The co-founder of Coinbase, Fred Ehrsam, has recently purchased $48.8 million worth of Coinbase stock, in the form of 810,000 shares. The buys were executed in a series of trades at prices ranging from $59.30 to $63.20 per share. This increases Ehrsam's total shareholding to 5.6 million shares, held indirectly through various entities.

Originally launching at $381 per share on the NASDAQ in April 2021, Coinbase’s stock has since had a majorly volatile year, with a 85% drop in price. However, the stock has recently seen immense gains, with a rise of 81% year-to-date.

The Coinbase co-founder first began his career as a foreign exchange trader at Goldman Sachs, before going on to co-found Coinbase with Brian Armstrong in 2012. Ehrsam stepped down from his operational role in 2017 and stills acts as a director of the company.

These latest activities from Ehrsam follow a similar trend of investments from Coinbase insider and Shopify CEO Tobias Lutke earlier this year. Furthermore, though Fred Ehrsam has increased his stake in the exchange, Brian Armstrong has been gradually selling off his Coinbase shares to finance other ventures, with plans to eventually sell 2% of his stake over a year.

Though the stock’s recent performance have resulted in Ehrsam’s investments being down by 9%, this has not stopped him from further increasing his stake and marks almost a year since his first substantial investment of 1.1 million shares worth $76.8 million. This demonstrates his confidence in the exchange despite its volatity, evidence of which can be seen through Ehrsam's latest purchase of $48.8 million of Coinbase stock.



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