Data: Coinbase CEO did not execute COIN purchase through the 10b5-1 plan

Crypto界网消息，社区梳理公开披露的内部人交易数据发现，Brian Armstrong 通过其 10b5-1 trading plan from never bought Coinbase stock (COIN), all related operations are reductions. Previously, Brian Armstrong stated that as a Section 16 officer, he can only trade through a 10b5-1 plan. This statement was once interpreted by some users as a positive attitude towards the Coinbase platform and its stock. However, data shows that as of now, his trading record under the 10b5-1 plan is: 0 buy transactions, 88 sell transactions, all systematic reductions. In terms of time distribution, the related reduction behaviors span multiple quarters from 2024 to 2025, with approximately $437 million reduced in the fourth quarter of 2024; approximately $196 million and $268 million reduced in the second and third quarters of 2025, respectively, with almost every quarter showing sell records. Although trading through a 10b5-1 plan is not illegal at the compliance level and is often used by executives to arrange asset liquidity in advance, the above trading structure has sparked discussions in the community about management confidence and incentive alignment. Data shows that as of the publication, Coinbase’s stock price has fallen approximately 45% over the past six months.