Insider trade

Coinbase CEO Brian Armstrong sold about $3.6M of shares under a pre-arranged plan

Traded Nov 10, 2025 · Filed Nov 14, 2025

CoinbaseCOIN

~$3.6M
Reported value · 11K sh @ $319.8451: 14K
Holds after · shares reported: -40.5%
stock since the trade · S&P 500 +12.1%, $317.93 → $189.29 on Oct 1

Why it stands out

The boss of Coinbase sold $3.6M of Coinbase shares. It was planned long ago, so it says very little.

Sold under a plan set up in advance, so the timing wasn't a fresh decision
Sold 44% of their holdings
Routine for them: 22 sales in the past year
9 insiders at Coinbase sold within a month

Written from the filing's own figures. OQRO describes what was reported and never tells you what to buy or sell

View the official recordSEC Form 4 — Statement of Changes in Beneficial Ownership

All the details

Dates, kept separate

Transaction date: Nov 10, 2025
Reporting period: Not applicable
Filed with the SEC: Nov 14, 2025

CEOIndirect holding$1M+Pre-arranged plan referenced

Context

Classification

open market sale

Code S — open-market or private sale

Absolute commitment

~$3,602,735

Shares × reported transaction price

Timing vs results

11 days after results of Oct 30, 2025, 94 days before results of Feb 12, 2026

Results dates are the company's own 8-K (Item 2.02). Many companies only let insiders trade in a window after results

Price at the time

Closed at $317.93 on Nov 10, 2025, 110% above its 52-week low and 24% below its high, after a 5% drop over the previous 30 trading days

52-week range $151.47 (Apr 8, 2025) to $419.78 (Jul 18, 2025), 62% of the way up, from 250 adjusted closes. 30 trading days earlier: $333.99 on Sep 29, 2025. Describes the past only, not a forecast

Planned / mechanical clue

Footnote references a pre-arranged trading plan (Rule 10b5-1)

Only flagged when a footnote says so; never inferred

Securities lawsuit open at the trade date

A securities lawsuit naming the company as a defendant was filed on Nov 4, 2025 in the U.S. District Court, S.D. New York. A filing is an allegation, not a finding.

5 such cases were open. Heabeart v. Coinbase, Inc., docket 1:25-cv-09197, via CourtListener (court records). Nature of suit 850, company named as first defendant

After it was reported

After	Stock	S&P 500	Difference
7 days	-3.0%	+0.5%	-3.5%
30 days	-7.5%	+0.9%	-8.3%
90 days	-37.1%	+2.6%	-39.7%
180 days	-28.2%	+11.0%	-39.2%

Past results only. Not a forecast.

Source receipt

Record ID: 0001679788-25-000221
Filed / recorded: Nov 14, 2025, 9:35 PM UTC
Added to OQRO: Oct 1, 2026, 11:17 PM UTC
Parser: form4-xml-v1
Data quality: Verified: identifiers matched exactly
Issuer: Coinbase Global, Inc.
Issuer CIK: 1679788
Ticker: COIN
Reporting person: Brian Armstrong
Relationship: Director, Officer, 10% owner
Officer title: Chairman and CEO
Security: Class A Common Stock
Table: Non-derivative (Table I)
Transaction date: Nov 10, 2025
Transaction code: S
Shares / units: 11,264
Price per share: $319.8451
Acquired / disposed: Disposed (D)
Shares owned after: 14,262
Ownership form: Indirect — By The Brian Armstrong Living Trust
Amendment: No

Footnotes from the filing

The transactions reported on this line were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 15, 2024, during an open trading window.
Represents the weighted average sale price. The lowest price at which shares were sold was $319.18 and the highest price at which shares were sold was $320.175. The Reporting Person undertakes to provide upon request to the staff of the Securities and Exchange Commission, the Issuer or its stockholders, full information regarding the total number of shares sold at each separate price within the ranges set forth in footnotes (4) through (9) to this Form 4.

Around the same time

10mo ago

2,750Shares

Derivative exercise or conversion — not an open-market buy.

Why it stands out Official record

Director sold ~$771K of Coinbase

Scheduled in advance10mo ago

10mo ago

2,750Derivative units

Derivative exercise or conversion — not an open-market buy.

Why it stands out Official record