At the Oct. 29 close, shares covered by trading plans for Coinbase CEO Brian Armstrong, President and Chief Operating Officer Emilie Choi, and director Frederick Ernest Ehrsam III were valued at about $2.18 billion. The valuation covers 13,594,519 specifically listed shares and excludes an undetermined number of future shares in Choi’s plan.
Coinbase’s quarterly filing says the three adopted their plans during the period ended Sept. 30, while the company’s trading window was open. The filing also says company policy requires officers and directors to use prearranged Rule 10b5-1 plans for trades in Coinbase securities.
The filing allows Armstrong to sell as many as 8,167,446 Class A shares after exercising vested options. It lists a projected sale period of Nov. 16, 2026, through Oct. 22, 2027, and conditions sales on COIN’s market price reaching thresholds written into the plan.
Coinbase co-founder and nonemployee director Frederick Ernest Ehrsam III may sell up to 3,866,620 Class A shares under his plan. They would be issued after his living trust converts Class B shares it holds. The filing sets Dec. 7, 2026, through June 7, 2027, as the expected sale span, subject to price conditions.
Choi’s plan allows sales of as many as 1,560,453 shares during an estimated period from Jan. 4, 2027, to Dec. 31, 2027. The filing also includes future restricted stock unit awards without a set share count; those shares are excluded from the 13,594,519 listed shares.
The projected periods can finish before their listed end dates if the covered transactions are complete or an event specified by the plans takes place.
