TLDR
- Coinbase (COIN) stock fell 13% to $139.64 after Q3 results, with revenue down 35% to $1.22 billion.
- CEO Brian Armstrong, Fred Ehrsam and Emilie Choi filed plans to sell up to 13.6 million shares worth about $2.2 billion.
- Armstrong’s plan covers 8.17 million shares, with sales possible from November 16, 2026.
- Net income was $719 million, but $715 million came from unrealized crypto gains.
- Coinbase bought 643 BTC in Q3 and now holds 17,954 BTC.
Coinbase (COIN) stock fell 13% to $139.64 after the company posted weaker third-quarter results. The stock had closed at $160.59 on October 29, the price used to value the planned insider sales.
Revenue dropped 35% from a year earlier to about $1.22 billion. Bank of America had cut its earnings forecast before the release, pointing to softer crypto trading.
Transaction revenue came in at $590 million. That compares with roughly $1.05 billion a year earlier. Subscription and services revenue was $570 million.
Net income rose to $719 million from $433 million. Most of the jump came from about $715 million in unrealized gains on crypto investments. Adjusted net income was $78 million.
Coinbase also said its prediction markets business passed $200 million in annualized revenue during the quarter.
Insiders File Plans to Sell
A Friday SEC filing showed three insiders adopted trading plans. They cover 13.59 million identified Class A shares, valued at about $2.2 billion at the October 29 close.
CEO Brian Armstrong holds the largest plan. It covers up to 8.17 million shares from vested stock options, about 60% of the total.
Armstrong adopted his plan on August 12. Sales can start November 16, 2026, and run until October 22, 2027, if price conditions are met. The filing does not reveal those price levels.
Director Fred Ehrsam adopted his plan on September 4. It covers up to 3.87 million shares from converting Class B stock held in his living trust. His window runs from December 7, 2026, to June 7, 2027.
President Emilie Choi adopted hers four days later. It covers 1.56 million identified shares, plus more tied to future equity awards. Her window runs from January 4, 2027, to December 31, 2027.
All three plans fall under Rule 10b5-1, which lets insiders set trades in advance. Coinbase said the plans were adopted during an open trading window.
Armstrong has done this before. He sold $101 million in stock in January. A plan from November 2024 covered about 5 million shares across several executives.
Buybacks and Bitcoin Purchases
Coinbase bought back 37,995 shares in August at an average of $139.91. It made no purchases in July or September.
That leaves about $1.96 billion under its $4 billion repurchase authorization. The board raised the limit in January 2026.
Coinbase bought 643 Bitcoin for about $1.5 billion in the quarter. Its total now stands at 17,954 BTC. It also held 152,649 ETH at quarter end.
On the earnings call, Armstrong said the company had probably passed 18,000 BTC. “We’re super bullish on Bitcoin,” he said.
He added that more customers are taking loans against their Bitcoin instead of selling it. Armstrong’s first sales under his new plan could begin on November 16.
Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform.
Sign up today and get 50% OFF full access to our premium stock picks.
Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
