Coinbase CEO Brian Armstrong, director Fred Ehrsam and President Emilie Choi have adopted trading plans covering approximately 13.6 million Class A shares. Armstrong's plan covers up to 8.17 million shares, with potential sales starting November 16, 2026. Coinbase also disclosed third-quarter share buybacks.
Coinbase CEO Brian Armstrong adopted a trading plan covering up to 8,167,446 Class A shares, according to the company's latest SEC filing. Two other insiders, director Fred Ehrsam and President Emilie Choi, adopted plans in the third quarter of 2026 as well.
The three plans cover a combined 13,594,519 specifically identified shares. The final number could differ because Choi's arrangement includes additional shares tied to future equity awards.
Armstrong's plan starts November 16
Armstrong adopted his plan on August 12, and the shares would come from the exercise of vested stock options. Sales are expected to begin on November 16, 2026, and may continue until October 22, 2027, provided Coinbase shares reach the price levels specified in the plan.
However, the filing does not disclose the individual price thresholds, so the number of shares ultimately sold depends on whether the conditions are met. Armstrong's allocation accounts for approximately 60% of the 13.6 million shares identified across the three arrangements.
Ehrsam and Choi set separate schedules
Ehrsam entered his plan on September 4, covering up to 3,866,620 Class A shares that would come from converting Class B common stock held by a living trust. His trading period runs from December 7, 2026, through June 7, 2027.
Choi followed on September 8 with a plan covering up to 1,560,453 identified Class A shares, plus an undetermined number of shares from future restricted stock unit awards. Her sales are expected to begin on January 4, 2027, and continue through December 31, 2027.
All three plans were established under Rule 10b5-1, which allows corporate insiders to arrange stock transactions in advance under predetermined conditions. Coinbase said all three were entered into during an open trading window.
Buybacks and weaker revenue
Separately, Coinbase repurchased 37,995 Class A shares in August at an average price of $139.91 per share, including commissions. That leaves approximately $1.96 billion available under its repurchase authorisation as of September 30.
The disclosures accompanied third-quarter results in which revenue fell 35% from a year earlier to approximately $1.22 billion.
Sources: Coinbase quarterly SEC filing, crypto.news
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