Form 4: Coinbase Director Sells Class A Shares Under 10b5-1 Plan

Coinbase Global, Inc. Director Frederick Ernest Ehrsam III converted Class B shares to Class A and subsequently sold 2,750 Class A common shares for approximately $716,000.

Summary

• Frederick Ernest Ehrsam III, a Director and 10% Owner of Coinbase Global, Inc., reported transactions on November 20, 2025.
• The transactions involved the conversion of 2,750 shares of Class B Common Stock into 2,750 shares of Class A Common Stock.
• Following the conversion, 2,750 shares of Class A Common Stock were sold in two separate transactions.
• The first sale involved 2,467 shares of Class A Common Stock at a weighted average price of $260.279 per share, totaling approximately $642,191.
• The second sale involved 283 shares of Class A Common Stock at a weighted average price of $260.7964 per share, totaling approximately $73,805.
• All reported transactions were executed pursuant to a Rule 10b5-1 trading plan adopted by Mr. Ehrsam on August 7, 2025.
• After these transactions, Mr. Ehrsam's indirect beneficial ownership of Class A Common Stock through The Frederick Ernest Ehrsam III Living Trust became 0 shares from these specific transactions, but he still beneficially owns 11,881 shares of Class A Common Stock directly.
• His indirect beneficial ownership of Class B Common Stock through The Frederick Ernest Ehrsam III Living Trust is 5,526,973 shares, each convertible into one share of Class A Common Stock.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While it involves insider selling, the transactions were conducted under a pre-arranged 10b5-1 trading plan, which typically mitigates negative interpretations as it suggests a planned financial management strategy rather than a reaction to new, adverse company information.

Negatives

• A director and 10% owner selling shares could be perceived negatively by some investors, although the sale was pre-planned.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This insider transaction is a routine disclosure and does not provide specific insights into broader industry trends or competitive landscape for Coinbase Global, Inc. It reflects an individual's pre-planned stock management strategy.

Stakeholder Impact

• Shareholders: May observe a director's sale, but the pre-planned nature under a 10b5-1 plan generally reduces concerns about company fundamentals. The total value of the sale is relatively small compared to the company's market capitalization.

Key Dates

Recommendation

The reported transactions are routine insider sales executed under a pre-arranged Rule 10b5-1 trading plan. Such sales are typically for personal financial planning and do not usually indicate a change in the company's fundamental outlook or warrant a change in investment recommendation. Investors should continue to evaluate Coinbase based on its operational performance and market position.

Keywords

Coinbase, COIN, Form 4, Insider Trading, Stock Sale, Frederick Ehrsam, Director, 10b5-1 Plan, Class A Common Stock, Class B Common Stock