Home Finance Shopify’s CEO bought $3 million worth of Coinbase stock in the past...

Shopify’s CEO bought $3 million worth of Coinbase stock in the past two months

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Shopify CEO Tobias Lütke has purchased nearly $3 million worth of Coinbase stock in the past 60 days. Lütke became a member of Coinbase’s board of directors in February of this year and because he is associated with Coinbase, he is required by law to submit his transactions to the U.S. Securities and Exchange Commission (SEC).

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

Coinbase Global Inc has seen better days as statistics show that over the past 12 months COIN has lost 73.47% of its value. On Monday, October 3, 2022, COIN has gained 2.11% in the last 24 hours and 0.93% in the last five days.

Today, COIN’s current market value hovers around $66.61 per share.SEC public filings indicate that over the past two months, Shopify’s CEO Tobias Lütke bought just under $3 million worth of COIN shares.

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COIN’s year-to-date stock price

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

Acquisition records show that he paid an average of about $369K each week on COIN shares since August 11.

A year ago, Tobias Lütke and a few other Shopify executives, with the help of 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 and crypto-currency assets for some time.

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In February 2020, Shopify joined Meta’s Libra association, and in the same year, the company began accepting crypto-payments as a payment method. Tobias Lütke is the director of Coinbase Global’s five-member board of directors, 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 shares this year, with the co-founder acquiring 1.1 million shares for about $76 million. Back in May, Fred Ehrsam paid just over $68 per share on average for the 1.1 million shares of Coinbase stock. Records show that Tobias Lütke owns about 65,815 shares and his cheapest purchase was the most recent for $62 per share.

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