Form 4: Frederick Ehrsam III Converts and Sells Coinbase Shares Under 10b5-1 Plan

Director Frederick Ehrsam III converted Class B Common Stock to Class A Common Stock and sold shares of Coinbase under a pre-arranged 10b5-1 trading plan.

Summary

• Frederick Ehrsam III, a director at Coinbase Global, Inc., converted 9,752 shares of Class B Common Stock into Class A Common Stock on May 16, 2025.
• The conversion was conducted by The Frederick Ernest Ehrsam III Living Trust.
• On the same day, Ehrsam sold 9,752 shares of Class A Common Stock at a weighted average price of $270.0992 per share.
• The sales occurred under a Rule 10b5-1 trading plan adopted on August 25, 2024.
• Following the reported transactions, Ehrsam directly owns no shares of Class A Common Stock but indirectly owns 10,417 shares of Class A Common Stock and 5,895,502 shares of Class B Common Stock through The Frederick Ernest Ehrsam III Living Trust.

Sentiment

Score: 5

Explanation: The document describes routine transactions under a pre-arranged trading plan, indicating a neutral sentiment.

Industry Context

This filing reflects routine transactions by a company insider under a pre-arranged trading plan, which is a common practice to avoid accusations of insider trading. The conversion of Class B to Class A shares is also a standard procedure.

Stakeholder Impact

• The sale of shares by a director could have a minor negative impact on shareholder sentiment, but the existence of a 10b5-1 plan mitigates this concern.

Key Dates

Keywords

Coinbase, Ehrsam, Class A Common Stock, Class B Common Stock, Form 4, 10b5-1 trading plan, insider trading, SEC, conversion, sale