Raymond James analysts stated that several insiders of Coinbase, including four top management members, sold a total of $383 million worth of company stocks in the first quarter. This is more than double the sales volume in the fourth quarter of 2023 and the largest insider sales volume since the company's listing on the Nasdaq stock market in 2021.

Raymond James pointed out that the biggest seller was co-founder and board member Fred Ehrsam, whose stocks netted him $129 million.

Coinbase's first-quarter performance, announced after the market closed on Thursday, was better than expected. The cryptocurrency exchange reported revenue of $1.64 billion, compared to an expected $1.34 billion, and has risen about 30% this year after soaring nearly fivefold in 2023 due to the sharp rise in the price of Bitcoin.