The founder of Shopify invested $3 million into Coinbase in only two months

Tobias Lütke, CEO of the popular e-commerce company Shopify, has reportedly put $3 million into Coinbase shares over the previous two months. Since early August, he has consistently bought the dip each week.

You might indeed like reading about how Ernst & Young intends to become "the best on Earth at Ethereum" or how cryptocurrency enthusiasts in Singapore at the TOKEN2049 conference are unfazed by the current market turmoil.

As of May 26, 2022, when he completed all of his acquisitions, the price of Coinbase shares had fallen about 75% from the beginning of the year, to just under $70. The millionaire internet entrepreneur implemented a Rule 10b5 trading strategy on that day.

Source: shopyo.com

Beginning in early September, Lütke bought $62 worth of Coinbase shares and then again in the middle of the month for $97.24. His SEC records reveal he has spent $2,949,833 on 40,315 shares at an average price of $73.17 per share.

Since joining Coinbase's board in February, he has been a full-fledged director, which means he must report all of his transactions to the Securities and Exchange Commission. However, insiders of the firm rarely make further Lütke acquisitions.

Since Coinbase's direct offering last week, many executives, including one who was not previously involved with the firm, have purchased shares. Coinbase was recently embroiled in legal wrangling amid a spike in insider trading charges. Coinbase's former product manager's brother, Nikhil Wahi, pled guilty to insider trading in cryptocurrencies using privileged knowledge.

Want to be informed of all the latest developments in web3? Follow us on Twitter.

Related articles: 

• Tim Cook, CEO of Apple, does not believe that the Metaverse will become the norm in the future

• The FEWOCiOUS and David Bowie NFT collection fetched $127,000

• UPS Chooses Decentraland as To Launch into the Metaverse

• Vogue will enter the metaverse to support the fashion industry of Ukraine