Coinbase execs set to offload $900m in stock sales: report

Coinbase executives and directors adopted trading plans to sell up to five million shares worth more than $900 million.

Citing regulatory filings with the Securities and Exchange Commission, Barron’s has learned that Coinbase leadership has approved trading plans to sell up to five million shares, equating to over $900 million.

Under the provisions of Rule 10b5-1, which allows executives to create predetermined trading schedules, Coinbase co-founder and CEO Brian Armstrong launched a plan to sell as many as 3.75 million Class A shares convertible from Class B shares. shares of his trust. The plan will start on November 18 and may be extended until November 14, 2025.

Alesia Haas, Coinbase’s chief financial officer, also adopted a trading plan that calls for selling up to 153,896 Class A shares starting January 2, 2025 and ending December 31, 2025.

Additionally, the report notes that co-founder Frederick Ehrsam III plans to sell up to 866,122 Class A shares starting Nov. 25, and the exchange’s chief legal officer, Paul Grewal, will sell up to 151,005 Class A shares starting Dec. 2. Coinbase executive Fred Wilson’s plan, which begins Nov. 7, allows the sale of up to 50,000 Class A shares. Following the news, COIN shares fell 1.85% in pre-market trading, according to Nasdaq data.

These share sales are not new to the stock market; Ehrsam III had previously sold millions worth of Coinbase shares. Last December, crypto.news reported that Coinbase executives sold over $120 million worth of COIN stock, sending the stock up a significant 450% since 2023 to $185.20.