Share sales by Coinbase Global Inc. COIN 8.32%increase; green up pointing triangle officials fell sharply in 2022 along with the crypto exchange’s stock price.

Co-founder and Chief Executive Brian Armstrong has pocketed $4 million since November from selling shares, according to an analysis of regulatory filings.

A Coinbase spokeswoman said that Mr. Armstrong’s recent stock sales were part of a standard, prescheduled plan and “unrelated to recent market events.“ Coinbase last week said it would eliminate about 20% of its staff.

Previously, Mr. Armstrong, co-founder Fred Ehrsam, President and Chief Operating Officer Emilie Choi and the chief product officer until last November, Surojit Chatterjee, collectively netted roughly $1.2 billion in proceeds from stock sales from the day that Coinbase started trading in April 2021 through January 2022, The Wall Street Journal previously reported.

The three other than Mr. Armstrong haven’t sold shares since then, according to the Journal analysis.

(By Corrie Driebusch and Tom McGinty)