COIN Form 4: Paul Grewal Exercises 10,000 Options and Sells Under 10b5-1 Plan
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
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.
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.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (right to buy) | 10,000 | $0.00 | -- |
| Exercise | Class A Common Stock | 10,000 | $26.26 | $263K |
| Sale | Class A Common Stock | 236 | $296.585 | $70K |
| Sale | Class A Common Stock | 107 | $297.9173 | $32K |
| Sale | Class A Common Stock | 200 | $299.58 | $60K |
| Sale | Class A Common Stock | 370 | $300.9455 | $111K |
| Sale | Class A Common Stock | 703 | $302.2876 | $213K |
| Sale | Class A Common Stock | 2,326 | $303.2876 | $705K |
| Sale | Class A Common Stock | 2,187 | $304.2048 | $665K |
| Sale | Class A Common Stock | 820 | $305.2304 | $250K |
| Sale | Class A Common Stock | 1,127 | $306.2388 | $345K |
| Sale | Class A Common Stock | 812 | $307.5269 | $250K |
| Sale | Class A Common Stock | 999 | $308.9773 | $309K |
| Sale | Class A Common Stock | 113 | $309.80 | $35K |
Footnotes (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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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.
