At the height of cryptocurrency, several important insiders made a significant move. In November 2021, MoonPay, a cryptocurrency funding firm, announced a huge $555 million financing round, which occurred as Bitcoin reached a record high of about $69,000.
According to The Info, executives sold $150 million worth of stock, with CEO Ivan Soto-Wright being one of the major sellers.
To put things in perspective, MoonPay is a cryptocurrency infrastructure company that offers a payment gateway for crypto businesses. Customers may easily purchase cryptocurrencies like Bitcoin thanks to its platform, which streamlines digital asset transactions. The organization received significant attention in 2021 for their non-fungible token (NFT) “concierge” service, which was hailed by stars like Jimmy Fallon and Paris Hilton.
In the funding round, prominent investors led to a significant $3.4 billion value for MoonPay.
According to The Info, of the total raised, $405 million came from selling shares to purchasers, while the remaining $150 million came from insiders cashing out their shares in a secondary transaction. This indicates that a sizeable portion of the monies received didn’t get invested back into the business.
Ivan Soto-Wright, the co-founder and CEO of MoonPay, had suggested in an interview with CoinDesk that the company intended to use the cash to widen its staff and increase its geographic reach among other things.
