Coinbase CEO Brian Armstrong Sold a Large Block of Stock

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The day that Coinbase Global stock went public, CEO Brian Armstrong sold shares.

In a conventional initial public offering, early investors and company executives and directors are barred from selling stock for several months before a so-called lockup period expires. But Coinbase (ticker: COIN), a cryptocurrency exchange, went public on April 14 through a direct listing, in which existing shareholders sell stock on the open market.

Armstrong—Coinbase’s…