Coinbase CEO Brian Armstrong, director Fred Ehrsam, and President and Chief Operating Officer Emilie Choi have adopted prearranged trading plans covering approximately 13.6 million Class A shares, with an estimated value of around $2.2 billion, according to the company’s latest quarterly SEC filing.
Armstrong’s plan, adopted on August 12, covers up to 8,167,446 Class A shares from vested stock options and is expected to begin on November 16, 2026, running until October 22, 2027. Ehrsam’s arrangement, adopted September 4, covers up to 3,866,620 shares converted from Class B common stock held by the Frederick Ernest Ehrsam III Living Trust, with sales scheduled from December 7, 2026, to June 7, 2027. Choi entered her plan on September 8, covering up to 1,560,453 identified shares plus additional shares tied to future restricted stock unit awards, with a sales window from January 4, 2027, to December 31, 2027.
All three plans were established under Rule 10b5-1, allowing insiders to schedule transactions in advance under predefined conditions, including specific price thresholds. Coinbase said the arrangements were entered during an open trading window and followed its internal insider trading policies.
The filing also disclosed that Coinbase repurchased 37,995 Class A shares in August at an average price of $139.91 per share, leaving approximately $1.96 billion available under its $4 billion repurchase authorization. The trading plan disclosure accompanied third-quarter results showing revenue of approximately $1.22 billion, down 35% year over year, while net income rose to $718.7 million, helped by roughly $715 million in unrealized gains on cryptocurrency investments. The company’s prediction markets business surpassed $200 million in annualized revenue during the quarter.
The planned insider sales could weigh on investor sentiment around Coinbase stock and potentially influence broader crypto market perception, as traders monitor institutional and executive activity.
