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According to today's CEOWatcher monitoring results, CEO Armstrong has sold Coinbase (COIN) stock a total of 88 times using the 10b5-1 plan, but has not made any purchases. The 10b5-1 plan allows corporate insiders to trade stock according to a pre-determined schedule to avoid suspicions of insider trading.
The related selling activity continued across several quarters from 2024 to 2025. In particular, a single-quarterly sale of approximately $437 million (approximately KRW 630 billion) occurred in the fourth quarter of 2024, followed by sales of approximately $196 million (approximately KRW 280 billion) and $268 million (approximately KRW 390 billion) in the second and third quarters of 2025, respectively. Selling activity was confirmed in nearly every quarter.
CEO Armstrong previously stated that, as a Section 16 officer, he can only trade through a 10b5-1 plan. Section 16 officers are classified as key corporate insiders under U.S. Securities and Exchange Commission (SEC) regulations and are subject to strict disclosure requirements when trading stock.
Within the industry, voices are raising questions about the credibility of management's stock price forecasts, given the CEO's persistent selling of the company's stock and his complete refusal to buy it. However, some are interpreting this as a personal financial decision, perhaps driven by portfolio diversification or tax planning.
Joohoon Choi joohoon@blockstreet.co.kr
