BlockBeats News, January 8th, Coinbase CEO Brian Armstrong had previously stated, "It feels good to buy Coinbase stock through the Coinbase platform (at least that's what everyone tells me) — unfortunately, as a Section 16 officer, I can only trade via a 10b5-1 plan, but I imagine that feeling must be great." Some users viewed this statement as positive promotion of Coinbase's own products and stock.However, the community later checked publicly disclosed insider trading data and found that Brian Armstrong has never bought any COIN stock through his 10b5-1 plan. As of now:Number of Buys: 0Number of Sells: 88All were sell operations, with no records of any buys. In terms of timing, Brian Armstrong's selling behavior spanned multiple quarters in 2024–2025, including:In Q4 2024, a single-quarter sell-off amounting to approximately $437 million;In Q2 and Q3 2025, sells of around $196 million and $268 million, respectively;Almost every quarter has a systematic sell record.Although trading through a 10b5-1 plan is not non-compliant at a regulatory level and is often used by executives for pre-arranged liquidity, the trading structure of "long-term zero buys, continuous high-frequency sells" still sparked discussions in the crypto community about management confidence and incentive alignment. At the time of writing, Coinbase's stock price has fallen by 45% in the past six months.