LOGO_CRYPTO_SIGHT

Nasdaq to Roll Out Options Trading For Coinbase Global

By Jenny Aurora | May 3, 2021

In under one week, since the public listing of the top-tier crypto exchange Coinbase was finalized, Nasdaq is reportedly looking to initiate trading options for Coinbase Global.

Specifically, Coinbase spokesperson reportedly revealed that trading activities facilitated by NASDAQ will be available for the COIN.O options, beginning April 20th. 

The roll-out of equity options will reportedly open up alternatives for investors to bet on the fortunes of Coinbase. Equity options are the representatives of the right, but not the duty, to purchase or sell a stock for a particular price – which is generally referred to as the strike price – on or prior to the expiration date. 

The development came after Coinbase’s direct listing, which made the company’s stocks undergo some erratic pattern, jumping around within $429.54 and $310 on the first trading day. 

Reuters reportedly ran an estimation that Coinbase Chief Executive Brian Armstrong has sold approximately $292 million in shares on COIN’s first day of trading.

As inferred from the filings made with the US SEC, Armstrong finalized the selling of 749,999 shares in three batches, at price falling between $381 to $410.40 every share for the overall proceeds of $291.8 million. However, this works out at under 2% of his overall holdings.

Around $5 billion in COIN stock was reportedly moved to dump not long after the listing was finalized. 

Filings on the Coinbase Investor Relations website reportedly indicated an accumulated figure of 12,965,079 shares were sold by insiders, with values surpassing $4.6 billion at COIN’s $344 share price at close on Friday.

Tags: , ,

Related Articles

Comments