Coinbase (COIN) President Emilie Choi Exercises RSUs, Withholds 18,037 Shares

What Happened

• Emilie Choi, President & Chief Operating Officer of Coinbase (COIN), had restricted stock units (RSUs) vest and convert into shares on August 20, 2026. A total of 36,376 RSU-derived shares were reported as acquired through conversion (11,738 + 6,076 + 10,143 + 8,419). Of those, 18,037 shares were surrendered/withheld to satisfy tax withholding obligations at $160.20 per share, generating proceeds of $2,889,527. The remaining shares from this vesting (36,376 − 18,037 = 18,339) appear to have been retained, based on the transaction math in the filing.

Key Details

• Transaction date: August 20, 2026.
• Conversions (code M): 11,738; 6,076; 10,143; 8,419 shares acquired at $0.00 (these were RSU-to-share conversions).
• Tax withholding (code F): 18,037 shares disposed/withheld at $160.20 for total reported value $2,889,527 (payment of tax liability via share withholding per footnote F2).
• Each RSU represents the right to one share (footnote F6); vesting is subject to continued service and follows specified quarterly schedules (see footnotes F7–F11 for different grant schedules).
• Ownership after transaction: the filing excerpt does not state total post-transaction holdings; net shares from this vesting ≈ 18,339 (36,376 converted − 18,037 withheld).
• Trust holdings / disclaimers: some shares are held in trusts where the Reporting Person disclaims beneficial ownership except to the extent of any pecuniary interest (footnotes F3–F5).
• Filing items: M = exercise/conversion of derivative (RSU conversion), F = payment of exercise price or tax liability (share withholding). No 10b5-1 plan or late filing was indicated in the provided excerpt.

Context

• This transaction is a routine equity compensation vesting and cashless tax-withholding event (the company accepted shares in lieu of cash to satisfy tax obligations). Such vesting/withholding transactions are common for executives and do not by themselves indicate a buy or sell decision about the company’s prospects.
• For retail investors: purchases by insiders are often more informative than routine vesting/withholding, but tracking vested shares and withholding amounts can help understand executive compensation dilution and insider liquidity.