[Form 4] Coinbase Global, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Brian Armstrong, Coinbase Global, Inc. director and CEO, reported transactions dated 08/12/2025. He converted 25,000 shares of Class B into Class A and, under a Rule 10b5-1 trading plan, sold 25,000 Class A shares in multiple tranches at weighted average prices in several ranges. The reported sale prices ranged from a low of $324.33 to a high of $329.52. Following the reported disposals, the Form 4 lists incremental beneficial ownership balances ending with 526 Class A shares held indirectly by The Brian Armstrong Living Trust. The filing also discloses 2,958,393 Class A shares held by The Ehrsam 2014 Irrevocable Trust, of which Armstrong is trustee and for which he disclaims beneficial ownership except to his pecuniary interest.

Insights

Securities Analyst

TL;DR: CEO converted Class B shares and sold 25,000 Class A shares via a Rule 10b5-1 plan at ~$324–$329 per share.

The Form 4 shows a planned execution: conversion of 25,000 Class B shares into Class A and sales of an equal number of Class A shares on 08/12/2025. Transactions were effected pursuant to a 10b5-1 plan adopted August 15, 2024, indicating the sales were pre-authorized and not ad hoc. Reported sale price ranges span roughly $324.33 to $329.52, reflecting the execution price band disclosed in the footnotes. From an equity-ownership perspective, the filing documents meaningful movement of shares but provides no new operational or financial metrics; the market impact depends on context (aggregate volume relative to float) not provided in this Form 4.

Corporate Governance Expert

TL;DR: Insider used a documented 10b5-1 plan and provided standard Form 4 disclosure for conversions and sales.

The filing demonstrates adherence to common insider-trading controls: use of a Rule 10b5-1 plan and explicit disclosure of conversions, disposals, and indirect ownership via trusts. The conversion of Class B to Class A is routine given one-for-one convertibility and is clearly reported. The filing also includes the trustee-held Ehrsam 2014 Irrevocable Trust holdings and the Reporting Person's statement disclaiming beneficial ownership beyond pecuniary interest. These elements suggest formal governance and disclosure practices were followed.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Armstrong Brian

(Last) (First) (Middle)

C/O COINBASE GLOBAL, INC.

ONE MADISON AVENUE, SUITE 2400

(Street)

NEW YORK NY 10010

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Coinbase Global, Inc. [ COIN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman and CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/12/2025		C(1)(2)		25,000	A	$0(3)	25,526	I	By The Brian Armstrong Living Trust
Class A Common Stock	08/12/2025		S(2)		5,706	D	$324.9892(4)	19,820	I	By The Brian Armstrong Living Trust
Class A Common Stock	08/12/2025		S(2)		3,401	D	$325.8354(5)	16,419	I	By The Brian Armstrong Living Trust
Class A Common Stock	08/12/2025		S(2)		7,906	D	$326.9389(6)	8,513	I	By The Brian Armstrong Living Trust
Class A Common Stock	08/12/2025		S(2)		5,897	D	$327.6747(7)	2,616	I	By The Brian Armstrong Living Trust
Class A Common Stock	08/12/2025		S(2)		1,487	D	$329.2427(8)	1,129	I	By The Brian Armstrong Living Trust
Class A Common Stock	08/12/2025		S(2)		603	D	$329.4084(9)	526	I	By The Brian Armstrong Living Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(3)	08/12/2025		C(1)(2)			25,000	(3)	(3)	Class A Common Stock	25,000	$0	22,831,225	I	By The Brian Armstrong Living Trust
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	2,958,393		2,958,393	I	The Ehrsam 2014 Irrevocable Trust(10)

Explanation of Responses:

1. Represents the conversion of Class B Common Stock held of record by The Brian Armstrong Living Trust into Class A Common Stock.

2. The transactions reported on this line were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 15, 2024, during an open trading window.

3. Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date.

4. Represents the weighted average sale price. The lowest price at which shares were sold was $324.33 and the highest price at which shares were sold was $325.32. The Reporting Person undertakes to provide upon request to the staff of the Securities and Exchange Commission, the Issuer or its stockholders, full information regarding the total number of shares sold at each separate price within the ranges set forth in footnotes (4) through (9) to this Form 4.

5. Represents the weighted average sale price. The lowest price at which shares were sold was $325.35 and the highest price at which shares were sold was $326.31.

6. Represents the weighted average sale price. The lowest price at which shares were sold was $326.36 and the highest price at which shares were sold was $327.325.

7. Represents the weighted average sale price. The lowest price at which shares were sold was $327.34 and the highest price at which shares were sold was $328.25.

8. Represents the weighted average sale price. The lowest price at which shares were sold was $329.03 and the highest price at which shares were sold was $329.315.

9. Represents the weighted average sale price. The lowest price at which shares were sold was $329.345 and the highest price at which shares were sold was $329.52.

10. These shares are held by The Ehrsam 2014 Irrevocable Trust, of which the Reporting Person is trustee. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, if any.

Remarks:

	/s/ Brian Armstrong, by Lailey Rezai, Attorney-in-Fact	08/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Brian Armstrong report on Form 4 for COIN on 08/12/2025?

The Form 4 reports conversion of 25,000 Class B shares into Class A and the sale of 25,000 Class A shares executed on 08/12/2025 under a Rule 10b5-1 plan.

At what prices were the COIN shares sold according to the Form 4?

The filing discloses weighted-average sale prices with ranges; the overall low/high across tranches were $324.33 and $329.52 respectively.

Were the sales pre-authorized or ad hoc?

The transactions were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 15, 2024, indicating pre-authorization.

How many COIN shares does Armstrong or his trusts hold after these transactions?

The Form 4 shows incremental balances ending with 526 Class A shares held indirectly by The Brian Armstrong Living Trust and 2,958,393 Class A shares held by The Ehrsam 2014 Irrevocable Trust (Armstrong is trustee and disclaims beneficial ownership except to any pecuniary interest).

Who signed the Form 4 and when was it signed?

The signature block shows /s/ Brian Armstrong, by Lailey Rezai, Attorney-in-Fact with the date 08/14/2025.