Disclosures Show Shopify CEO Bought $3M worth of Coinbase Shares Over Last 2 Months – Bitcoin News

Public records show that Shopify CEO Tobias Lütke bought close to $3 million in Coinbase shares in the past 60 days. Lütke became a Coinbase board member last February, and because he is a Coinbase employee, he is required by law to file his trades with the US Securities and Exchange Commission (SEC).

Since August 11th, Shopify’s Tobias Lütke has purchased a significant amount of COIN shares

Coinbase Global Inc. (Nasdaq: COIN) shares have seen better days as statistics show that over the past 12 months, COIN has lost 73.47% or a loss of 184 nominal US dollars in value. On Monday, October 3, 2022, COIN increased 2.11% in the last 24 hours and 0.93% in the last five days.

Today, COIN’s current market value has been around 66.61 nominal US dollars per share. Public records indicates that Shopify CEO in the past two months Tobias Lütke has picked up less than $3 million in COIN shares.

Lütke bought 3,930 shares of COIN on August 11 and he paid $97.24 per share. Five days later, Lütke bought 4,023 shares on August 16 at $90.55 per share. From August 11 to September 27, Lütke bought thousands of Coinbase shares about six times.

The purchase records show that he has paid an average of about $369,000 each week on COIN shares since August 11. The billionaire founder and CEO of Shopify is extremely fascinated by technology and is a core team member of the Ruby on Rails project.

A year ago, Lütke and a few other Shopify executives, with help from Celtic House Venture Partners, invested $3 million in 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 in the same year, the company began accepting crypto payments as a payment method. Lütke is a director of the five-member Coinbase Global board, which includes a16z founder Marc Andreessen, Coinbase CEO Brian Armstrong, Coinbase co-founder Fred Ehrsam and former Cisco CSO Kelly Kramer.

Disclosures show that Ehrsam is the only other Coinbase insider to buy stock this year, as the co-founder bought 1.1 million shares for roughly $76 million. In May of last year, Ehrsam paid just over $68 per share on average for the 1.1 million COIN shares. Records show Lütke owns approximately 65,815 shares and his cheapest purchase was his most recent at $62 per share.

What do you think about the Shopify CEO buying $3 million worth of COIN shares in the last two months? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.