PANews reported on November 4 that according to Barron's, Coinbase's global executives and directors recently passed a trading plan to sell more than $900 million worth of cryptocurrency trading platform shares. Among them, three Coinbase executives and two directors will sell up to 5 million shares. Based on Friday's closing price of $182.88, these shares are worth a total of $909 million. Company insiders adopt such plans to avoid being accused of bias due to possession of non-public information. When specific conditions such as price, trading volume, and time are met, the plan automatically executes the transaction. Coinbase disclosed the adoption of these trading plans in a filing with the Securities and Exchange Commission on October 30. The plan is expected to start on November 18 and end no later than November 14, 2025.
The company did not make Coinbase co-founder Brian Armstrong or other executives available for comment, instead pointing to comments made by CFO Alesia Haas on the Feb. 15 fourth-quarter earnings call regarding insider stock sales. “All of our insiders… have a long-term belief in Coinbase,” Haas said. “It is important to note that these sales represent only a small portion of insiders’ total holdings in Coinbase.”
