CEO of Shopify, spent close to $3 million buying Coinbase stock in the previous six months.
Lütke joined the Coinbase board in February of last year, and as a Coinbase associate, he is required by law to report his transactions to the SEC (SEC).
Tobias Lütke of Shopify has acquired a sizable number of COIN shares since August 11
Statistics show that throughout the previous 12 months, COIN has lost 73.47%, or a loss of 184 nominal U.S. dollars in value. Coinbase Global Inc. (Nasdaq) shares have seen better days. COIN gained 2.11% during the last 24 hours and 0.93% over the previous five days on Monday, October 3, 2022.
COIN's market value as of right now has been circling at 66.61 nominal dollars per share. According to available information, Tobias Lütke, the CEO of Shopify, purchased COIN shares for somewhat less than $3 million over the past two months.
On August 11, Lütke purchased 3,930 shares of COIN at a price of $97.24. Lütke bought 4,023 shares on August 16 at a price of $90.55 after waiting five days. According to the acquisition data, he has paid an average of $369K every week since August 11 for COIN shares. The wealthy founder and CEO of Shopify is a key member of the Ruby on Rails team and is utterly captivated by technology.
With the aid of Celtic House Venture Partners, Lütke and a few other Shopify executives put $3 million into Creative Layer, a global print-on-demand platform, a year ago. Since quite some time, Lütke and Shopify have expressed interest in bitcoin (BTC) and other cryptocurrency assets.
Shopify joined Meta's Libra Association in February 2020, the same month that it began to accept cryptocurrency payments. Marc Andreessen, the creator of a16z, Brian Armstrong, Fred Ehrsam, and Kelly Kramer, the former CSO of Cisco, are also members of the Coinbase Global board, which has Lütke as a director.
According to disclosures, Ehrsam is the only other insider of Coinbase to have bought stock this year; the co-founder paid almost $76 million for 1.1 million shares. In May of last year, Ehrsam acquired 1.1 million COIN shares at an average price of just over $68 per share. According to records, Lütke currently owns 65,815 shares, with his most recent acquisition costing him $62 per share.
