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

Rhea-AI Filing Summary

Form 4 overview: Coinbase Global, Inc. (ticker: COIN) disclosed insider activity by director Christa Davies on 18 June 2025.

• Equity acquired: 1,252 Class A common shares were issued at a stated price of $0 upon the vesting and settlement of previously granted RSUs (coded “M”).
• New equity granted: 1,167 additional RSUs were awarded on the same date; each RSU converts to one share when vested.
• Vesting schedules: • 1,167 RSUs vest on the earlier of 18 Jun 2026 or the next annual meeting. • Remaining RSUs referenced (1,252 units) vest on the earlier of 24 Jul 2025 or the next annual meeting.
• Post-transaction ownership: Davies now holds 1,252 COIN shares directly and 17,000 shares indirectly via an irrevocable trust in which she has a pecuniary interest.

No shares were sold, and the transactions do not involve open-market purchases. The filing therefore signals net share accumulation by an independent director, albeit in small absolute size relative to Coinbase’s ~230 million diluted share count. From a governance perspective, the grant aligns director compensation with shareholder interests but is unlikely to be financially material to the company’s valuation.

Positive

• No shares sold; insider’s direct ownership increased, which can be viewed as a modest vote of confidence.
• Equity compensation aligns director incentives with long-term shareholder value, supporting governance best practices.

Negative

• None.

Insights

Financial Analyst

TL;DR: Small director share increase; no sale; neutral valuation impact.

The 1,252-share settlement and 1,167-RSU grant add only ~US$600k of potential equity (assuming a US$250 share price) versus Coinbase’s US$50bn market cap, leaving per-share value unaffected. Lack of sales avoids negative optics, but volume is immaterial for liquidity or signalling. I classify impact as routine stewardship rather than a bullish insider buy.

Corporate Governance Expert

TL;DR: Routine equity-based director pay; aligns incentives, low governance risk.

The filing evidences standard Rule 10b5-1 compliance and clarity on vesting triggers. Indirect trust ownership is properly disclosed, limiting conflict concerns. Because equity awards are typical for independent directors, I see no governance red flags or market-moving implications.

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).

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^*

Davies Christa

(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
Class A Common Stock	06/18/2025		M(1)		1,252	A	$0	1,252	D
Class A Common Stock								17,000	I	Irrevocable Trust(2)

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	(3)	06/18/2025		A		1,167		(4)	(5)	Class A Common Stock	1,167	$0	1,167	D
Restricted Stock Units	(3)	06/18/2025		M(1)			1,252	(6)	(5)	Class A Common Stock	1,252	$0	0	D

Explanation of Responses:

1. Vesting of restricted stock units ("RSUs") previously granted to the Reporting Person.

2. These shares are held of record by an irrevocable trust, of which the Reporting Person is a beneficiary. The Reporting Person disclaims beneficial ownership of the shares owned by the irrevocable trust, except to the extent of her pecuniary interest therein, if any.

3. Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock.

4. 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.

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

6. The RSUs vest on the earlier of July 24, 2025, 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.

Remarks:

	/s/ Christa Davies, 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 Christa Davies acquire on 18 June 2025?

She received 1,252 Class A shares following the vesting of RSUs.

Were any Coinbase shares sold in this Form 4 filing?

No. The filing reflects only RSU vesting and a new RSU grant; no dispositions were reported.

What is Christa Davies’ total beneficial ownership after the transactions?

Direct: 1,252 shares. Indirect via trust: 17,000 shares.

When will the newly granted 1,167 RSUs vest?

They vest on the earlier of 18 June 2026 or the next Coinbase annual shareholder meeting.

Does the Form 4 indicate use of a Rule 10b5-1 trading plan?

The checkbox for Rule 10b5-1(c) was present but not marked, so no trading plan was indicated for these transactions.