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Public records show that Shopify’s CEO Tobias Lütke has purchased close to $3 million in Coinbase shares during the last 60 days. Lütke became a Coinbase board member last February and because he is a Coinbase associate, he’s required by law to submit his trades to the U.S. Securities and Exchange Commission (SEC).
Since August 11, Shopify’s Tobias Lütke Purchased a Significant Quantity of COIN Shares
Coinbase Global Inc. (Nasdaq: COIN) shares have seen better days as statistics show during the past 12 months, COIN has lost 73.47% or a loss of 184 nominal U.S. dollars in value. On Monday, October 3, 2022, COIN gained 2.11% during the past 24 hours and 0.93% over the last five days.
Today, COIN’s current market value has been hovering around 66.61 nominal U.S. dollars per share. Public records indicate that during the last two months, Shopify CEO Tobias Lütke has picked up a touch less than $3 million worth of COIN shares.
Lütke acquired 3,930 shares of COIN on August 11 and he paid $97.24 per share. Five days later, Lütke purchased 4,023 shares on August 16 at $90.55 per share. From August 11, up until September 27, Lütke purchased thousands of Coinbase shares approximately six times.
The acquisition records show he paid an average of around $369K every week on COIN shares since August 11. The billionaire founder and CEO of Shopify is extremely fascinated with technology and he’s a core team member of the Ruby on Rails project.
A year ago, Lütke and a few other Shopify executives, with the help of Celtic House Venture Partners, invested $3 million into 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 the same year, the company started accepting crypto payments as a payment method. Lütke is the director of the five-member Coinbase Global board, which includes a16z founder Marc Andreessen, Coinbase CEO Brian Armstrong, Coinbase co-founder Fred Ehrsam, and the former CSO of Cisco Kelly Kramer.
Disclosures show that Ehrsam is the only other Coinbase insider who has purchased shares this year, as the co-founder acquired 1.1 million shares for roughly $76 million. Last May, Ehrsam paid just over $68 per share on average for the 1.1 million COIN shares. Records show that Lütke owns approximately 65,815 shares and his cheapest purchase was his most recent for $62 per share.
What do you think about the Shopify CEO purchasing $3 million worth of COIN shares during the last two months? Let us know what you think about this subject in the comments section below.