Coinbase executives and directors have adopted trading plans to sell up to five million shares, valued at over $900 million.
Coinbase‘s leadership has approved trading plans to sell up to five million shares, equating to over $900 million, Barron’s has learned, citing regulatory filings disclosed with the Securities and Exchange Commission.
Under the Rule 10b5-1 provisions, which allow executives to set up pre-arranged trading schedules, Brian Armstrong, Coinbase’s co-founder and chief executive, has initiated a plan to sell as many as 3.75 million Class A shares, convertible from Class B shares held by his trust. The plan is set to start on Nov. 18 and may extend until Nov. 14, 2025.
Coinbase chief financial officer Alesia Haas has also adopted a trading plan to sell up to 153,896 Class A shares starting Jan. 2, 2025, with an end date of Dec. 31, 2025.
Additionally, co-founder Frederick Ehrsam III plans to sell up to 866,122 Class A shares starting Nov. 25, and the exchange’s chief legal officer Paul Grewal will sell up to 151,005 Class A shares beginning Dec. 2, the report reads. Coinbase director Fred Wilson’s plan, set to start on Nov. 7, allows for the sale of up to 50,000 Class A shares. Following the news, COIN shares fell by 1.85% in pre-market trading, according to Nasdaq data.
These stock sales are not new for the exchange; Ehrsam III has previously sold millions worth of Coinbase shares. Last December, crypto.news reported that executives from Coinbase had sold over $120 million in COIN shares, coinciding with the stock reaching a price of $185.20, a significant increase of 450% year-to-date in 2023.
Source: https://crypto.news/coinbase-execs-set-to-offload-900m-in-stock-sales-report/