[144] Coinbase Global, Inc. SEC Filing

Rhea-AI Filing Summary

Coinbase Global (NASDAQ: COIN) filed a Form 144 notice in which CEO Brian Armstrong, via The Brian Armstrong Living Trust, intends to sell up to 113,735 Class A common shares.

The proposed trade, to be executed through Goldman Sachs, carries an estimated aggregate market value of $42.66 million. The shares originate from Class B stock acquired on 12/23/2019 that will convert to Class A upon sale. The filing states the sale is governed by a Rule 10b5-1 trading plan adopted on 08/15/2024.

The document also lists extensive prior dispositions during the past three months, including a single block transaction on 06/25/2025 for 336,265 shares at $121.9 million. Cumulative recent sales by the trust exceed $200 million. With 211.4 million shares outstanding, the new notice represents roughly 0.05 % of Coinbase’s float but reinforces a pattern of substantial insider selling.

No financial results, risk factors, or operational updates are included in this filing; it strictly concerns the proposed share sale.

Positive

• None.

Negative

• CEO Brian Armstrong files to sell 113,735 shares (~$42.6 million), extending insider disposals to more than $200 million within three months.

Insights

Event Analyst

TL;DR: Large, repeated CEO sales create perception risk despite pre-planned 10b5-1 structure.

Armstrong’s planned divestiture of 113,735 shares (~$42.7 million) follows more than 600 k shares already sold since April 2025. While the new block is only 0.05 % of shares outstanding, the cumulative dollar value (> $200 million) is material and could pressure sentiment, especially given the absence of offsetting positive news. The 10b5-1 plan reduces legal concern but not market optics. Continued insider selling from a founder-CEO often signals limited near-term confidence, potentially acting as an overhang on the stock. Overall impact: negative.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001856705
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	Coinbase Global, Inc.
SEC File Number	001-40289
Address of Issuer	One Madison Avenue Suite 2400 New York NEW YORK 10010
Phone	1-302-636-5401
Name of Person for Whose Account the Securities are To Be Sold	Brian Armstrong
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Officer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common Stock	Goldman Sachs & Co. LLC 200 West Street New York NY 10282	113735	42658586.45	211407406	06/26/2025	NASD

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common Stock	12/23/2019	Acquired Class B common shares from Issuer in private transaction; Class B common shares to be converted to Class A common shares in connection with any sales	Brian Armstrong 2018 Grantor Retained Annuity Trust			113735	12/23/2019	None

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
The Brian Armstrong Living Trust One Madison Avenue Suite 2400 New York NY 10010	Common Stock	05/14/2025	10000	2553096
The Brian Armstrong Living Trust One Madison Avenue Suite 2400 New York NY 10010	Common Stock	06/11/2025	10000	2548232
The Brian Armstrong Living Trust One Madison Avenue Suite 2400 New York NY 10010	Common Stock	06/02/2025	5000	1235534.5
The Brian Armstrong Living Trust One Madison Avenue Suite 2400 New York NY 10010	Common Stock	05/05/2025	5000	1002603
The Brian Armstrong Living Trust One Madison Avenue Suite 2400 New York NY 10010	Common Stock	04/14/2025	5000	898797.5
The Brian Armstrong Living Trust One Madison Avenue Suite 2400 New York NY 10010	Common Stock	04/03/2025	10000	1682565
The Brian Armstrong Living Trust One Madison Avenue Suite 2400 New York NY 10010	Common Stock	06/11/2025	10000	2558690
The Brian Armstrong Living Trust One Madison Avenue Suite 2400 New York NY 10010	Common Stock	05/14/2025	5000	1271208.5
The Brian Armstrong Living Trust One Madison Avenue Suite 2400 New York NY 10010	Common Stock	04/14/2025	10000	1783044
The Brian Armstrong Living Trust One Madison Avenue Suite 2400 New York NY 10010	Common Stock	06/11/2025	5000	1276546
The Brian Armstrong Living Trust One Madison Avenue Suite 2400 New York NY 10010	Common Stock	06/02/2025	10000	2474353
The Brian Armstrong Living Trust One Madison Avenue Suite 2400 New York NY 10010	Common Stock	06/02/2025	10000	2468828
The Brian Armstrong Living Trust One Madison Avenue Suite 2400 New York NY 10010	Common Stock	04/03/2025	5000	845400.5
The Brian Armstrong Living Trust One Madison Avenue Suite 2400 New York NY 10010	Common Stock	05/05/2025	10000	2000622
The Brian Armstrong Living Trust One Madison Avenue Suite 2400 New York NY 10010	Common Stock	05/05/2025	10000	2010282
The Brian Armstrong Living Trust One Madison Avenue Suite 2400 New York NY 10010	Common Stock	05/14/2025	10000	2539528
The Brian Armstrong Living Trust One Madison Avenue Suite 2400 New York NY 10010	Common Stock	04/23/2025	20000	3968722
The Brian Armstrong Living Trust One Madison Avenue Suite 2400 New York NY 10010	Common Stock	06/25/2025	336265	121934262.2

144: Remarks and Signature

Remarks	The sales of shares set herein are made in connection with a selling plan dated 8/15/2024 that is intended to comply with Rule 10b5-1 (c). The representation below regarding the seller's knowledge of material information was trust as of the date the selling plan was entered into.
Date of Notice	06/26/2025
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	08/15/2024
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	Goldman Sachs & Co. LLC on behalf of The Brian Armstrong Living Trust
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many Coinbase shares does Brian Armstrong plan to sell in the June 2025 Form 144 filing?

He intends to sell up to 113,735 Class A common shares.

What is the estimated market value of the shares covered by Coinbase's latest Form 144?

The filing lists an aggregate market value of approximately $42.66 million for the 113,735 shares.

When was Brian Armstrong's 10b5-1 trading plan adopted?

The plan was adopted on 08/15/2024, according to the Form 144.

How many Coinbase shares has Brian Armstrong already sold in the past three months?

The filing details cumulative sales of at least about 636,000 shares, including a 336,265-share block on 06/25/2025.

What percentage of Coinbase's outstanding shares does the new Form 144 represent?

The proposed 113,735-share sale equals roughly 0.05 % of Coinbase’s 211.4 million shares outstanding.