Executives and board members at cryptocurrency exchange Coinbase Global (COIN) have filed to sell more than $900 million U.S. of company stock.
Three senior executives and two board members at Coinbase have registered trading plans that will see them sell five million shares worth a total of $909 million U.S. based on the current share price.
Brian Armstrong, Coinbase’s co-founder and chief executive officer (CEO), has adopted a so-called Rule 10b5-1 plan for the sale of up to 3.75 million shares.
Insiders adopt such plans to remove the perception that they are benefitting from non-public information or internal knowledge of what’s happening at the company they run.
Rule 10b5-1 plans automatically execute trades when certain conditions are met, such as price, trading volumes, and timing.
The trading plans have been adopted with the Securities and Exchange Commission (SEC). Armstrong’s plan has an estimated start date of Nov. 18 and ends Nov. 14, 2025.
Armstrong last sold Coinbase stock on Sept. 12 when he netted $2.5 million U.S. The CEO still controls 52% of Coinbase’s voting power through his majority stake in the company.
Coinbase Chief Financial Officer (CFO) Alesia Haas has filed to sell as many as 153,896 shares of Coinbase stock in coming months, while Frederick Ehrsam III, a Coinbase co-founder and board member has registered to sell as many as 866,122 shares.
Paul Grewal, Coinbase’s chief legal officer, plans to sell as many as 151,005 shares that he owns in coming months, and Coinbase board member Fred Wilson is moving to sell 50,000 shares.
The stock of Coinbase is up 17% this year and currently trading at $182.88 U.S. per share.
