COIN: Armstrong converts 25,000 B-to-A, sells at ~$335–$340

Rhea-AI Filing Summary

Coinbase Global (COIN): CEO Brian Armstrong reported insider transactions. On 11/03/2025, Armstrong’s trust converted 25,000 shares of Class B common stock into 25,000 Class A shares at $0, then sold 25,000 Class A shares in multiple tranches pursuant to a Rule 10b5-1 trading plan adopted on August 15, 2024.

The reported sales occurred at weighted-average prices ranging from $335.1225 to $340.1546, with disclosed low-high ranges per tranche of $334.80–$340.60. Following these transactions, the filing shows 526 Class A shares indirectly owned by The Brian Armstrong Living Trust and 22,706,225 Class B derivative securities beneficially owned by the trust. A separate line lists 2,958,393 Class A shares underlying Class B held by The Ehrsam 2014 Irrevocable Trust, for which Armstrong is trustee and disclaims beneficial ownership except to the extent of any pecuniary interest.

Insights

Insider transactions analyst

Armstrong converted 25,000 B-to-A and sold them under a 10b5-1 plan; neutral.

The sequence shows a non-cash conversion of 25,000 Class B into Class A, immediately followed by sales totaling 25,000 Class A shares. The filing cites a Rule 10b5-1 plan adopted on August 15, 2024, indicating pre-arranged instructions during an open window.

Sale prices were reported as weighted averages from $335.1225 to $340.1546, with disclosed low-high ranges up to $340.60. Post-transaction, the trust reports 22,706,225 Class B derivative securities beneficially owned and 526 Class A shares indirectly held. A separate trust shows 2,958,393 underlying shares, with a disclaimer of beneficial ownership.

This appears administrative and planned; actual market impact depends on trading volumes and future disclosures.

Insider Trade Summary

Net Seller: 25,000 shares ($8,437,156)

Net Sell 9 txns

Insider Armstrong Brian

Role Chairman and CEO

Sold 25,000 shs ($8.44M)

Type	Security	Shares	Price	Value
Conversion	Class B Common Stock	25,000	$0.00	--
Conversion	Class A Common Stock	25,000	$0.00	--
Sale	Class A Common Stock	4,524	$335.1225	$1.52M
Sale	Class A Common Stock	4,301	$336.1785	$1.45M
Sale	Class A Common Stock	5,424	$337.4478	$1.83M
Sale	Class A Common Stock	5,080	$338.2173	$1.72M
Sale	Class A Common Stock	2,600	$339.2625	$882K
Sale	Class A Common Stock	3,071	$340.1546	$1.04M
holding	Class B Common Stock	--	--	--

Holdings After Transaction: Class B Common Stock — 22,706,225 shares (Indirect, By The Brian Armstrong Living Trust); Class A Common Stock — 25,526 shares (Indirect, By The Brian Armstrong Living Trust)

Footnotes (1)

1. Represents the conversion of Class B Common Stock held of record by The Brian Armstrong Living Trust into Class A Common Stock. 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. 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. Represents the weighted average sale price. The lowest price at which shares were sold was $334.80 and the highest price at which shares were sold was $335.79. 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. Represents the weighted average sale price. The lowest price at which shares were sold was $335.80 and the highest price at which shares were sold was $336.76. Represents the weighted average sale price. The lowest price at which shares were sold was $337.00 and the highest price at which shares were sold was $337.77. Represents the weighted average sale price. The lowest price at which shares were sold was $337.80 and the highest price at which shares were sold was $338.74 Represents the weighted average sale price. The lowest price at which shares were sold was $338.91 and the highest price at which shares were sold was $339.79. Represents the weighted average sale price. The lowest price at which shares were sold was $339.80 and the highest price at which shares were sold was $340.60. 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.

Form 4 Insider Transactions: What Each Field Means →

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)
11/03/2025

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	11/03/2025		C(1)(2)		25,000	A	$0(3)	25,526	I	By The Brian Armstrong Living Trust
Class A Common Stock	11/03/2025		S(2)		4,524	D	$335.1225(4)	21,002	I	By The Brian Armstrong Living Trust
Class A Common Stock	11/03/2025		S(2)		4,301	D	$336.1785(5)	16,701	I	By The Brian Armstrong Living Trust
Class A Common Stock	11/03/2025		S(2)		5,424	D	$337.4478(6)	11,277	I	By The Brian Armstrong Living Trust
Class A Common Stock	11/03/2025		S(2)		5,080	D	$338.2173(7)	6,197	I	By The Brian Armstrong Living Trust
Class A Common Stock	11/03/2025		S(2)		2,600	D	$339.2625(8)	3,597	I	By The Brian Armstrong Living Trust
Class A Common Stock	11/03/2025		S(2)		3,071	D	$340.1546(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)	11/03/2025		C(1)(2)			25,000	(3)	(3)	Class A Common Stock	25,000	$0	22,706,225	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 $334.80 and the highest price at which shares were sold was $335.79. 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 $335.80 and the highest price at which shares were sold was $336.76.

6. Represents the weighted average sale price. The lowest price at which shares were sold was $337.00 and the highest price at which shares were sold was $337.77.

7. Represents the weighted average sale price. The lowest price at which shares were sold was $337.80 and the highest price at which shares were sold was $338.74

8. Represents the weighted average sale price. The lowest price at which shares were sold was $338.91 and the highest price at which shares were sold was $339.79.

9. Represents the weighted average sale price. The lowest price at which shares were sold was $339.80 and the highest price at which shares were sold was $340.60.

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	11/05/2025
	** 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 insider activity did COIN’s CEO Brian Armstrong report?

He converted 25,000 Class B shares into 25,000 Class A shares at $0 on 11/03/2025 and sold 25,000 Class A shares under a Rule 10b5-1 plan.

At what prices were the COIN shares sold?

Weighted-average prices ranged from $335.1225 to $340.1546, with low-high ranges disclosed from $334.80 to $340.60.

Was the sale pre-arranged under Rule 10b5-1?

Yes. The filing states the transactions were effected under a Rule 10b5-1 plan adopted on August 15, 2024.

How many shares does Armstrong’s trust report after the transactions?

The trust reports 526 Class A shares indirectly owned and 22,706,225 Class B derivative securities beneficially owned.

What is the conversion feature of COIN Class B shares?

Each Class B share is convertible into one Class A share at the holder’s option and has no expiration date.

What is the Ehrsam 2014 Irrevocable Trust position noted?

It lists 2,958,393 Class A shares underlying Class B; Armstrong is trustee and disclaims beneficial ownership except for any pecuniary interest.