They were sitting on large illiquid unrealized gains until the IPO. I can't imagine that's strange behavior in companies going public. Some funds will sell into

They were sitting on large illiquid unrealized gains until the IPO. I can't imagine that's strange behavior in companies going public. Some funds will sell into the IPO as a rule in order to redeploy capital to other early stage investments. For early employees and founders who could have had up to 99% of their wealth tied up in Coinbase stock, some diversification is hardly odd.