Not a week has passed since the largest crypto exchange in the US was listed that Nasdaq has already announced it is ready to start trading options for Coinbase Global. The COIN.O options will begin trading on Nasdaq today.
The launch of equity options will give investors a new way of being involved with Coinbase. Equity options mean one has the right, but not the obligation, to acquire or sell a stock at a certain price (known as the strike price) on or before an expiration date, according to CoinTelegraph.com.
The news comes days after Coinbase’s direct listing, when the company’s stock fluctuated between a valuation of $429.54 and $310 on the first day of trading.
Is it estimated that Brian Armstrong, the Chief Executive of Coinbase, sold somewhere around $292 million in shares during the COIN’s first day of trading.
According to filings made with the US SEC, Armstrong sold 749,999 shares in three batches at prices between $381 – $410.40 per share, which has resulted in total proceeds of $291.8 million. Nonetheless, this represents below 2% of his total holdings.
It was reported that insiders have dumped close to $5 billion in COIN stock soon after it was listed. The Coinbase Investor Relations website has shown that 12,965,079 shares were sold by investors. This had a value of $4.6 billion at COIN’s $344 share price.
The stock has fallen 22.5% from the high of $429.54 a week ago to the current price of $332.75.
Coinbase Pro has declared that starting today, it will have support for new trading pairs for Basic Attention Token (BAT), Cardano (ADA), Decentraland (MANA), and USDC. These assets are paired with three fiat currencies (USD, EUR, and GBP), but also with Bitcoin and Ethereum.
Source: Cointelegraph.com