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

Brian Armstrong exercises options, sells 40,000 Coinbase (COIN) shares

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

Coinbase Global, Inc. (COIN) reported insider activity by Chairman and CEO Brian Armstrong. On 11/17/2025, he exercised an employee stock option to buy 40,000 shares of Class A common stock at an exercise price of $18.71 per share, then sold the same 40,000 shares in multiple market transactions at weighted average prices around $271–$276 per share.

After these transactions, Armstrong directly held 0 shares of Class A common stock and indirectly held 526 shares through The Brian Armstrong Living Trust. He continued to hold 2,713,924 employee stock options following the reported activity. The filing states that the trades were made under a Rule 10b5-1 trading plan adopted on August 15, 2025 during an open trading window.

Positive

  • None.

Negative

  • None.
Insider Armstrong Brian
Role Chairman and CEO
Sold 40,000 shs ($10.87M)
Type Security Shares Price Value
Exercise Employee Stock Option (right to buy) 40,000 $0.00 --
Exercise Class A Common Stock 40,000 $18.71 $748K
Sale Class A Common Stock 15,711 $271.1416 $4.26M
Sale Class A Common Stock 17,957 $271.8334 $4.88M
Sale Class A Common Stock 1,848 $272.8809 $504K
Sale Class A Common Stock 3,845 $274.0611 $1.05M
Sale Class A Common Stock 603 $274.7286 $166K
Sale Class A Common Stock 36 $275.91 $10K
holding Class A Common Stock -- -- --
Holdings After Transaction: Employee Stock Option (right to buy) — 2,713,924 shares (Direct); Class A Common Stock — 40,000 shares (Direct); Class A Common Stock — 526 shares (Indirect, By The Brian Armstrong Living Trust)
Footnotes (1)
  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 15, 2025, during an open trading window. Represents the weighted average sale price. The lowest price at which shares were sold was $270.50 and the highest price at which shares were sold was $271.495. 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 (6) to this Form 4. Represents the weighted average sale price. The lowest price at which shares were sold was $271.50 and the highest price at which shares were sold was $272.48. Represents the weighted average sale price. The lowest price at which shares were sold was $272.50 and the highest price at which shares were sold was $273.47. Represents the weighted average sale price. The lowest price at which shares were sold was $273.50 and the highest price at which shares were sold was $274.49. Represents the weighted average sale price. The lowest price at which shares were sold was $274.50 and the highest price at which shares were sold was $275.35. The option vests as to 1/48 of the total shares monthly over four years, with the first 1/48 vesting on July 3, 2019 and 100% of the total shares vested and exercisable on June 3, 2023, 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.
Form 4 Insider Transactions: What Each Field Means →
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*
Armstrong Brian
(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 X 10% Owner
X Officer (give title below) Other (specify below)
Chairman and CEO
3. Date of Earliest Transaction (Month/Day/Year)
11/17/2025
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 11/17/2025 M(1) 40,000 A $18.71 40,000 D
Class A Common Stock 11/17/2025 S(1) 15,711 D $271.1416(2) 24,289 D
Class A Common Stock 11/17/2025 S(1) 17,957 D $271.8334(3) 6,332 D
Class A Common Stock 11/17/2025 S(1) 1,848 D $272.8809(4) 4,484 D
Class A Common Stock 11/17/2025 S(1) 3,845 D $274.0611(5) 639 D
Class A Common Stock 11/17/2025 S(1) 603 D $274.7286(6) 36 D
Class A Common Stock 11/17/2025 S(1) 36 D $275.91 0 D
Class A Common Stock 526 I By The Brian Armstrong Living Trust
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) $18.71 11/17/2025 M(1) 40,000 (7) 10/30/2029 Class A Common Stock 40,000 $0 2,713,924 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 15, 2025, during an open trading window.
2. Represents the weighted average sale price. The lowest price at which shares were sold was $270.50 and the highest price at which shares were sold was $271.495. 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 (6) to this Form 4.
3. Represents the weighted average sale price. The lowest price at which shares were sold was $271.50 and the highest price at which shares were sold was $272.48.
4. Represents the weighted average sale price. The lowest price at which shares were sold was $272.50 and the highest price at which shares were sold was $273.47.
5. Represents the weighted average sale price. The lowest price at which shares were sold was $273.50 and the highest price at which shares were sold was $274.49.
6. Represents the weighted average sale price. The lowest price at which shares were sold was $274.50 and the highest price at which shares were sold was $275.35.
7. The option vests as to 1/48 of the total shares monthly over four years, with the first 1/48 vesting on July 3, 2019 and 100% of the total shares vested and exercisable on June 3, 2023, 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/ Brian Armstrong, by Lailey Rezai, Attorney-in-Fact 11/19/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Coinbase (COIN) report for Brian Armstrong?

The filing shows Brian Armstrong exercised an option for 40,000 Coinbase Class A shares at $18.71 per share and sold all 40,000 shares on 11/17/2025 in multiple trades around $271–$276 per share.

How many Coinbase (COIN) shares does Brian Armstrong hold after this Form 4?

After the reported transactions, Brian Armstrong directly held 0 Coinbase Class A shares and indirectly held 526 shares through The Brian Armstrong Living Trust.

What stock options does Brian Armstrong still have in Coinbase (COIN)?

Following the transactions, Brian Armstrong beneficially owned 2,713,924 employee stock options, each exercisable at $18.71 for Coinbase Class A common stock.

Were Brian Armstrong’s Coinbase (COIN) trades under a Rule 10b5-1 plan?

Yes. The filing states the transactions were made under a Rule 10b5-1 trading plan adopted by Brian Armstrong on August 15, 2025 during an open trading window.

What prices did Brian Armstrong receive for the Coinbase (COIN) share sales?

The reported sales used weighted average prices, including $271.1416, $271.8334, $272.8809, $274.0611, and $274.7286, with detailed price ranges noted in the footnotes.

What is the vesting history of Brian Armstrong’s Coinbase stock option in this Form 4?

The option vests 1/48 of the total shares monthly over four years, with the first vesting on July 3, 2019 and 100% vested and exercisable by June 3, 2023, and includes an early-exercise provision.