Coinbase CEO Brian Armstrong's 10b5-1 trading plan has exclusively involved sell transactions, with no buy orders recorded. Internal data reveals that Armstrong executed 88 sell transactions under this plan, systematically reducing his holdings from 2024 to 2025. Notably, the fourth quarter of 2024 saw a reduction of approximately $437 million, followed by $196 million and $268 million in the second and third quarters of 2025, respectively. This pattern has raised community discussions about management's confidence and incentives, especially as Coinbase's stock has dropped about 45% in the past six months.