Bitcoin exchange Coinbase founders Brian Armstrong and Fred Ersam, as well as senior executives Emily Choi and Surojit Chatterjee, have sold shares totaling $1.2 billion between the IPO and February of this year. Calculations were made in the Wall Street Journal.

Journalists analyzed for reporting SEC. The largest share of sales fell on the first day of trading. Market entry was through a direct listing by its founders and team, which included a direct sale of shares.

Sales of securities amounted to between $189 and $422. Daily opening price public offering It amounted to 381 dollars. On May 26, Coinbase stock trading ended at $69.87.

“Coinbase executives hold large stakes in securities reflecting their commitment to our long-term capabilities.” — said the Coinbase representative.

Brian Armstrong owns 59.5% of the voting shares. Emily Choi and Surojit Chatterjee sold shares for $226 million and $110 million, respectively, while generating $292 million in revenue during the period under review.

Fred Ehrsam, who left Coinbase, became approximately $0.5 billion richer and later bought $75 million of Coinbase shares on behalf of the venture capital firm Paradigm, which he led.

Since the beginning of the year, the securities of the bitcoin exchange have fallen – 81.7% – 72.3% since the IPO.

Recall that according to the results for the first quarter, Coinbase’s net loss was $1.98 per share, which nearly doubled analysts’ expectations.

In May, the media became aware of the cryptocurrency exchange’s cost optimization after a poor start to the year.

Later, Coinbase became the first cryptocurrency company to be included in the Fortune 500 list.

Armstrong and Ersam are among the 400 richest billionaires in the United States for 2021, according to Forbes.