Three Coinbase Executives Adopt Trading Plans for 13.6 Million Class A Shares

Coinbase CEO Brian Armstrong and two other company executives have adopted trading plans for approximately 13.6 million Class A shares, according to a report by the U.S. Securities and Exchange Commission. All three plans were adopted in the third quarter of 2026 and cover 13,594,519 identified Class A shares, although the final number may vary due to future equity awards under Emily Choi's plan. Armstrong's plan from August 12 covers up to 8,167,446 Class A shares that he may acquire upon exercising vested options. The sale is expected from November 16, 2026, to October 22, 2027, upon reaching specified price levels; thresholds are undisclosed. Armstrong accounts for approximately 60% of the identified shares.

Timing and Buyback

Fred Ehrsam's plan from September 4 covers up to 3,866,620 Class A shares obtained by converting Class B common stock through a family trust under his management. Trading is from December 7, 2026, to June 7, 2027. Emily Choi's plan from September 8 covers up to 1,560,453 identified Class A shares and future restricted stock awards; sales are from January 4, 2027, to December 31, 2027. All plans are filed under Rule 10b5-1 and entered during an open trading window. Coinbase repurchased 37,995 Class A shares in August at an average price of $139.91, including fees; no buybacks occurred in July and September, leaving approximately $1.96 billion available as of September 30, with the program expanded to $4 billion in January 2026.

Financial Results

Coinbase's revenue fell 35% year-over-year to about $1.22 billion, but net income rose to $718.7 million from $432.6 million, partly due to unrealized gains on cryptocurrency investments of approximately $715 million. Adjusted net income was $78 million, operating revenue was $590 million compared to about $1.05 billion a year earlier, subscription and services revenue was $570 million, and prediction markets exceeded $200 million on an annualized basis.