COIN insider ownership: who sold, why, and what they still hold

What stands out

Paul Grewal sold 16K shares (8.9% of starting holdings), but 37K more vested, so the stake grew (from 183K to 185K).Largest sale, Nov 25, 2025

Percentages cover 9 of 16 officers and directors. 7 are left out

Left out: Marc Andreessen (most holdings were last confirmed in 2021); Emilie Choi, Alesia Haas and Lawrence Brock (most of their shares vested during the period, so a percentage would mislead); Frederick Wilson (holdings couldn't be fully reconciled); Jennifer Jones and Anthony Armstrong (held no vested shares at the start).

Disclosed company stock is not an insider's whole wealth.

The evidence

Who sold9 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Frederick Ehrsam III Director	$114M 371K shares	1.3%	Disclosed plan
Alesia Haas Chief Financial Officer	$80.6M 472K shares	i No percentage: most of their shares vested during the period, so a percentage would mislead.	Disclosed plan
Brian Armstrong Chairman and CEO, Director	$77.6M 275K shares	1.1%	Disclosed plan
Emilie Choi President & COO	$31.1M 100K shares	i No percentage: most of their shares vested during the period, so a percentage would mislead.	Disclosed plan
Frederick Wilson Director	$18.2M 95K shares	i No percentage: holdings couldn't be fully reconciled.	Disclosed plan
Marc Andreessen Director	$7.8M 41K shares	i No percentage: most holdings were last confirmed in 2021.	Disclosed plan
Paul Grewal Chief Legal Officer	$3.8M 16K shares	8.9%	Disclosed plan
Lawrence Brock Chief People Officer	$3.5M 17K shares	i No percentage: most of their shares vested during the period, so a percentage would mislead.	Disclosed plan
Jennifer Jones Chief Accounting Officer	$1.5M 7.9K shares	i No percentage: held no vested shares at the start.	Disclosed plan

The full ownership picture15 of 16 insiders fully reconciled · 15 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 7, 2025

Sold

Held Oct 7, 2026

Still held

Frederick Ehrsam III

Minor difference of -1,375 shares. Difference is under 0.5% of holdings.

Director

28.35M

−371K

27.98M

99%

Vesting, gifts, unvested awards and holding lines for Frederick Ehrsam III

+1.1Kshares vested or exercised

0gifted (net of own trusts)

1.1K → 2.3Kunvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	11,881	1,150
Paradigm Fund, LP	Class A Common Stock	2,583,752	2,583,752
Paradigm One LP	Class A Common Stock	1,931,844	1,931,844
Frederick Ernest Ehrsam Living Trust	Class A Common Stock	13,069	13,069
Frederick Ernest Ehrsam II Living Trust	Class A Common Stock	2,205	2,205
Frederick Ernest Ehrsam III Living Trust	Class A Common Stock	0	0
FE Management LP	Class A Common Stock	0	11,881
Brian Armstrong 2018 Irrevocable Trust	Class B Common Stock	7,301,833	7,301,833
Armstrong 2018 Irrevocable Trust	Class B Common Stock	7,301,833	7,301,833
Frederick Ernest Ehrsam III Living Trust	Class B Common Stock	5,882,412	5,511,848
Armstrong 2014 Irrevocable Trust	Class B Common Stock	2,719,574	2,719,574
Brian Armstrong Legacy Trust	Class B Common Stock	601,637	601,637
Frederick Ernest Ehrsam III Living Trust	Classs A Common Stock	400	400

Reconciliation: minor difference of -1,375 shares. Difference is under 0.5% of holdings.

Brian Armstrong

Minor difference of -25,000 shares. Difference is under 0.5% of holdings. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Chairman and CEO, Director

25.74M

−275K

25.64M

99.6%

Vesting, gifts, unvested awards and holding lines for Brian Armstrong

+200Kshares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	0	0
Brian Armstrong Living Trust	Class A Common Stock	526	526
Brian Armstrong Living Trust	Class B Common Stock	22,781,225	22,681,225
Ehrsam 2014 Irrevocable Trust	Class B Common Stock	2,958,393	2,958,393

Additional holdings last reported Jul 5, 2023, not confirmed since: 950,490 shares. Not included in any total or percentage on this page.

Ehrsam 2014 Irrevocable Trust(9), Class B Common Stock: 950,490 shares, last reported Jul 5, 2023

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
2,553,924	$18.71	Oct 30, 2029	$458M

Estimate: options held × ($198.00 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Reconciliation: minor difference of -25,000 shares. Difference is under 0.5% of holdings.

Marc Andreessen

Most of this insider's holdings were last confirmed in 2021. Confirmed in the last three years: 3,374,772 shares. Not confirmed since: 11,754,883 shares, left out of this row. "Still held" is not shown because it would cover only the smaller, confirmed part.

Director

3.41M

−41K

3.37M

see note

Vesting, gifts, unvested awards and holding lines for Marc Andreessen

+1.1Kshares vested or exercised

0gifted (net of own trusts)

1.1K → 2.3Kunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Andreessen Horowitz LSV Fund I, L.P	Class A Common Stock	2,263,232	2,263,232
Trust	Class A Common Stock	1,148,850	1,108,972
AD Holdings, LLC	Class A Common Stock	2,568	2,568

Additional holdings last reported Dec 20, 2021, not confirmed since: 11,754,883 shares. Not included in any total or percentage on this page.

Andreessen Horowitz Fund III, L.P, Class A Common Stock: 10,864,179 shares, last reported Dec 20, 2021
AH Parallel Fund III, L.P, Class A Common Stock: 890,493 shares, last reported Dec 20, 2021
a16z Seed-III, LLC, Class A Common Stock: 211 shares, last reported Dec 20, 2021

Emilie Choi

Minor difference of 47 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer). Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

President & COO

318K

−100K

699K

not meaningful

Vesting, gifts, unvested awards and holding lines for Emilie Choi

+754Kshares vested or exercised

0gifted (net of own trusts)

−374Kwithheld by the company for taxes

271K → 671Kunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	187,802	568,122
Sixers LLC	Class A Common Stock	57,610	57,610
Starvurst Exempt Trust	Class A Common Stock	49,643	49,643
Starvurst Non-Exempt Trust	Class A Common Stock	23,199	23,199
Direct	Class B Common Stock	0	0

Additional holdings last reported Feb 20, 2023, not confirmed since: 51,046 shares. Not included in any total or percentage on this page.

Starvurst Annuity Trust, Class A Common Stock: 51,046 shares, last reported Feb 20, 2023

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
10,000	$6.97	Apr 30, 2028	$1.9M
774,332	$18.71	Oct 30, 2029	$139M

Estimate: options held × ($198.00 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Reconciliation: minor difference of 47 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Frederick Wilson

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -10,000 shares on Jun 1, 2026 (Fred and Joanne Wilson 2012 Delaware Trust). See the filing Sales and other transactions for Frederick Wilson are complete.

Director

n/a

−95K

n/a

Vesting, gifts, unvested awards and holding lines for Frederick Wilson

0shares vested or exercised

0gifted (net of own trusts)

0 → 2.8Kunvested awards, start → end

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -10,000 shares on Jun 1, 2026 (Fred and Joanne Wilson 2012 Delaware Trust). The balances below are as reported, not verified totals.

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	214,973	184,973
Fred and Joanne Wilson 2012 Delaware Trust	Class A Common Stock	50,000	0
FJW Partners, LLC	Class A Common Stock	2,416	2,416
USV 2024, LP	Class A Common Stock	0	0
USV Investors 2024, LP	Class A Common Stock	0	0

Tobias Lutke

Director

222K

223K

no sales

Vesting, gifts, unvested awards and holding lines for Tobias Lutke

+1.1Kshares vested or exercised

0gifted (net of own trusts)

1.1K → 2.2Kunvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	13,485	14,585
7910240 Canada Inc	Class A Common Stock	208,830	208,830

Paul Grewal

Minor difference of 102 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Chief Legal Officer

183K

−16K

185K

+1.3%

Vesting, gifts, unvested awards and holding lines for Paul Grewal

+37Kshares vested or exercised

0gifted (net of own trusts)

−18Kwithheld by the company for taxes

141K → 165Kunvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	82,328	84,753
Direct	Classs A Common Stock	100,453	100,453

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
241,722	$26.26	Sep 20, 2030	$41.5M
54,639	$74.63	Feb 5, 2033	$6.7M
241,722	$26.26	Sep 20, 2030	$41.5M
141,722	$26.26	Sep 20, 2030	$24.3M

Estimate: options held × ($198.00 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Reconciliation: minor difference of 102 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Alesia Haas

Chief Financial Officer

94K

−472K

345K

not meaningful

Vesting, gifts, unvested awards and holding lines for Alesia Haas

+132Kshares vested or exercised

0gifted (net of own trusts)

−27Kwithheld by the company for taxes

141K → 169Kunvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	89,220	345,376
ACB 2021, LLC	Class A Common Stock	5,226	0
Direct	Class B Common Stock	0	0

Lawrence Brock

Minor difference of 39 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Chief People Officer

42K

−17K

42K

not meaningful

Vesting, gifts, unvested awards and holding lines for Lawrence Brock

+29Kshares vested or exercised

0gifted (net of own trusts)

−12Kwithheld by the company for taxes

101K → 127Kunvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	478	517
4JMB LLC	Class A Common Stock	20,727	20,727
4JMB LLC	Class A Cpmmon Stock	20,727	20,727

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
3	$17.87	Apr 16, 2029	$540
20,498	$214.50	Feb 9, 2032	$0
19,878	$74.63	Feb 5, 2033	$2.5M

Estimate: options held × ($198.00 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

Reconciliation: minor difference of 39 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Kelly Kramer

Director

34K

35K

no sales

Vesting, gifts, unvested awards and holding lines for Kelly Kramer

+1.3Kshares vested or exercised

0gifted (net of own trusts)

1.3K → 2.7Kunvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	33,651	34,919

Christa Davies

Director

19K

21K

no sales

Vesting, gifts, unvested awards and holding lines for Christa Davies

+1.9Kshares vested or exercised

0gifted (net of own trusts)

−145withheld by the company for taxes

2.7K → 3.1Kunvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	2,000	3,770
Irrevocable Trust	Class A Common Stock	17,000	17,000

Gokul Rajaram

Director

11K

12K

no sales

Vesting, gifts, unvested awards and holding lines for Gokul Rajaram

+1.2Kshares vested or exercised

0gifted (net of own trusts)

1.2K → 2.5Kunvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	1,492	1,234
Rajaram Family Revocable Trust	Class A Common Stock	9,195	10,687

Paul Clement

Director

3.9K

no sales

Vesting, gifts, unvested awards and holding lines for Paul Clement

+1.9Kshares vested or exercised

0gifted (net of own trusts)

2.7K → 748unvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	2,000	3,915

Chris Lehane

Director

1.9K

3.8K

no sales

Vesting, gifts, unvested awards and holding lines for Chris Lehane

+1.8Kshares vested or exercised

0gifted (net of own trusts)

2.6K → 3Kunvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	1,928	3,776

Jennifer Jones

Chief Accounting Officer

−7.9K

not meaningful

Vesting, gifts, unvested awards and holding lines for Jennifer Jones

+17Kshares vested or exercised

0gifted (net of own trusts)

−9.1Kwithheld by the company for taxes

51K → 59Kunvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	0	0

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
5,515	$18.13	Apr 28, 2030	$992K
466	$214.50	Feb 9, 2032	$0
1,339	$74.63	Feb 5, 2033	$165K
1,449	$74.63	Feb 5, 2033	$179K
2,027	$74.63	Feb 5, 2033	$250K

Estimate: options held × ($198.00 − strike price), using the most recent insider trade price on Form 4 (Oct 2, 2026), not a market close.

15 of 16 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (10 exactly, 5 with a minor or footnoted difference). For 1 we show sales but not holdings; the ! icon on that row explains why. Percentages cover 9 of 16 officers and directors. Left out: Marc Andreessen (most holdings were last confirmed in 2021); Emilie Choi, Alesia Haas and Lawrence Brock (most of their shares vested during the period, so a percentage would mislead); Frederick Wilson (holdings couldn't be fully reconciled); Jennifer Jones and Anthony Armstrong (held no vested shares at the start). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$338M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $338M across 1,395,254 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $338M · 100%

Taxes

$56.5M of sales (16.7%) cite tax obligations in their footnotes, $56.5M of them also under a plan. Separately, 440,088 shares ($91.1M) were withheld by the company for taxes, which isn't a market sale. Example: Alesia Haas, Feb 6, 2026

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Frederick Ehrsam III Director	371K	$114M	100%	34%	Nov 6, 2025 to Jan 15, 2026
Alesia Haas Chief Financial Officer	472K	$80.6M	100%	24%	Oct 15, 2025 to Sep 21, 2026
Brian Armstrong Chairman and CEO, Director	275K	$77.6M	100%	23%	Oct 13, 2025 to Jan 5, 2026
Emilie Choi President & COO	100K	$31.1M	100%	9%	Nov 11, 2025 to Nov 11, 2025
Frederick Wilson Director	95K	$18.2M	100%	5%	Nov 6, 2025 to Sep 1, 2026
Marc Andreessen Director	41K	$7.8M	100%	2%	Sep 8, 2026 to Oct 2, 2026
Paul Grewal Chief Legal Officer	16K	$3.8M	100%	1%	Nov 25, 2025 to May 27, 2026
Lawrence Brock Chief People Officer	17K	$3.5M	100%	1%	Nov 24, 2025 to May 22, 2026
Jennifer Jones Chief Accounting Officer	7.9K	$1.5M	100%	0.5%	Nov 20, 2025 to Aug 24, 2026

Sales by month

Monthly figures as a table

Month	Sale proceeds
Oct 2025	$11.2M
Nov 2025	$190M
Dec 2025	$27.8M
Jan 2026	$15.7M
Feb 2026	$57.6M
Mar 2026	$4.0M
Apr 2026	$2.0M
May 2026	$3.6M
Jun 2026	$2.1M
Jul 2026	$1.6M
Aug 2026	$5.5M
Sep 2026	$13.7M
Oct 2026	$3.9M

Is this normal? Selling year by year4 earlier years to compare with

Less than usual: about half of the 4-year average. 9 insiders sold; the average is 8 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 7, 2026 Latest 12 months	1.40M	9	$338M
Oct 7, 2025 1 year earlier	3.94M	9	$1.26B
Oct 7, 2024 2 years earlier	4.28M	11	$796M
Oct 8, 2023 3 years earlier	1.36M	6	$81.9M
Oct 8, 2022 4 years earlier	1.03M	6	$327M
Oct 8, 2021 5 years earlier · filings don't cover the whole year	8.83M	10	$3.23B

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty1 insider whose holdings couldn't be fully reconciled

Frederick Wilson: holdings couldn't be fully reconciled (difference of -10,000 shares). Balance changed without a matching transaction, and the footnote does not state the amount: -10,000 shares on Jun 1, 2026 (Fred and Joanne Wilson 2012 Delaware Trust). Filing, Jun 1, 2026

Footnote: "The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on February 18, 2026, during an open trading window. | Represents the weighted average sale price. The lowest price at which shares were sold was $176.70 and the highest price at which shares were sold was $177.50. The Reporting Person undertakes to provide upon request to the staff of the Securities and Exchange Commission, the Issuer or its stockholders, full information regarding the total number of shares sold at each separate price within the ranges set forth in fo"

Frederick Ehrsam III: minor difference of -1,375 shares. Difference is under 0.5% of holdings.

Brian Armstrong: minor difference of -25,000 shares. Difference is under 0.5% of holdings.

Emilie Choi: minor difference of 47 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Paul Grewal: minor difference of 102 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Lawrence Brock: minor difference of 39 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Inferred rename: "Paradigm Fund, L.P" is treated as the same holder as "Paradigm Fund, LP", because the old name was never reported again and the new one opened with the same balance (2,583,752 shares). Old name, new name

Inferred rename: "Armstrong 2018 Irrevocable Trsut" is treated as the same holder as "Armstrong 2018 Irrevocable Trust", because the old name was never reported again and the new one opened with the same balance (7,301,833 shares). Old name, new name

Inferred rename: "Union Square Ventures 2012 Fund, L.P" is treated as the same holder as "Union Square Ventures 2012 Fund, LP", because the old name was never reported again and the new one opened with the same balance (3,924,059 shares). Old name, new name

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology725 filings from SEC EDGAR, and how we read them

All 725 Forms 3, 4 and 5 filed for Coinbase Global, Inc. (SEC CIK 1679788) from Apr 1, 2021 to Oct 5, 2026, retrieved from SEC EDGAR on Oct 7, 2026. Prices are the ones reported in each filing, often weighted averages.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (5)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Kathryn Haun	Jun 18, 2024	2,500,647 shares, last reported balance as of Jun 14, 2024
Surojit Chatterjee	Nov 22, 2022	9,832 shares, last reported balance as of Nov 20, 2022
a16z Seed-III, LLC	May 25, 2021	14,860,591 shares, last reported balance as of May 21, 2021
Andreessen Horowitz LSV Fund I, L.P.	May 25, 2021	14,860,591 shares, last reported balance as of May 21, 2021
Union Square Ventures 2012 Fund, L.P.	Apr 16, 2021	No balance on record

Coinbase Global, Inc. insiders sold $338M. How much of their stake is that?

What stands out

The evidence

Taxes

Sales by month