Those offloading stakes as the lock-up period expired on Thursday night included CoreWeave director Jack Cogen, who sold shares with an aggregate market value of nearly $300mn, according to company filings. Shares held steady at about $100 on Friday at midday, after dropping about 35 per cent over the previous two days.

CoreWeave (CRWV) shares had dropped 10% by noon Thursday trading as its initial public offering lock-up period is slated to come to an end when the market closes today.

Corporate insiders will soon be able to unload shares, which could cause some selling pressure but also ultimately reduce volatility by increasing the stock’s float.