Coinbase Chief Executive Armstrong sold $291.8 million in shares on opening day

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The logo for Coinbase Global Inc is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York

(Reuters) – Coinbase Chief Executive Brian Armstrong sold about $292 million in shares in total during the cryptocurrency exchange’s first day of trading on the Nasdaq in the past week, according to regulatory filings.

Armstrong sold 749,999 shares in three batches at prices ranging from $381 to $410.40 per share for total proceeds of $291.8 million, the filings made with the U.S. Securities and Exchange Commission showed.

Blockchain and cryptocurrency website Coindesk reported over the weekend that Coinbase stakeholders and investors sold about $5 billion in shares in total during first day of trading.

Coinbase Global Inc went public in a high-profile debut on the Nasdaq that briefly valued it at more than $100 billion.

(Reporting by Kanishka Singh in Bengaluru; Editing by Tom Hogue)

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