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

Rhea-AI Filing Summary

Paul Grewal, Chief Legal Officer of Coinbase Global, Inc. (COIN), reported transactions dated 08/25/2025 executed under a Rule 10b5-1 trading plan. On that date he exercised an employee stock option to acquire 10,000 shares of Class A common stock at an exercise price of $26.26. The option is exercisable in part and fully vested by August 31, 2024 per the footnotes and contains an early-exercise provision.

Also on 08/25/2025 the reporting person sold multiple blocks totaling 15,439 shares of Class A common stock in several transactions at weighted-average sale prices reported in footnotes, with sale-price ranges from $306.45 up to $315.04. Following the reported transactions, the filing shows 161,722 shares of Class A common stock beneficially owned (direct).

Positive

• Trades executed pursuant to a Rule 10b5-1 plan, indicating pre-planned and compliant insider sales
• Detailed disclosure of weighted-average sale prices and price ranges in footnotes enhances transparency
• Exercise of employee option at $26.26 demonstrates utilization of long-term compensation

Negative

• Insider sold 15,439 shares on 08/25/2025, representing a meaningful disposition of shares held
• Sales executed at high market prices ($306.45–$315.04) could reduce perceived insider ownership concentration

Insights

Securities/Equity Analyst

TL;DR: Insider exercised option and sold shares under a 10b5-1 plan; disclosure is routine and provides liquidity, not new company information.

The Form 4 shows an option exercise of 10,000 shares at $26.26 and subsequent sales of 15,439 shares executed under a Rule 10b5-1 trading plan adopted August 28, 2024. The sales occurred across multiple price steps with weighted averages reported in footnotes and do not disclose any nonpublic operational developments. From a market-impact perspective, these are insider liquidity actions rather than signaling of corporate events; the filing increases transparency about insider holdings and disposition but contains no earnings or strategic information.

Corporate Governance Expert

TL;DR: Proper use of a 10b5-1 plan and clear footnoted price ranges indicate compliance-focused insider activity.

The reporting indicates the trades were effected pursuant to a pre-established Rule 10b5-1 plan, which provides an affirmative defense against insider trading claims when properly adopted. The filing includes detailed footnotes disclosing weighted-average prices and price ranges for each block sold, and the signature by an attorney-in-fact is present. These elements reflect governance discipline and timely SEC disclosure, reducing regulatory risk associated with insider trades.

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
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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^*

Grewal Paul

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF LEGAL OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
08/25/2025

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	08/25/2025		M(1)		10,000	A	$26.26	97,767	D
Class A Common Stock	08/25/2025		S(1)		571	D	$306.8771(2)	97,196	D
Class A Common Stock	08/25/2025		S(1)		2,069	D	$307.9333(3)	95,127	D
Class A Common Stock	08/25/2025		S(1)		3,139	D	$309.2888(4)	91,988	D
Class A Common Stock	08/25/2025		S(1)		2,368	D	$310.1332(5)	89,620	D
Class A Common Stock	08/25/2025		S(1)		1,732	D	$311.0644(6)	87,888	D
Class A Common Stock	08/25/2025		S(1)		2,157	D	$312.1879(7)	85,731	D
Class A Common Stock	08/25/2025		S(1)		1,015	D	$312.9879(8)	84,716	D
Class A Common Stock	08/25/2025		S(1)		2,012	D	$314.4264(9)	82,704	D
Class A Common Stock	08/25/2025		S(1)		376	D	$314.8969(10)	82,328	D

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
Employee Stock Option (right to buy)	$26.26	08/25/2025		M(1)			10,000	(11)	09/20/2030	Class A Common Stock	10,000	$0	161,722	D

Explanation of Responses:

1. The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 28, 2024, during an open trading window.

2. Represents the weighted average sale price. The lowest price at which shares were sold was $306.45 and the highest price at which shares were sold was $307.01. 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 (2) through (10) to this Form 4.

3. Represents the weighted average sale price. The lowest price at which shares were sold was $307.50 and the highest price at which shares were sold was $308.40.

4. Represents the weighted average sale price. The lowest price at which shares were sold was $308.70 and the highest price at which shares were sold was $309.68.

5. Represents the weighted average sale price. The lowest price at which shares were sold was $309.70 and the highest price at which shares were sold was $310.69.

6. Represents the weighted average sale price. The lowest price at which shares were sold was $310.71 and the highest price at which shares were sold was $311.695.

7. Represents the weighted average sale price. The lowest price at which shares were sold was $311.72 and the highest price at which shares were sold was $312.70.

8. Represents the weighted average sale price. The lowest price at which shares were sold was $312.73 and the highest price at which shares were sold was $313.58.

9. Represents the weighted average sale price. The lowest price at which shares were sold was $313.84 and the highest price at which shares were sold was $314.795.

10. Represents the weighted average sale price. The lowest price at which shares were sold was $314.84 and the highest price at which shares were sold was $315.04.

11. 1/4 of the total shares underlying the option vested on August 31, 2021 and the remaining 3/4th of the shares underlying the option will vest in equal monthly installments thereafter until the option is fully vested on August 31, 2024, subject to the Reporting Person's continued service to the Issuer on each vesting date. The option contains an early-exercise provision and is exercisable as to unvested shares, subject to the Issuer's right of repurchase.

	/s/ Paul Grewal, by Lailey Rezai, Attorney-in-Fact	08/27/2025
	** 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 transactions did Paul Grewal report on the Form 4 for COIN?

The Form 4 reports an exercise of an employee stock option for 10,000 shares at $26.26 and sales totaling 15,439 shares on 08/25/2025.

Were the sales executed under a trading plan for COIN insider activity?

Yes. The filing states the transactions were effected pursuant to a Rule 10b5-1 trading plan adopted August 28, 2024.

What price ranges were reported for the COIN sales?

Footnotes report weighted-average sale prices with lowest sale prices as low as $306.45 and highest prices up to $315.04 across the blocks sold.

How many COIN shares does the reporting person beneficially own after these transactions?

The Form 4 shows 161,722 shares of Class A common stock beneficially owned (direct) following the reported transactions.

Does the Form 4 show whether the option was fully vested?

Footnote language states the option vested 1/4 on August 31, 2021 and the remaining 3/4 vested in equal monthly installments until fully vested August 31, 2024; the option contains an early-exercise provision.