Disclosures Show Shopify"s CEO Bought $3M Worth of Coinbase Shares During the Past 2 Months
Public records show that Shopify’s CEO Tobias Lütke has purchased close to $3 million in Coinbase shares during the last 60 days. Lütke became a Coinbase board member last February and because he is a Coinbase associate, he’s required by law to submit his trades to the U.S. Securities and Exchange Commission (SEC). Since August 11, Shopify’s Tobias Lütke Purchased a Significant Quantity of COIN Shares
Coinbase Global Inc. (Nasdaq: COIN) shares have seen better days as statistics show during the past 12 months, COIN has lost 73.47% or a loss of 184 nominal U.S. dollars in value. On Monday, October 3, 2022, COIN gained 2.11% during the past 24 hours and 0.93% over the last five days.
Today, COIN’s current market value has been hovering around 66.61 nominal U.S. dollars per share. Public recordsindicate that during the last two months, Shopify CEO Tobias Lütke has picked up a touch less than $3 million worth of COIN shares. COIN year-to-date statistics on October 3, 2022, at 2:30 p.m. (ET).
Lütke acquired 3,930 shares of COIN on August 11 and he paid $97.24 per share. Five days later, Lütke purchased 4,023 shares on August 16 at $90.55 per share. From August 11, up until September 27, Lütke purchased thousands of Coinbase shares approximately six times.
The acquisition records show he paid an average of around $369K every week on COIN shares since August 11. The billionaire founder and CEO of Shopify is extremely fascinated with technology and he’s a core team member of the Ruby on Rails project.
A year ago, Lütke and a few other Shopify executives, with the help of Celtic House Venture Partners, invested $3 million into a global print-on-demand platform called Creative Layer. Lütke and Shopify have shown interest in bitcoin (BTC) and cryptocurrency assets for quite some time.
In February 2020, Shopify joined Meta’s Libra Association, and the same year, the company started accepting crypto payments as a payment method. Lütke is the director of the five-member Coinbase Global board, which includes a16z founder Marc Andreessen, Coinbase CEO Brian Armstrong, Coinbase co-founder Fred Ehrsam, and the former CSO of Cisco Kelly Kramer.
Disclosures show that Ehrsam is the only other Coinbase insider who has purchased shares this year, as the co-founder acquired 1.1 million shares for roughly $76 million. Last May, Ehrsam paid just over $68 per share on average for the 1.1 million COIN shares. Records show that Lütke owns approximately 65,815 shares and his cheapest purchase was his most recent for $62 per share. Tags in this story 2 months, 60 days, Billionaire Founder, Brian Armstrong, CEO of Shopify, COIN, COIN shares, Coinbase, coinbase global, Coinbase Insiders, coinbase stock, Creative Layer, crypto payments, Fred Ehrsam, Kelly Kramer, Libra Association, Marc Andreessen, Ruby on Rails, Shopify, Shopify Founder, Tobias Lütke
What do you think about the Shopify CEO purchasing $3 million worth of COIN shares during the last two months? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Tether CTO Says US Treasury Notes Account for More Than 58% of USDT"s Reserves NEWS | 12 hours ago Basel Study Shows World"s Largest Banks Are Exposed to $9 Billion in Crypto Assets NEWS | 3 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleDecentralized App BCH Bull Prepares for Launch, Platform Allows Users to Long or Hedge Bitcoin Cash Against a Myriad of Tradeable Assets Next articleTaking Yield Farming to the Next Level With Animal Farm Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design