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

Rhea-AI Filing Summary

Paul Grewal, Chief Legal Officer of Coinbase Global, Inc. (COIN), exercised an employee stock option for 10,000 shares at an exercise price of $26.26 on 09/02/2025 and immediately sold those 10,000 shares the same day under a Rule 10b5-1 trading plan adopted on August 28, 2024. The sale transactions executed at weighted-average prices reported across multiple trades ranged from low-to-high per footnotes of approximately $296.19 to $309.38. Following these transactions, the Form 4 reports 82,328 shares of Class A common stock beneficially owned and shows 10,000 option rights exercised with 151,722 derivative securities reported as beneficially owned following the transactions.

Positive

• Trades executed under a Rule 10b5-1 plan, providing a pre-established, documented framework for the transactions
• Full exercise and sale disclosed on Form 4 with detailed weighted-average price ranges, enhancing transparency

Negative

• Reduction in direct Class A holdings from pre-transaction levels to 82,328 shares following the sale
• Large single-day sale of 10,000 shares by a senior officer could be perceived negatively by some investors despite being plan-based

Insights

Financial Analyst

TL;DR Insider exercised options and sold 10,000 shares under a pre-established 10b5-1 plan; transactions were large but routine for executive liquidity.

The reporting shows a single-day exercise of an employee option for 10,000 shares at $26.26 followed by sales of those shares at ~ $296–$309 per share under a 10b5-1 plan adopted Aug 28, 2024. The total sold equals the exercised amount (10,000), leaving reported direct ownership at 82,328 Class A shares. For investors, this is a documented, rule-compliant liquidity event by an officer rather than an unexplained market-timing trade.

Corporate Governance Expert

TL;DR Transactions were executed pursuant to a disclosed 10b5-1 plan, consistent with standard governance and insider-trading compliance practices.

The Form 4 explicitly states the trades were effected under a Rule 10b5-1 plan adopted during an open trading window. The filing includes detailed weighted-average price ranges for multiple sell lots and an explanation of vesting for the underlying option, supporting transparency. This filing meets disclosure expectations for officer stock exercises and subsequent sales.

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^*

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)
09/02/2025

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	09/02/2025		M(1)		10,000	A	$26.26	92,328	D
Class A Common Stock	09/02/2025		S(1)		236	D	$296.585(2)	92,092	D
Class A Common Stock	09/02/2025		S(1)		107	D	$297.9173(3)	91,985	D
Class A Common Stock	09/02/2025		S(1)		200	D	$299.58(4)	91,785	D
Class A Common Stock	09/02/2025		S(1)		370	D	$300.9455(5)	91,415	D
Class A Common Stock	09/02/2025		S(1)		703	D	$302.2876(6)	90,712	D
Class A Common Stock	09/02/2025		S(1)		2,326	D	$303.2876(7)	88,386	D
Class A Common Stock	09/02/2025		S(1)		2,187	D	$304.2048(8)	86,199	D
Class A Common Stock	09/02/2025		S(1)		820	D	$305.2304(9)	85,379	D
Class A Common Stock	09/02/2025		S(1)		1,127	D	$306.2388(10)	84,252	D
Class A Common Stock	09/02/2025		S(1)		812	D	$307.5269(11)	83,440	D
Class A Common Stock	09/02/2025		S(1)		999	D	$308.9773(12)	82,441	D
Class A Common Stock	09/02/2025		S(1)		113	D	$309.8	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	09/02/2025		M(1)			10,000	(13)	09/20/2030	Class A Common Stock	10,000	$0	151,722	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 $296.19 and the highest price at which shares were sold was $297.15. 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 range set forth in footnotes (2) through (12) to this Form 4.

3. Represents the weighted average sale price. The lowest price at which shares were sold was $297.26 and the highest price at which shares were sold was $297.95.

4. Represents the weighted average sale price. The lowest price at which shares were sold was $299.36 and the highest price at which shares were sold was $299.80.

5. Represents the weighted average sale price. The lowest price at which shares were sold was $300.47 and the highest price at which shares were sold was $301.37.

6. Represents the weighted average sale price. The lowest price at which shares were sold was $301.815 and the highest price at which shares were sold was $302.73.

7. Represents the weighted average sale price. The lowest price at which shares were sold was $302.82 and the highest price at which shares were sold was $303.81.

8. Represents the weighted average sale price. The lowest price at which shares were sold was $303.82 and the highest price at which shares were sold was $304.70.

9. Represents the weighted average sale price. The lowest price at which shares were sold was $304.86 and the highest price at which shares were sold was $305.58.

10. Represents the weighted average sale price. The lowest price at which shares were sold was $305.87 and the highest price at which shares were sold was $306.745.

11. Represents the weighted average sale price. The lowest price at which shares were sold was $307.10 and the highest price at which shares were sold was $307.99.

12. Represents the weighted average sale price. The lowest price at which shares were sold was $308.40 and the highest price at which shares were sold was $309.38.

13. 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.

Remarks:

	/s/ Paul Grewal, by Lailey Rezai, Attorney-in-Fact	09/04/2025
	** 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 Paul Grewal (COIN) do on 09/02/2025?

He exercised an employee stock option for 10,000 shares at $26.26 and sold those 10,000 shares the same day under a Rule 10b5-1 plan.

Were the sales by Paul Grewal part of a 10b5-1 trading plan?

Yes. The Form 4 states the transactions were effected pursuant to a Rule 10b5-1 trading plan adopted on August 28, 2024.

At what prices were the shares sold?

Weighted-average sales occurred in multiple tranches with reported low-to-high ranges across footnotes approximately from $296.19 to $309.38 per share.

How many Class A shares does Paul Grewal beneficially own after the transactions?

The Form 4 reports 82,328 shares of Class A common stock beneficially owned following the reported transactions.

How many derivative securities are reported following the transactions?

The filing reports an employee stock option exercised for 10,000 shares and shows 151,722 derivative securities beneficially owned following the transactions.