purchases through his venture capital firm Paradigmwhere he is a managing partner.

See also: How to buy Coinbase (COIN) stock

According to filings, Ehrsam purchased 706,000 shares at an average price of $70 on May 13 and another 385,000 shares at an average price of $65 on May 17.

Paradigm now owns more than 3.6 million shares of Coinbase, and Ehrsam’s private trust owns 1.1 million shares of the company.

Coinbase shares are currently trading 80% below their all-time high of $342 – last seen when the company made its public debut on the Nasdaq in April 2021.

Ehrsam’s recent purchases come months after it sold more than $93 million worth of Coinbase stock between November and January.

See also: Cathie Wood invests another $29 million in Coinbase, showing belief in crypto stocks amid selloff

Price Action: According to data from Benzinga Pro, Coinbase shares closed down 1.88% at $66.15 on Friday.

In the crypto markets, Bitcoin BTC/USD was trading at $30,100 at press time, gaining 2.28% in the past 24 hours.

Eleanor C. William