Community analysis of publicly disclosed insider trading data revealed that Brian Armstrong never purchased Coinbase stock (COIN) through his 10b5-1 trading plan; all related transactions were sales. Previously, Brian Armstrong stated that as a Section 16 officer, he could only trade through the 10b5-1 plan. This statement was initially interpreted by some users as a positive stance towards the Coinbase platform and its stock. However, data shows that, to date, his 10b5-1 plan shows 0 purchases and 88 sales, all systematic sales. The sales activity spanned multiple quarters from 2024 to 2025, with approximately $437 million sold in the fourth quarter of 2024 alone; and approximately $196 million and $268 million sold in the second and third quarters of 2025, respectively, indicating sales in almost every quarter. While transactions through the 10b5-1 scheme are not technically illegal and are often used by executives to pre-arrange asset liquidity, the aforementioned transaction structure has sparked discussions within the community regarding management confidence and incentive alignment. Data shows that, as of this writing, Coinbase's stock price has fallen by approximately 45% over the past six months.