Coinbase CEO Sold $550M Worth of $COIN, VanEck's Sigel Flags

Brian Armstrong, CEO of Coinbase, has sold roughly $550 million worth of COIN stock since April 2025, according to insider transaction data highlighted by Matthew Sigel, VanEck's Head of Digital Assets Research. Sigel shared a screenshot of the data on X on February 11, drawing attention to what he described with a quip: "I think I'm more of a 'you go first, @brian_armstrong' kind of guy here."

What Do the Numbers Show?

Based on Bloomberg pricing data compiled from public SEC filings, Armstrong sold over 1.56 million shares of Coinbase Global (COIN) across 88 separate transactions between April 2025 and January 2026. The total proceeds came to approximately $545.7 million to $550 million, depending on the exact pricing used in calculations.

The largest single-day sale occurred on June 25, 2025, when Armstrong offloaded 336,265 shares at an average price of $355.37, netting roughly $119.5 million. His most recent recorded sale, on January 5, 2026, involved 40,000 shares at roughly $250 per share, totaling about $10 million.

All sales were executed under a pre-arranged Rule 10b5-1 trading plan, adopted in August 2025. This is a standard mechanism that allows company insiders to schedule stock sales in advance to avoid accusations of trading on nonpublic information.

Why Is Armstrong Selling?

Armstrong has publicly defended the sales as straightforward risk management. It would be “a little crazy” after 13 years of building Coinbase to still have 99.999% of your net worth in one stock, he said. He also noted that as a Section 16 officer, regulatory restrictions prevent him from purchasing COIN shares on the open market through Coinbase itself.

Despite the sales, Armstrong retains an estimated 14% stake in Coinbase, the exchange he co-founded with Fred Ehrsam in 2012. The majority of his remaining $7.5 billion net worth remains tied to the company.

How Did the Market React?

Crypto news outlet Wu Blockchain echoed Sigel's findings in a subsequent post on X, summarizing the sales and linking back to the original thread.

COIN stock slid 5.7% on February 11 following the circulation of the data. At the time of writing, shares sit around $153, down roughly 64% from their July 2025 peak near $419. The decline has pushed Armstrong off Bloomberg's Billionaires Index, with his net worth falling more than $10 billion from a peak of $17.7 billion last summer.

The timing adds extra weight. Coinbase is set to report Q4 2025 earnings on February 12, and multiple banks have already trimmed their price targets. JPMorgan cut its target by 27% to $290, citing softer crypto prices and slower stablecoin growth. Cantor Fitzgerald dropped to $221 from $277. Citi revised down to $400 from $505. All three maintained buy ratings.

Should Investors Be Concerned?

Insider sales of this size tend to grab headlines, but market observers point out they are common among executives with large equity positions. Diversification, tax planning, and liquidity needs are typical motivations. The fact that Armstrong's sales were structured under a 10b5-1 plan means they were scheduled in advance and not necessarily tied to short-term market movements.

That said, Sigel's pointed comment about wanting Armstrong to "go first" before buying COIN himself captures the mood among some investors watching a founder steadily reduce his exposure while the stock slides.

All figures cited in this article are derived from public SEC filings and market data.

Sources:

• Matthew Sigel on X Original post sharing Coinbase insider transaction data and Armstrong's selling history
• Wu Blockchain on X Follow-up post summarizing Armstrong's stock sales and linking to Sigel's thread
• The Block Report on COIN's 5.7% slide and detailed breakdown of Armstrong's $545.7M in sales
• Bloomberg Billionaires Index Tracking of Armstrong's net worth decline and removal from the top 500 list
• BingX Armstrong's defense of the sales, citing Section 16 restrictions and risk management
• CryptoTimes Additional reporting on the 88 transactions and 10b5-1 plan details