Coinbase executives have filed plans for possible sales of 13.6 million COIN shares worth about $2.2 billion. The disclosure came alongside weaker quarterly trading revenue and new Bitcoin purchases.
Brian Armstrong Accounts for Most of Planned Sales
Coinbase’s Friday SEC filing detailed trading plans adopted by Brian Armstrong, Fred Ehrsam, and Emilie Choi. They have plans to cover 13.59 million identified shares, valued at COIN’s closing price on October 29 of $160.59.
Armstrong owns the biggest stake, holding permission to sell up to 8.17 million shares obtained through vested options. His plan, adopted on 12 August, allows sales to begin on 16 November 2026 and continue until 22 October 2027 subject to a predetermined sale price.
The deal is similar to other stock sales by Brian Armstrong, such as a $101 million disposal in January. The completed sales are not the same as the recently filed plan, which includes sales that could occur in the next year.
Ehrsam and Choi Set Trading Windows Through 2027
Ehrsam adopted his plan September 4, covering 3.87 million shares from December 7, 2026, through June 7, 2027. Those shares would convert to tradable Class A stock upon conversion of Class B stock from his living trust.
The arrangement, which Choi took up four days later, extends to 1.56 million identified shares and could potentially include more when they vest. Her trading window is from January 04, 2027, to December 31, 2027.
All three executives used Rule 10b5-1 arrangements, which set trading instructions before transactions take place. The plans were embraced during an open trading window but will be carried out under pre-set conditions. Coinbase, by contrast, repurchased 37,995 shares in August, leaving $1.96 billion under its repurchase authorization.
Coinbase Adds Bitcoin as Trading Revenue Declines
In the same filing, Coinbase reported a slowdown in its primary trading activity. Revenue dropped 35% year-over-year to $1.22 billion, with transaction revenue dropping to $590 million. As we reported, Bank of America had cut its earnings forecast before the release, citing weaker crypto trading.
Concurrent with the forecast, after the Q3 report, COIN shares fell by over 13.05% to trade at $139.64. However, Coinbase still made $719 million in revenue, partially due to $715 million in gains from cryptocurrency investments. Adjusted net income, excluding certain items, was $78 million.
During the quarter, Coinbase purchased 643 Bitcoins with $1.5 billion, bringing its total to 17,954 BTC. At the end of the quarter, Coinbase also had 152,649 ETH for investment, amounting to $2.22 billion of its total crypto investment portfolio. So far, the Bitcoin purchases have added 2,565 BTC to the inventory in the first nine months.
In the earnings call, CEO Brian Armstrong noted that Coinbase had probably acquired its 18,000th Bitcoin. “We’re super bullish on Bitcoin,” he said. He also said that more and more customers are taking loans on their Bitcoins, not selling them.
