Coinbase Co-Founder Ehrsam: $949M in COIN Sales, $127M in Buys

The Two-Way Trader: $949M Sold, $127M Bought

Fred Ehrsam III, the co-founder and board director of Coinbase Global (COIN), stands out among tech insiders for a rare distinction: he both sells and buys his own company’s stock. Since Coinbase’s April 2021 direct listing, Ehrsam has sold $949 million in COIN shares while buying $127 million — a 7.5:1 sell-to-buy ratio that, while still skewed toward selling, makes him one of the few founder-class insiders to deploy meaningful capital back into their own stock.

His latest sales, in late 2025, follow a metronomic pattern: convert a small batch of shares, sell them immediately, and repeat every few days.

December 2025: The Drip Continues

Date	Shares Sold	Avg Price	Est. Value
Nov 20	2,750	$260	$0.7M
Nov 28	1,375	$273	$0.4M
Dec 4	4,125	$274	$1.1M
Dec 9	2,750	$280	$0.8M
Dec 18	1,375	$253	$0.3M
Total (Nov-Dec)	12,375	$268	$3.3M

Each transaction follows the same sequence: shares are converted from Class B to Class A (filed as “C” transactions), then immediately sold on the open market. The lots are deliberately small — 1,375 to 4,125 shares at a time — to minimize market impact on what is already one of the most actively traded crypto stocks.

Why the $127M in Buys Matters

Among the largest tech insider sellers, open-market purchases are exceedingly rare. Most founders and executives sell exclusively and have never bought a single share with their own money. Ehrsam’s $127 million in purchases — roughly 13% of his total sell proceeds — signals a level of conviction that stands out.

For comparison:

Reed Hastings (NFLX): $2.6B sells / $26M buys (1% ratio)
Frank Slootman (SNOW): $60.2B sells / $0 buys
Nir Zuk (PANW): $987M sells / $0 buys
Fred Ehrsam (COIN): $949M sells / $127M buys (13% ratio)

The buys likely reflect Ehrsam’s long-term thesis on crypto infrastructure. As a co-founder of Paradigm, the crypto-focused investment firm, Ehrsam is one of the most active investors in blockchain technology — and his willingness to buy Coinbase stock suggests he views it as an investable position, not just founder equity to be monetized.

872 Filings in 3.5 Years

With 872 Form 4 transactions since April 2021, Ehrsam files approximately one transaction every 1.5 days. That cadence makes him one of the most frequently filing insiders in the market. The high frequency reflects the convert-and-sell mechanism for his Class B shares, which are converted in batches and sold as regular Class A shares.

Ehrsam remains a 10%+ beneficial owner with approximately 5.5 million shares, worth roughly $1.4 billion at $253 per share. His indirect holdings are held through various entities tied to his crypto investment activities.

Coinbase Context

Ehrsam co-founded Coinbase with Brian Armstrong in 2012. The company went public via direct listing in April 2021 at a reference price of $250 per share — coincidentally near where the stock trades today. In between, COIN has been wildly volatile: it peaked above $430 in its first week of trading, crashed to $31 in January 2023, and has since recovered to $250+ as crypto markets rebounded.

Through every cycle — the 2022 crypto winter, the FTX collapse, the 2024 Bitcoin rally — Ehrsam’s selling and buying programs have continued without interruption.

What to Watch

Convert-and-sell cadence — Ehrsam’s micro-lot sales of 1,375–4,125 shares every few days should continue into 2026. Any pause would be notable.
Buy-side activity — The $127M in purchases makes Ehrsam a potential buy-signal indicator. Watch for any increase in buying during dips.
Class B conversion rate — Each conversion reduces high-voting Class B shares, gradually diluting founder control.
Crypto cycle correlation — COIN’s price is closely tied to Bitcoin. Ehrsam has sold at both $430 and $31, suggesting his plan is price-agnostic.

Track Fred Ehrsam’s insider transactions on his 13F Insight profile, or view institutional holders of Coinbase on the COIN stock detail page.