Coinbase CEO Brian Armstrong and two other company insiders have adopted stock trading plans covering approximately 13.6 million Class A shares, with potential sales scheduled to begin between November 2026 and January 2027.
Summary
- Coinbase CEO Brian Armstrong, director Fred Ehrsam and President Emilie Choi have adopted trading plans covering approximately 13.6 million Class A shares, according to the company’s latest SEC filing.
- Armstrong’s plan covers up to 8.17 million shares, with potential sales beginning November 16, 2026, and continuing through October 22, 2027, subject to specified share price conditions.
- Ehrsam’s arrangement covers up to 3.87 million shares, while Choi’s plan includes approximately 1.56 million identified shares and additional shares tied to future equity awards.
- All three arrangements were adopted under Rule 10b5-1, which allows company insiders to schedule stock transactions in advance under predetermined conditions.
- Coinbase separately disclosed that it repurchased 37,995 shares during the third quarter, leaving approximately $1.96 billion available under its authorised share repurchase programme.
According to Coinbase’s quarterly SEC filing, the arrangements were adopted during the third quarter of 2026 by Armstrong, company co-founder and director Fred Ehrsam, and President and Chief Operating Officer Emilie Choi.
The three plans cover a combined 13,594,519 specifically identified shares, although the final number could differ because Choi’s arrangement includes additional shares tied to future equity awards.
All three were established under Rule 10b5-1, which allows corporate insiders to arrange stock transactions in advance under predetermined conditions.
The filing describes the transactions as potential sales, with execution dependent on the terms of each plan, including specified share price thresholds.
Coinbase CEO plans potential sale of 8.17 million shares
Armstrong adopted his trading plan on August 12, covering up to 8,167,446 Class A shares that he would receive through the exercise of vested stock options.
Under the arrangement, sales are expected to begin on November 16, 2026, and may continue until October 22, 2027, provided Coinbase shares reach the price levels specified in the plan.
The filing does not disclose the individual price thresholds, meaning the number of shares ultimately sold will depend on whether the required conditions are met.
Transactions could end before the scheduled expiration date if all planned sales are completed or certain other events specified in the agreement occur.
Armstrong’s allocation accounts for approximately 60% of the 13.6 million shares identified across the three arrangements.
Coinbase executives have adopted similar arrangements before. In November 2024, crypto.news reported that executives and directors had established trading plans covering approximately 5 million shares, including 3.75 million shares under a plan adopted by Armstrong.
That earlier arrangement was scheduled to begin on November 18, 2024, and continue until November 14, 2025. Ehrsam, Chief Financial Officer Alesia Haas and Chief Legal Officer Paul Grewal were among the other executives covered by the disclosures.
Fred Ehrsam and Emilie Choi set separate trading schedules
Coinbase director Fred Ehrsam entered into his plan on September 4, covering the potential sale of up to 3,866,620 Class A shares.
Unlike Armstrong’s arrangement, Ehrsam’s shares would come from converting Class B common stock held by the Frederick Ernest Ehrsam III Living Trust, where he serves as trustee.
The planned trading period runs from December 7, 2026, through June 7, 2027, with sales permitted only when Coinbase stock reaches the prices specified in the agreement.
Choi adopted her plan four days later, on September 8, covering up to 1,560,453 identified Class A shares, alongside an undetermined number of shares from future restricted stock unit awards.
Her arrangement includes personally held shares, stock received from vested options and equity awards, and shares held by the Starvurst Exempt Trust, where her spouse serves as a co-trustee.
Sales under Choi’s plan are expected to begin on January 4, 2027, and continue through December 31, 2027, subject to the required conditions.
Coinbase explained that the final share count would depend partly on transactions under Choi’s previous trading plan, dated August 12, 2025, and on the settlement of future equity awards.
Certain shares may be withheld or sold to cover tax obligations when awards vest, while other shares could become eligible through grants that have not yet been made.
Coinbase trading plans follow company insider trading rules
Coinbase said its directors and executive officers are permitted to trade company securities only through prearranged plans intended to meet the requirements of Rule 10b5-1 under the Securities Exchange Act.
The company confirmed that all three arrangements were entered into during an open trading window and followed its internal insider trading and trading plan policies.
Rule 10b5-1 provides an affirmative defense against certain insider trading allegations when transactions meet its legal requirements, including conditions governing the adoption and operation of trading arrangements.
The disclosures come several months after Coinbase reorganised its senior management in July, when several leadership positions were reassigned or scheduled for replacement as the company expanded into stock trading, derivatives and prediction markets.
The company had announced a restructuring in May involving approximately 700 employees, according to its latest quarterly filing.
Coinbase reports share buybacks alongside weaker revenue
Separately, Coinbase disclosed that its board had expanded the company’s share repurchase authorisation to $4 billion in January 2026, following earlier approvals in October 2024 and October 2025.
During the third quarter, Coinbase repurchased 37,995 Class A shares in August at an average price of $139.91 per share, including commissions.
No shares were repurchased under the programme in July or September, leaving approximately $1.96 billion available under the authorisation as of September 30.
The disclosures accompanied Coinbase’s third-quarter earnings results, which showed revenue falling 35% from a year earlier to approximately $1.22 billion.
Net income rose to $718.7 million from $432.6 million in the corresponding quarter of 2025, although the results included approximately $715 million in unrealised gains on cryptocurrency investments.
Coinbase reported adjusted net income of $78 million, while its prediction markets business surpassed $200 million in annualised revenue during the quarter.
The company recorded $590 million in transaction revenue, compared with approximately $1.05 billion a year earlier, while subscription and services revenue came in at $570 million.
