Coinbase executives, including CEO Brian Armstrong, have approved trading plans to sell 5 million COIN shares, valued at roughly $900 million.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
As per the recent approval from the management, Coinbase executives and directors have approved a trading plan to offload 5 million COIN shares, worth a staggering $900 million, as of the current price. In the pre-market trading on Monday, November 4, the Coinbase stock is trading 2% down.
As per the latest report from Barron’s, Coinbase has submitted a regulatory filing to the US Securities and Exchange Commission (SEC). As per the Rule 10b5-1 provisions, the crypto firm will allow its executives to set up pre-arranged trading schedules.
Coinbase co-founder Brian Armstrong will be selling 3.75 million Class A COIN shares, convertible from the Class B shares held by his trust. This plan will start on November 18 this month and will extend for nearly one year up to November 14, 2025.
Coinbase Chief Financial Officer Alesia Haas has implemented a trading plan to sell up to 153,896 Class A shares, set to begin on January 2, 2025, and conclude by December 31, 2025.
In addition, co-founder Frederick Ehrsam III has a plan to sell up to 866,122 Class A shares starting November 25. Chief Legal Officer Paul Grewal will initiate sales of up to 151,005 Class A shares beginning December 2, according to the report. Director Fred Wilson’s plan, starting on November 7, allows for the sale of up to 50,000 Class A shares.
This is not the first time that the Coinbase executives have been offloading their shares. Last year in December 2023, the company executives had sold nearly $120 million of COIN stock.
Another reason that the Coinbase stock could see some selling pressure is that the crypto exchange has been facing a fresh set of listing allegations for new tokens. Tron founder Justin Sun recently stated that crypto exchange Coinbase asked for a whopping $300 million for the listing of Tron’s TRX tokens.
On Nov. 4, Sun posted on X that while Binance did not impose any fees, Coinbase required a deposit of 500 million TRX TRX $0.25 24h volatility: 0.9% Market cap: $21.81 B Vol. 24h: $486.30 M tokens (worth approximately $80 million) along with a $250 million Bitcoin BTC $104 937 24h volatility: 0.5% Market cap: $2.08 T Vol. 24h: $19.93 B deposit to be held in Coinbase Custody.
The recent revelation came after Coinbase co-founder Brian Armstrong bragged in his post on November 2, that asset listings on the exchange are free. However, Tron founder Justin Sun wasn’t the only crypto figure to discuss token listing fees. Fantom Network founder Andre Cronje also claimed that Coinbase had proposed listing fees for Fantom (FTM), with amounts reportedly ranging from $30 million to as much as $300 million.
“Binance charged us $0. Coinbase has asked us for; $300 million, $50 million, $30 million, and more recently $60 million,” Cronje wrote responding to Armstrong’s post.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
