Armstrong’s plan covers about 60% of the 13.6 million shares, with the others being president Emilie Choi and board member Frederick Ehrsam.
Coinbase CEO Brian Armstrong and two other insiders filed Rule 10b5-1 plans that let them schedule share sales in advance, with potential sales starting in November 2026 and January 2027.
The filing covers up to 13.59 million Class A shares, and at the October 29 closing price of $160.59, they carry a notional value of about $2.18 billion.
Armstrong’s Plan Accounts for Most of the Shares
According to the document deposited with the SEC, Armstrong adopted his plan on August 12, and it allows for the sale of as many as 8.1 million shares tied to the exercise of vested stock options, with transactions scheduled to kick off around November 16, 2026, and go on until October 22, 2027, subject to price thresholds in the arrangement.
The second insider looking to liquidate part of their holding is board member Frederick Ernest Ehrsam III, who entered into his plan on September 4. His covers up to 3.8 million Class A shares issuable when Class B shares held by his living trust are converted. Per the filing, the estimated start date is December 7, 2026, with an expiration date of June 7, 2027.
Emilie Choi, Coinbase’s president and chief operating officer, is the third insider mentioned in the document. She adopted her plan a few days after Ehrsam, and it covers the least number of shares of the three, at just over 1.5 million, including stock she owns as well as shares linked to equity awards and stock held by a trust for which her spouse is a co-trustee.
Her window is set to open around January 4, 2027, and closes on the very last day of that year.
Coinbase Q3 Earnings and Stock Performance
The Rule 10b5-1 filing coincided with Coinbase releasing its Q3 2026 results that showed a net income of $719 million, or $2.51 per share, compared to $432.6 million ($1.50 per share) a year earlier.
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Transaction revenue went down by 43% to just over $590 million, when last year it had reached $1.05 billion, with prediction markets emerging as a huge growth area for the firm, bringing in more than $200 million in revenue. That area, combined with derivatives, accounted for at least 25% of Coinbase’s total transaction revenue, with subscriptions and services making up 49%.
Additionally, the results showed that total operating expenses between July and September dropped by 17% to $1.15 billion, where it had been about $1.39 billion in the same period in 2025.
Meanwhile, the company’s COIN stock closed yesterday at $160.59 but fell almost 5% to $152.98 in after-hours trading. And as we reported yesterday, the Coinbase stock has fallen by at least 56% from its recent peak, placing it among the weakest performers in a group of major technology companies.
