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

Rhea-AI Filing Summary

Form 4 snapshot: On 23 June 2025, Coinbase Global, Inc. (COIN) filed a Form 4 disclosing that board director Tobias Lütke received an equity award of 1,100 Restricted Stock Units (RSUs) on 18 June 2025. Each RSU represents the right to receive one share of Coinbase Class A common stock.

Key terms: The RSUs will vest on the earlier of (i) 18 June 2026 or (ii) the date of Coinbase’s next annual shareholder meeting, provided Lütke remains in service. RSUs carry no cash exercise price; they convert to shares upon vesting or are cancelled if service terminates before vesting. No derivative expiration applies.

Post-transaction holding: Following this grant, Lütke beneficially owns 1,100 derivative securities directly. The filing contains no sales or disposals of Coinbase stock and does not indicate additional indirect holdings.

Investor takeaway: The award appears to be routine director compensation and is immaterial relative to Coinbase’s total share count. No immediate dilution or market impact is expected.

Insights

Securities Analyst

TL;DR — Routine RSU grant; negligible impact on COIN valuation.

The filing documents a standard board-member RSU award. At ~1,100 shares, the grant is de minimis versus Coinbase’s >200 million diluted share base and therefore has no earnings or ownership impact. It simply aligns director incentives with shareholder value. No buy/sell signal can be derived; liquidity or governance risk remains unchanged. Overall disclosure quality is adequate and timely.

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

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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).

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^*

Lutke Tobias

(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		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/18/2025

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

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
Restricted Stock Units	(1)	06/18/2025		A		1,100		(2)	(3)	Class A Common Stock	1,100	$0	1,100	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's Class A Common Stock.

2. The RSUs vest on the earlier of June 18, 2026, or the date of the next annual meeting of the stockholders of the Issuer, subject to the Reporting Person's continued service to the Issuer on the vesting date.

3. RSUs do not expire; they either vest or are canceled prior to vesting date.

Remarks:

	/s/ Tobias Lutke, by Lailey Rezai, Attorney-in-Fact	06/23/2025
	** 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

How many Coinbase (COIN) shares did Tobias Lütke acquire in the Form 4?

1,100 Restricted Stock Units, each convertible into one Class A share upon vesting.

When do the 1,100 RSUs granted to Tobias Lütke vest?

On the earlier of 18 Jun 2026 or the next Coinbase annual shareholder meeting, subject to continued service.

Did Tobias Lütke sell or dispose of any COIN shares in this filing?

No. The Form 4 indicates only an award; there were no sales or disposals reported.

Is the RSU award considered material to Coinbase investors?

Given Coinbase’s large share base, the 1,100-share grant is immaterial and should not affect valuation.

What was the exercise price of the derivative security reported?

RSUs have $0 exercise price; they convert to shares upon vesting without cash payment.