Coinbase Global Inc. (COIN) shares slid 5.7% Wednesday as data circulated by VanEck’s Matthew Sigel showed chief executive officer Brian Armstrong has now sold approximately $545.7 million of the company’s stock in the past nine months.
Sigel, the asset manager’s head of digital assets research, posted the transaction history based on Bloomberg pricing data, placing Armstrong’s cumulative sales at more than 1.5 million shares between April 2025 and January 2026.
The largest single-day disposal occurred on June 25, 2025, when Armstrong offloaded 336,265 shares at $355.37 each. The selling continued into early January, with a 40,000-share transaction executed Jan. 5 at $254.92 per share, according to Sigel’s post — the last one to date.
COIN closed Wednesday’s session at $153.20, down from $162.52 the prior day, according to The Block’s COIN price page. The stock traded as high as $262 on Jan. 14 and has ranged between $142.58 and $444.65 over the past 52 weeks.
Coinbase is scheduled to report fourth-quarter and full-year earnings on Thursday.
Sigel’s post came amid a Bloomberg report that Armstrong fell from the Bloomberg Billionaires Index, his net worth dropping more than $10 billion from a July 2025 peak of $17.7 billion. The majority of Armstrong’s remaining $7.5 billion fortune remains tied to his 14% stake in the crypto exchange he co-founded in 2012, the report said.
Analyst calls and product expansion
Armstrong is not the only high-profile holder reducing exposure to the exchange. On Feb. 5, Cathie Wood’s Ark Invest liquidated $17.4 million in Coinbase shares across its exchange-traded funds. During the same period, Ark deployed $17.8 million into Bullish, a competing digital asset exchange.
The selling pressure persists despite a Jan. 5 upgrade from Goldman Sachs, which raised COIN to a buy rating from neutral. Goldman analysts set a price target of $303, citing the exchange’s growing mix of non-trading revenue as a buffer against market cycles.
In contrast, JPMorgan reduced its price target for Coinbase by 27% on Tuesday, citing lower trading volumes, “softness in crypto prices,” and decelerating growth in the stablecoin sector, according to the Bloomberg report.
Despite the equity slide and a broader market downturn, Coinbase continues to iterate on its product suite. On Wednesday, the company launched a new wallet infrastructure for autonomous AI agents. “Agentic Wallets” enable AI bots to independently hold funds, send payments, trade tokens, earn yield, and transact onchain, Coinbase said.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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