Coinbase Sinks 11% to a 52-Week Low as Brian Armstrong Defends a Plan to Sell Up to 8.17 Million Shares: Are Crypto Stocks Near a Floor?

Crypto stocks fell on Friday as Coinbase dropped 11% to $142.73, after touching a 52-week low of $138.71, when CEO Brian Armstrong had to defend a new plan to sell up to 8.17 million COIN shares alongside a 35% drop in quarterly revenue. The plan, disclosed with Coinbase’s third-quarter results on Thursday, is worth about $1.31 billion at Thursday’s $160.59 close. Co-founder Fred Ehrsam and President Emilie Choi filed plans of their own, bringing the total to about 13.6 million shares, roughly $2.2 billion.