Coinbase Global shares gapped down Friday morning following reports of insider selling. The stock opened at $184.97. This price fell from Thursday’s close of $192.70.
The downturn follows a 10% surge during the previous session. That rally was driven by an SEC filing to offer perpetual futures to American traders.
Director Frederick Wilson sold 10,000 shares on September 1. The transaction reached a total value of approximately $1.79 million. Wilson conducted the sale under a pre-arranged Rule 10b5-1 trading plan. The insider activity triggered a price correction, offsetting the company's recent gains.