CJ - Cryptocurrency Enthusiast
Due to rising interest rates and inflation, investors have fled riskier crypto assets, causing cryptocurrency prices to collapse this year. Coinbase investors have been hurt far worse. In May, Bitcoin had lost 22% of its value, while Coinbase had lost 40% of its value.
Four of the company's senior executives have made well over $1 billion by selling stock, even though the cryptocurrency exchange's shares have fallen by more than 80% since its initial public offering in 2021. Since the San Francisco-based firm went public, Brian Armstrong, Fred Ehrsam, President Emilie Choi, and Chief Product Officer Surojit Chatterjee have collectively transacted $1.2 billion worth of stock, according to regulatory data obtained by the Wall Street Journal.
Armstrong and his revocable trust sold shares for a total of $292 million, according to the filings. With 59.5 percent voting power, he still has a majority position in the firm. Choi made a total of $226 million in income from option exercises and stock sales, while Chatterjee made a total of $110 million in earnings from option exercises and stock sales.
Ehrsam made almost $500 million in stock trades during that time. When the Bitcoin price plunged to new lows, he bought $75 million worth of stock in Paradigm One LP, the cryptocurrency trading company he co-founded.
Since all four companies sold stock in Coinbase's direct listing, a sizable portion of the shares were sold on the first day of trading. A corporation can raise money through an initial public offering (IPO) by offering a portion of its stock to the general public. These transactions are necessary for direct listings to function because, unlike going public, the company often does not sell any shares.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards