Ehrsam Frederick Ernest III

Frederick Ernest III Ehrsam (CIK 0001851442, 875 transactions at Coinbase Global, Inc. (COIN) since the April 2021 IPO) is the only insider in this batch with meaningful buy-side activity: 1,931,844 lifetime buys against 3,816,815 sells — a net-short but not distribution-only register. The recent pattern is muted: June 16, 2026 contained M(1150) + A(2303) + M(1150) with no paired sell — this is a fresh-award event (A-code) plus option exercises being held rather than liquidated. The most prominent recent session, November 10, 2025, opened with a large C-code of 55,688 shares (no price) followed by three S-coded sells totalling 23,171 shares (3071+9898+10202) at $322–$324 — roughly 42% of the transferred lot was liquidated on day one, with the remainder still in the account. Earlier December 2025 sessions showed paired C(1375)→S(1375 at $252.82) and C(2750)→S splits at $260–$274 — a consistent pattern of C→S liquidation of recently-awarded shares. Honest read: Ehrsam is a Coinbase co-founder/early engineer running a balanced insider file — exercising options, holding the bulk of the exercised shares (no immediate liquidating), and distributing roughly one-third to one-half of transfer-originated lots via S-codes at prices $260–$325. The register is neither accumulation nor distribution in the pure sense — it is the expected moderation of a large early-employee position through selective selling that preserves a meaningful residual.