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

Coinbase Director Frederick Ehrsam III converted Class B shares to Class A and subsequently sold a portion of his Class A holdings through a pre-arranged trading plan.

Summary

• Frederick Ernest Ehrsam III, a Director and 10% Owner of Coinbase Global, Inc., reported transactions on December 4, 2025.
• These transactions were executed pursuant to a Rule 10b5-1 trading plan adopted on August 7, 2025.
• 4,125 shares of Class B Common Stock were converted into 4,125 shares of Class A Common Stock.
• 3,410 shares of Class A Common Stock were sold at a weighted average price of $273.9933.
• An additional 715 shares of Class A Common Stock were sold at a weighted average price of $274.3838.
• All reported transactions were indirect, held by The Frederick Ernest Ehrsam III Living Trust.
• Following these transactions, The Frederick Ernest Ehrsam III Living Trust indirectly holds 5,521,473 shares of Class B Common Stock and 0 shares of Class A Common Stock from these specific transactions, with a direct holding of 11,881 shares of Class A Common Stock.

Sentiment

Score: 4

Explanation: A director and 10% owner sold a significant number of shares. While executed under a pre-arranged 10b5-1 plan, insider selling can still be perceived as a neutral to slightly negative signal, though the plan mitigates the immediate negative interpretation.

Positives

• Transactions were executed pursuant to a Rule 10b5-1 trading plan, indicating the sales were pre-scheduled and not based on immediate, undisclosed material non-public information.

Negatives

• A director and 10% owner sold a total of 4,125 shares of Class A Common Stock.
• Insider selling, even if pre-planned, can sometimes be perceived as a lack of confidence in the company's near-term prospects.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Frederick Ernest Ehrsam III, a Director and 10% Owner of Coinbase Global, Inc., executed sales of Class A Common Stock totaling 4,125 shares through The Frederick Ernest Ehrsam III Living Trust.

Stakeholder Impact

• Shareholders may interpret the insider selling as a neutral to slightly negative signal, potentially impacting short-term sentiment.

Key Dates

Recommendation

The sale of shares by a director and 10% owner, even under a Rule 10b5-1 plan, can be interpreted as a neutral to slightly negative signal. However, without additional fundamental information, it does not warrant a change in investment thesis, suggesting a 'hold' position for existing investors.

Keywords

Coinbase, COIN, Form 4, insider trading, stock sale, director, beneficial ownership, Frederick Ehrsam III, 10b5-1 plan, Class A Common Stock, Class B Common Stock