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 are showing signs of improvement. According to statistics, COIN’s share price has fallen 73.47% over the past twelve months. This is a decline of 184 U.S. Dollars. 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 recordsShopify CEO has indicated in the last 2 months that Tobias LütkeHas acquired a little more than $3 million in COIN shares.
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.
According to the acquisition records, he spent an average $369K per week on COIN shares from August 11 through September 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.
According to disclosures, Ehrsam was the sole Coinbase insider that purchased shares in this year. The co-founder bought 1.1 million shares at approximately $76 million. Ehrsam spent just more than $68 per share last May for the COIN shares worth 1.1 million. Records show that Lütke owns approximately 65,815 shares and his cheapest purchase was his most recent for $62 per share.
How do you feel about Shopify’s CEO buying $3,000,000 worth COIN shares in the past two months? Please comment below to let us know your thoughts on this topic.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerInformational: This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.