To The Moon

Coinbase Global Inc co-founder Fred Erhsam has been buying the dip in shares of the cryptocurrency exchange, as per a recent regulatory filing.

What Happened: A Form 4 filing with the U.S. Securities and Exchange Commission (SEC) shows Ehrsam acquired more than a million shares of Coinbase worth $75 million over the past week.

The Coinbase co-founder made the purchases through his venture capital firm Paradigm, where he serves as a managing partner.

According to the filings, Ehrsam bought 706,000 shares at an average price of $70 on May 13 and another 385,000 shares at an average price of $65 on May 17.

Paradigm now holds more than 3.6 million shares of Coinbase and Ehrsam’s private trust holds 1.1 million shares of the company.

Coinbase shares are currently trading 80% lower than their all-time high of $342 – last seen when the company made its public debut on the Nasdaq in April 2021.

Ehrsam’s recent purchases come months after he sold more than $93 million of Coinbase shares between November and January.

Price Action: Coinbase shares closed 1.88% lower at $66.15 on Friday.

In crypto markets, Bitcoin was trading at $30,100 at press time, gaining 2.28% over the last 24 hours.