【Block Beats】An interesting contrast has emerged. A CEO of a leading exchange once posted that it feels great buying his own platform’s stock on the platform itself — although due to position restrictions, he could only operate through a 10b5-1 plan. It sounds like he was hinting at confidence in his own platform and stock.
But after community researchers dug up trading disclosure data, the story changed.
According to public records of the 10b5-1 plan, this CEO’s trading history shows: 0 purchases, 88 sales. No accumulation whatsoever, only liquidation. Moreover, this reduction wasn’t concentrated at a single point in time, but spread throughout 2024 to 2025. Breaking it down by quarter: Q4 2024 saw single-quarter disposals of approximately $437 million; Q2 and Q3 2025 saw disposals of approximately $196 million and $268 million respectively. There were planned selldowns in almost every quarter.
Of course, trading through 10b5-1 itself isn’t problematic — it’s a common compliance practice. The issue is that the combination of “zero purchases paired with continuous high-frequency selldowns” has sparked discussion in the community: How much confidence does management actually have in their own platform? Are incentives and decisions truly aligned?
Coincidentally, this topic heated up at a time when the exchange’s stock price had already dropped 45% over the past six months. Numbers speak volumes.
Coinbase CEOの0買88売の真相：役員の売却と市場シグナル
【Block Beats】An interesting contrast has emerged. A CEO of a leading exchange once posted that it feels great buying his own platform’s stock on the platform itself — although due to position restrictions, he could only operate through a 10b5-1 plan. It sounds like he was hinting at confidence in his own platform and stock.
But after community researchers dug up trading disclosure data, the story changed.
According to public records of the 10b5-1 plan, this CEO’s trading history shows: 0 purchases, 88 sales. No accumulation whatsoever, only liquidation. Moreover, this reduction wasn’t concentrated at a single point in time, but spread throughout 2024 to 2025. Breaking it down by quarter: Q4 2024 saw single-quarter disposals of approximately $437 million; Q2 and Q3 2025 saw disposals of approximately $196 million and $268 million respectively. There were planned selldowns in almost every quarter.
Of course, trading through 10b5-1 itself isn’t problematic — it’s a common compliance practice. The issue is that the combination of “zero purchases paired with continuous high-frequency selldowns” has sparked discussion in the community: How much confidence does management actually have in their own platform? Are incentives and decisions truly aligned?
Coincidentally, this topic heated up at a time when the exchange’s stock price had already dropped 45% over the past six months. Numbers speak volumes.