Shopify CEO Buys $3 Million Worth Of Coinbase Stock Within 2 Months
Shopify CEO who heads one of the leading tech companies, has recently made news with his investment in a crypto company. Mr. Tobias Lukte has invested around $3 million to buy Coinbase stock over a span of 2 months. Coinbase is a famous cryptocurrency website that allows people to buy and sell crypto.
The detail reveals that Lutke has spent around $369000 every week to buy Coinbase stock since August's start! Mr. Tobias Lukte is the CEO of Shopify, but in February, he also became a board member of Coinbase and now holds the director title in the company as well.
Since he is a part of the board and is also the director, he is required by law to file all the trades with the Securities and Exchange Commission USA.
At the time when Tobias started buying the Coinbase stock, it was trading below the $70 range after losing almost 75% of its value since the start of 2022.
Shopify CEO Bought Coinbase Stock Between $62 - $97.24
From September till the mid of August, the average range for buying Coinbase stock was between $62 to $97.24. In total, Tobias bought a total of 40315 shares of Coinbase and spent $2949833 - This brings the average price of Coinbase stock for Mr. Tobias to around $73.17.
Currently, Coinbase stock is trading around the $64 price tag, which means that Mr. Tobias is already down by 12% on his investment. As for the nominal losses, it comes to around $330,000 but is still unrealized.
When Coinbase was reached out for comments, they simply declined and didn't reveal any details.
Experts believe that it is rare for company insiders to buy stocks which makes Mr. Tobias a rare exception. The co-founder of Coinbase, Mr. Fred Ehrsam, is another insider who has been involved in buying the company stock. Collectively, he spent around $76.8 million (USD) to buy around 1.12 million Coinbase shares.