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

Rhea-AI Filing Summary

Coinbase Global, Inc. (COIN) – Form 4 insider activity

Chief Legal Officer Paul Grewal exercised 10,000 employee stock options on 07-02-2025 at an exercise price of $26.26 per share and immediately sold the same aggregate number of Class A common shares under a pre-arranged Rule 10b5-1 trading plan adopted 08-28-2024. The sales were executed in 15 tranches between $339.51 and $356.80, generating roughly $3.5 million in gross proceeds. Following the transactions, Grewal’s direct ownership returned to 82,328 shares, unchanged from the level prior to the option exercise, while 171,722 unexercised options remain outstanding.

No open-market purchase of additional shares occurred, and the activity appears to be cashless exercise designed to cover taxes and monetize gains. Because the insider’s net share count stayed flat, the filing is largely administrative rather than indicative of a shift in sentiment. Nevertheless, investors often monitor executive selling—especially when it occurs near 52-week highs (COIN recently traded in the mid-$340s)--for any potential signaling effect.

Positive

• No net reduction in Grewal’s equity stake—shares owned remain 82,328 after transactions.
• Exercise price of $26.26 vs. ~$340 sale price underscores substantial in-the-money option value, reflecting long-term compensation alignment.

Negative

• 10,000 shares sold (~$3.5 mm) may create short-term perception of insider profit-taking.
• Multiple sale tranches occurred near recent highs, which can be viewed as timing risk by some investors.

Insights

Portfolio Manager

TL;DR Grewal exercised options and sold equal shares; net position unchanged—largely routine, modest negative optics.

Grewal’s sale resembles a textbook cash-less exercise: he converts low-priced options ($26) and divests the shares at >$340 to realize value while maintaining his core stake. The transaction yields ~$3.5 mm but does not reduce his ownership below prior levels, tempering any bearish interpretation. The presence of a 10b5-1 plan and the fact that options were nearing full vest significantly lowers the signaling risk. From a portfolio perspective, materiality is minimal; total shares sold equal only ~0.03 % of COIN’s outstanding float. I view the impact on valuation sentiment as neutral to slightly negative simply because headline insider selling can invite short-term scrutiny.

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)
07/02/2025

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	07/02/2025		M(1)		10,000	A	$26.26	92,328	D
Class A Common Stock	07/02/2025		S(1)		500	D	$340.0011(2)	91,828	D
Class A Common Stock	07/02/2025		S(1)		700	D	$341.0613(3)	91,128	D
Class A Common Stock	07/02/2025		S(1)		1,500	D	$342.2298(4)	89,628	D
Class A Common Stock	07/02/2025		S(1)		700	D	$343.3343(5)	88,928	D
Class A Common Stock	07/02/2025		S(1)		100	D	$343.88	88,828	D
Class A Common Stock	07/02/2025		S(1)		400	D	$346.6244(6)	88,428	D
Class A Common Stock	07/02/2025		S(1)		600	D	$347.7138(7)	87,828	D
Class A Common Stock	07/02/2025		S(1)		700	D	$348.7729(8)	87,128	D
Class A Common Stock	07/02/2025		S(1)		480	D	$350.2113(9)	86,648	D
Class A Common Stock	07/02/2025		S(1)		220	D	$351.1473(10)	86,428	D
Class A Common Stock	07/02/2025		S(1)		800	D	$352.189(11)	85,628	D
Class A Common Stock	07/02/2025		S(1)		400	D	$353.445(12)	85,228	D
Class A Common Stock	07/02/2025		S(1)		1,500	D	$354.3727(13)	83,728	D
Class A Common Stock	07/02/2025		S(1)		1,100	D	$355.651(14)	82,628	D
Class A Common Stock	07/02/2025		S(1)		300	D	$356.4867(15)	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	07/02/2025		M(1)			10,000	(16)	09/20/2030	Class A Common Stock	10,000	$0	171,722	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 $339.51 and the highest price at which shares were sold was $340.49. 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 (15) to this Form 4.

3. Represents the weighted average sale price. The lowest price at which shares were sold was $340.71 and the highest price at which shares were sold was $341.49.

4. Represents the weighted average sale price. The lowest price at which shares were sold was $341.76 and the highest price at which shares were sold was $342.54.

5. Represents the weighted average sale price. The lowest price at which shares were sold was $342.82 and the highest price at which shares were sold was $343.71.

6. Represents the weighted average sale price. The lowest price at which shares were sold was $346.26 and the highest price at which shares were sold was $347.08.

7. Represents the weighted average sale price. The lowest price at which shares were sold was $347.29 and the highest price at which shares were sold was $348.22.

8. Represents the weighted average sale price. The lowest price at which shares were sold was $348.33 and the highest price at which shares were sold was $349.27.

9. Represents the weighted average sale price. The lowest price at which shares were sold was $349.70 and the highest price at which shares were sold was $350.68.

10. Represents the weighted average sale price. The lowest price at which shares were sold was $350.76 and the highest price at which shares were sold was $351.54.

11. Represents the weighted average sale price. The lowest price at which shares were sold was $351.86 and the highest price at which shares were sold was $352.47.

12. Represents the weighted average sale price. The lowest price at which shares were sold was $352.86 and the highest price at which shares were sold was $353.82.

13. Represents the weighted average sale price. The lowest price at which shares were sold was $353.98 and the highest price at which shares were sold was $354.88.

14. Represents the weighted average sale price. The lowest price at which shares were sold was $355.17 and the highest price at which shares were sold was $356.15.

15. Represents the weighted average sale price. The lowest price at which shares were sold was $356.19 and the highest price at which shares were sold was $356.80.

16. 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	07/03/2025
	** 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 Paul Grewal sell on 07-02-2025?

He sold 10,000 Class A shares in 15 separate tranches under a 10b5-1 plan.

Did the insider’s overall Coinbase share ownership change?

No. After exercising and selling, Grewal still owns 82,328 shares, the same as before the transactions.

What was the exercise price of the options converted?

The employee stock options were exercised at $26.26 per share.

At what prices were the Coinbase shares sold?

Weighted average sale prices ranged from $339.51 to $356.80 per share, as detailed in footnotes (2)-(15).

Is this Form 4 activity part of a Rule 10b5-1 plan?

Yes, the trades were executed under a pre-scheduled 10b5-1 plan adopted on 08-28-2024.