Potential sales plans cover 8,167,446 Coinbase shares through October 2027
Key Facts
Coinbase disclosed three potential stock sale plans entered into by CEO Brian Armstrong, board director Fred Ehrsam and President and Chief Operating Officer Emilie Choi during the quarter ended September 30, 2026. Armstrong’s plan allows for the sale of up to 8,167,446 Class A shares, the largest amount among the three plans. The disclosure sets estimated execution windows and conditions, including reaching certain threshold prices, and does not mean all the shares in question will be sold. Armstrong’s estimated plan window begins November 16, 2026, and runs through October 22, 2027. The company said the plans were entered into during an open trading window and in accordance with its internal trading policy and trading plans.
Armstrong entered into his plan on August 12, 2026, covering Class A shares he receives after exercising vested options. This condition makes execution dependent on exercising the options, as well as on the prices specified in the plan, so the amount does not represent a confirmed immediate sale ceiling. The estimated execution window begins about three months after the end of the quarter in which the plan was entered into, and then runs through October 2027. The potential stake clearly exceeds the other two plans in the number of shares specified in the disclosure. The start and end dates remain estimates, according to Coinbase.
Ehrsam, the board director, entered into his plan on September 4, 2026, allowing for the sale of up to 3,866,620 Class A shares. The shares are due to be issued upon conversion of Class B shares held by his trust. The estimated execution window begins December 7, 2026, and ends June 7, 2027, with the sale subject to reaching threshold prices. The source of the shares differs from Armstrong’s plan, which is tied to exercising vested options. Ehrsam’s window is also shorter and ends before the date set for the CEO’s plan.
Choi entered into her plan on September 8, 2026, covering up to 1,560,453 shares before accounting for any shares that may be added from future grants. Her estimated window begins January 4, 2027, and runs through December 31 of that year, subject to meeting threshold prices. Her plan’s window therefore continues through the end of 2027, after the estimated windows for Armstrong’s and Ehrsam’s plans have ended. The disclosure leaves open the possibility of adding future shares to Choi’s plan, but does not specify an additional amount. The three plans remain arrangements for potential sales under disclosed conditions and schedules, not announcements that the full amounts will be sold.
The plans come as Coinbase reported net income of 719 million dollars in the third quarter of 2026, compared with adjusted net income of 78 million dollars. The reconciliation table published by the company showed net gains of 715 million dollars on crypto assets held for investment, as a separate item. Adjusted EBITDA for the same period was 333 million dollars, up 60% from the previous quarter, marking the company’s 15th consecutive quarter of positive results on this measure. These figures describe different financial measures: net income is not the same as adjusted net income or adjusted operating earnings. The company did not attribute all of its net income to gains on crypto assets.
On revenue, Coinbase said net revenue was 1.2 billion dollars in the third quarter, compared with 1.8 billion dollars in the same period of 2025. Subscription and services revenue accounted for 49% of net revenue, up from 41% a year earlier, indicating a greater weight for these activities in the revenue mix. The company’s share of crypto trading volume was also 10.7%, marking a fourth consecutive quarter of market share gains. These indicators combine a year-over-year decline in revenue with improved trading share and a higher proportion of subscription and services revenue, while Coinbase reported growth in other activities during the quarter.
Coinbase’s prediction markets revenue exceeded an annualized pace of 200 million dollars in the third quarter, while the number of daily traders rose more than 60% from the previous quarter. Average USDC balances held in the company’s products reached a record 22 billion dollars, up 49% year over year. In January 2026, the board raised its share repurchase authorization from 2.0 billion dollars to 4.0 billion dollars. These developments put the potential sale plans in a broader context that includes trading and services activity and capital decisions, without the disclosure linking them to the execution of any specific sale. The estimated plan windows begin in November and December 2026, and then in January 2027, with the last running through the end of 2027.