No Buys, Only Sells: A Pattern That Raises Eyebrows
Recent scrutiny has turned to insider trading patterns at a major U.S.-based crypto platform. Public filings show the CEO has executed 88 stock sales under a pre-arranged 10b5-1 trading plan—while recording zero purchases to date.
This consistent divestment spans multiple quarters from 2024 to 2025, revealing a structured and ongoing liquidity strategy. Notably, Q4 2024 saw nearly $437 million in sales, followed by $196 million and $268 million in Q2 and Q3 of 2025, respectively, with nearly every quarter showing planned outflows.
Compliance ≠ Confidence: Market Skepticism Grows
- While 10b5-1 plans are legally designed to protect executives from insider trading allegations;
- the complete absence of buys amid continuous selling fuels perception of weak long-term conviction;
- especially with the stock down 45% over six months, such behavior intensifies concerns about leadership alignment and corporate health.
The executive once noted it 'feels good' for users to buy company stock via the platform—a sentiment that now contrasts sharply with his own transaction history.
As investor trust increasingly hinges on insider behavior, a sustained one-way flow of sales may be eroding quiet confidence, regardless of public messaging.