Data: Coinbase CEO Has Not Made Any COIN Purchases Through 10b5-1 Plan

Odaily News: Community analysis of publicly disclosed insider trading data reveals that Brian Armstrong has never purchased Coinbase stock (COIN) through his 10b5-1 trading plan; all related transactions have been sales.

Previously, Brian Armstrong stated that, as a Section 16 officer, he could only trade through a 10b5-1 plan. This statement was once interpreted by some users as a positive stance towards the Coinbase platform and its stock. However, data shows that, to date, his trading records under the 10b5-1 plan are: 0 purchase transactions and 88 sale transactions, all of which are systematic sales.

In terms of timing, these sales spanned multiple quarters from 2024 to 2025. Notably, sales in the fourth quarter of 2024 alone amounted to approximately $437 million; sales in the second and third quarters of 2025 were about $196 million and $268 million respectively, with sales recorded in almost every quarter.

Although trading through a 10b5-1 plan is not non-compliant and is often used by executives to pre-arrange asset liquidity, the aforementioned trading structure has sparked discussions within the community regarding management confidence and incentive alignment. Data shows that, as of the time of writing, Coinbase's stock price has fallen by approximately 45% over the past six months.