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

Coinbase Director Frederick Ehrsam III converted Class B shares to Class A and sold 1,375 shares for $252.8165 each under a pre-arranged trading plan.

Summary

• Frederick Ernest Ehrsam III, a Director and 10% Owner of Coinbase Global, Inc., reported transactions involving the conversion of Class B Common Stock to Class A Common Stock and subsequent sale of Class A shares.
• On December 18, 2025, 1,375 shares of Class B Common Stock held by The Frederick Ernest Ehrsam III Living Trust were converted into an equal number of Class A Common Stock shares.
• Immediately following the conversion, 1,375 shares of Class A Common Stock were sold at a weighted average price of $252.8165 per share, with individual sales ranging from $252.53 to $253.22.
• These transactions were conducted under a Rule 10b5-1 trading plan established on August 7, 2025.
• After these transactions, the reporting person's indirect beneficial ownership of Class A Common Stock through the trust is 0 shares, while direct ownership of Class A Common Stock remains at 11,881 shares.
• The Frederick Ernest Ehrsam III Living Trust continues to beneficially own 5,517,348 shares of Class B Common Stock.

Sentiment

Score: 5

Explanation: The filing reports a pre-planned insider stock sale, which is a routine disclosure and does not directly reflect on the company's operational performance or future prospects.

Positives

• Transactions were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating planned sales and reducing concerns about opportunistic insider selling.

Negatives

• A director and 10% owner sold 1,375 shares of Class A Common Stock, which, while pre-planned, represents a reduction in direct equity exposure.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• The transaction involves Frederick Ernest Ehrsam III, a Director and 10% Owner, selling shares of the issuer, which constitutes a related party transaction.

Stakeholder Impact

• Shareholders may experience minor sentiment shifts due to insider selling, though mitigated by the pre-planned nature of the transaction under a Rule 10b5-1 plan.

Key Dates

Recommendation

The filing details a pre-scheduled stock sale by a director, which is a routine event and does not provide new information to alter the investment thesis for Coinbase Global, Inc. The transaction was executed under a Rule 10b5-1 plan, indicating it was not based on new material non-public information.

Keywords

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