Intercontinental Exchange (ICE) and Union Square have both sold off their shares in Coinbase and have bagged hefty amounts of $1.2 billion and $1.8 billion respectively.
Not long after Coinbase formulated itself into a public limited company, some of the stakeholders of the company, who had been backing the company for a very long time before its launch have sold off their stake in the company and have gained a lot of profit from it. Intercontinental Exchange and Union Square Ventures are both good examples as they have both received more than $1 billion after selling their Coinbase shares.
Intercontinental Exchange records significant gains after selling Coinbase shares
It was a very major milestone in the whole crypto-asset industry during the mid of April, when Coinbase, a giant exchange company based in the United States, went public through a direct listing on Nasdaq. As expected, the first few hours of the crypto asset trading were significantly volatile and the price of the COIN token went as high as $400 in that time period and then instantly got dumped below $300 as people started selling it in huge amounts. This is also the price range where the crypto asset is currently lying.
When this buying and selling frenzy ended, many reports started coming which were claiming who sold and who bought the COIN tokens. A lot of the reports said that the executives of Coinbase had sold off huge portions of their stakes in the company. Coinbase however, issued a statement this week which made the picture much clearer on what actually happened.
The report stated that a large exchange company, namely Intercontinental Exchange sold their share in Coinbase and their earnings of the first quarter of this year also back that claim, selling a 1.4% stake in Coinbase for $1.2 billion.
Union Square Ventures follow the same path
Union Square was another large firm that sold its stake in Coinbase according to Bloomberg reports. The company had invested $2.5 million in Coinbase back in May 2013. This investment proved to be the most profitable investment yet when the company received $1.8 billion after selling the 4.7 million shares of Coinbase the same day when it went public.