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Coinbase Three Senior Executives Form 10b5-1 Plans, Intend to Sell Up to About 13.6 Million Shares

Coinbase disclosed in its Form 10-Q for the third quarter ended September 30, 2026, that CEO Brian Armstrong, director Fred Ehrsam, and President and COO Emilie Choi have each established Rule 10b5-1 stock sale plans. The three plans together provide for the potential sale of up to about 13.5945 million Class A common shares, worth about $2.2 billion based on the October 29 closing price of $160.59.

Armstrong’s plan, established on August 12, covers up to 8,167,446 shares (from exercised vested options) and is expected to be executed between November 16, 2026 and October 22, 2027, with sales only if the stock price reaches the threshold preset in the plan. Ehrsam’s plan, established on September 4, covers up to 3,866,620 shares (from Class B conversion held in his Living Trust) and is expected to be executed between December 7, 2026 and June 7, 2027. Choi’s plan, established on September 8, covers up to 1,560,453 shares (including shares held by trusts related to herself and her spouse, and possibly including future grants) and is expected to be executed between January 4, 2027 and December 31, 2027. The above plans are not completed reductions in holdings and are all subject to price thresholds.

On October 30, Armstrong said on X that these plans sell only when shares rise above specific thresholds, most of which are set very high, and that his 2025 plan saw very little actual execution; even if this plan were fully executed, the vast majority of his net worth would still be in COIN. In the same quarter, Coinbase reported net income of about $719 million, of which about $715 million came from unrealized gains on crypto assets held, and total revenue of $1.22 billion, down 35% year over year.

Original sources:

  1. Title: Coinbase Global, Inc. Form 10-Q for the quarterly period ended September 30, 2026 Publisher: Coinbase Global, Inc. (filed with the SEC) Publication date: 2026-10-29 URL: https://www.sec.gov/Archives/edgar/data/1679788/000167978826000122/coin-20260930.htm Source nature: official filing Verification: This report actually read the relevant “Item 5. Other Information / Rule 10b5-1 Trading Plans” section and financial summary, verified on 2026-10-30 Supporting content: the specific share caps, establishment dates, expected execution windows, price-threshold conditions, and share sources for Armstrong’s, Ehrsam’s and Choi’s Rule 10b5-1 plans; concurrent financial data

  2. Title: As a reminder, these plans only sell if shares go above certain price targets... Publisher: Brian Armstrong (@brian_armstrong) Publication date: 2026-10-30 URL: https://x.com/brian_armstrong/status/2115967310255292882 Source nature: original post by the person involved Verification: This report actually read the full text, verified on 2026-10-30 Supporting content: Armstrong’s statement that the plans execute only at high price thresholds, that the 2025 plan saw very little execution, and that most of his net worth remains in COIN

  3. Title: Coinbase Posts Surprise Profit as Insiders Plan $2 Billion Share Sales Publisher: BeInCrypto (Lockridge Okoth) Publication date: 2026-10-29 URL: https://beincrypto.com/coinbase-q3-profit-insider-share-sales/ Source nature: media report Verification: This report actually read the relevant passages, verified on 2026-10-30; the main facts were cross-checked against the SEC filing Supporting content: the aggregate calculation of about 13.6 million shares and an estimated value of about $2.2 billion based on the October 29 closing price; does not replace the SEC’s original disclosure

ABAB AI Insight

Brian Armstrong co-founded Coinbase with Fred Ehrsam in 2012 and has long served as CEO. Emilie Choi joined in 2019 and was later promoted to President and COO, responsible for operations and growth. The three people’s simultaneous plans cover different share sources: Armstrong through options, Ehrsam through Class B conversion, and Choi through RSUs/options and trusts, showing that the company’s policy requiring executives to trade only through preset 10b5-1 plans is being carried out in practice. Armstrong publicly emphasized that the thresholds are mostly set very high and said that even if the entire plan were executed, his net worth would still remain concentrated in COIN, consistent with the very small amount actually executed under his 2025 plan.

These plans are not immediate sales, but conditional arrangements. Armstrong’s plan has the longest window, until October 2027, and Choi’s plan also includes additional shares that may be granted in the future (quantity not determined). At the current share price of about $160, the total notional value is about $2.2 billion, or about 6% of the company’s roughly 223.7 million Class A shares outstanding. The company still has about $2 billion remaining under its repurchase authorization, which could partly offset potential supply. Compared with Armstrong’s roughly 3.75 million-share plan in 2025, this time the upper limit has expanded significantly.

Similar to 10b5-1 arrangements by executives at other crypto or technology companies, these plans are locked in during open trading windows to separate them from insider information. What is different is that Coinbase explicitly requires directors and executives to trade only through such plans, and all three plans carry undisclosed price thresholds. Armstrong’s public response described the thresholds as “very high” and reiterated long-term holdings, which differs somewhat from the usual wording for a simple liquidity arrangement.

This disclosure places the executives’ potential share sales alongside the company’s third-quarter performance: the notional profit mainly came from unrealized gains on held crypto assets, while core trading revenue fell sharply year over year. If the stock price fails to reach the thresholds, actual sales may be far below the caps; if it does, conditional supply would enter the market. The key indicators to watch are the actual Form 4 execution records starting in November 2026 and whether the price thresholds are triggered.

ABAB News · Cognitive Laws

  1. A 10b5-1 plan sets caps and price thresholds; that does not mean shares have already been sold or will necessarily be sold.

  2. When executives simultaneously expand potential sale sizes, the company can still partly offset this with remaining repurchase authorization.

  3. When notional profit mainly comes from revaluation of held assets, conditional share-sale arrangements are more likely to be priced separately by the market.