Billionaires tied to publicly traded crypto firms Coinbase Global and MicroStrategy Inc. have sold nearly $850 million worth of shares in the past nine months. MicroStrategy CEO Michael Saylor sold $362 million worth of shares since the beginning of 2024, while Coinbase cofounders Brian Armstrong and Fred Ehrsam sold $216 million and $270 million in share, respectively, between November and July.
The sales come amid a surge in cryptocurrency prices, with Bitcoin trading at around $70,000, more than double its value a year ago. The total value of all cryptocurrencies has also increased to $2.6 trillion from $1.1 trillion a year ago. MicroStrategy shares, which ended Monday at $1,684, have doubled in value since the beginning of the year, and are up 300% over the last 12 months.
Saylor sold 390,000 shares in the first four months of 2024, at an average price of $1,147 per share. He still holds 2 million shares, equivalent to an 11% stake in the company. Armstrong remains the largest individual shareholder in Coinbase with a 15% stake, and has sold 1.1 million shares since November. Ehrsam retains a 4% stake in Coinbase. Both Armstrong and Ehrsam have been selling their shares through automated trading plans since last November.
MicroStrategy, which owns about $15 billion worth of bitcoins, saw quarterly revenues of $115 million, slightly lower than last year. Coinbase reported revenues of $1.64 billion in the first quarter of 2024, more than double compared to the first quarter of 2023. The market rebound has boosted the fortunes of the founders, with Armstrong estimated to be worth $10.6 billion and Ehrsam valued at $3 billion. Saylor, worth an estimated $4.9 billion, believes in the future of Bitcoin and its potential to revolutionize the financial system.
Despite the increased selling of shares, Coinbase and MicroStrategy have seen significant growth in their businesses and the value of their assets. The market rally has allowed the founders to increase their personal wealth significantly. Armstrong, Ehrsam, and Saylor remain bullish on Bitcoin and cryptocurrencies, with plans to continue investing in their companies and the digital assets market. The future appears bright for these billionaires as they navigate the evolving landscape of digital currencies.
