Form 4: Coinbase COO Emilie Choi Reports RSU Vesting, Tax Sale

Coinbase President & COO Emilie Choi reported the vesting of restricted stock units and a related tax withholding sale of Class A Common Stock.

Summary

• Emilie Choi, President & COO of Coinbase Global, Inc., reported transactions involving Class A Common Stock.
• On November 20, 2025, a total of 28,980 shares of Class A Common Stock vested from previously granted Restricted Stock Units (RSUs) at a price of $0.
• Concurrently, 14,370 shares of Class A Common Stock were disposed of at a price of $257.29 to cover tax withholding obligations related to the RSU vesting.
• An additional 22 shares were acquired on November 14, 2025, through the Issuer's 2021 Employee Stock Purchase Plan.
• Following these transactions, Emilie Choi directly beneficially owns 202,434 shares of Class A Common Stock.
• Indirect beneficial ownership includes 49,643 shares via Starvurst Exempt Trust, 23,199 shares via Starvurst Non-Exempt Trust, and 57,610 shares via Sixers LLC, totaling 130,452 indirect shares.
• Remaining unvested Restricted Stock Units total 101,633, with vesting schedules extending to November 20, 2026, and February 20, 2028.

Sentiment

Score: 5

Explanation: The filing reports routine executive compensation events (RSU vesting and tax-related share disposal) and does not contain information that would significantly alter the company's outlook or valuation. It's a neutral, administrative update.

Positives

• Vesting of 28,980 Restricted Stock Units (RSUs) indicates continued compensation and retention of a key executive.
• The acquisition of 22 shares through the Employee Stock Purchase Plan (ESPP) demonstrates ongoing participation in employee ownership programs.
• Significant direct and indirect beneficial ownership (332,886 shares total) aligns management's interests with shareholders.

Negatives

• The disposal of 14,370 shares at $257.29 to cover tax liabilities reduces direct beneficial ownership.

Future Outlook

Emilie Choi has significant unvested Restricted Stock Units totaling 101,633 shares, with vesting schedules extending until November 20, 2026, and February 20, 2028, contingent on her continued service to Coinbase Global, Inc. This indicates a long-term incentive structure for the President & COO.

Industry Context

This Form 4 filing reflects a standard executive compensation event in the technology and cryptocurrency exchange industry, where Restricted Stock Units (RSUs) are a common component of long-term incentive plans. The vesting of RSUs and subsequent sale of shares for tax purposes are routine occurrences for executives, aligning their compensation with company performance and ensuring retention.

Related Party Transactions

• Indirect beneficial ownership of 49,643 shares held by the Starvurst Exempt Trust, where the Reporting Person's spouse is a co-trustee.
• Indirect beneficial ownership of 23,199 shares held by the Starvurst Non-Exempt Trust, where the Reporting Person's spouse is a co-trustee.
• Indirect beneficial ownership of 57,610 shares held by Sixers LLC, where the Reporting Person and the Starvurst Non-Exempt Trust are members, and the Reporting Person's spouse is a co-trustee of the Starvurst Non-Exempt Trust.

Stakeholder Impact

• Shareholders: The filing indicates continued alignment of executive interests with shareholders through ongoing equity compensation and significant beneficial ownership. The tax-related sale is a routine event and not a discretionary sale, thus unlikely to signal a change in management's confidence.
• Employees: The RSU vesting and ESPP acquisition highlight the company's compensation structure, which includes equity incentives for employees.

Next Steps

• Continued vesting of remaining 101,633 Restricted Stock Units according to their respective schedules, with full vesting dates on November 20, 2026, and February 20, 2028.

Key Dates

Keywords

Coinbase, COIN, Emilie Choi, Insider Transaction, Form 4, RSU Vesting, Stock Ownership, Executive Compensation, Crypto Exchange