COINCoinbase Global, Inc.
Industry Fee intermediaries Price 23 Oct 2026
If management hits its targets, one share in 12 months
$164 → $171
Promises vs. what happened
16 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
Quarterly ranges: hit, until Q2 '26. Dated product promises: two kept on time, two went quiet without a word.
| Promise | Made in | What happened | |
|---|---|---|---|
| Q4 '24 S&S $505–580M | Q3 '24 | $641M | Held |
| Deribit closed by end '25 | Q1 '25 | 14 Aug '25 | Held |
| Coinbase One Card, H2 '25 | Q2 '25 | shipped; $800M spend | Held |
| Coinbase Business launch | Q2 '25 | GA, US and Singapore | Held |
| Q1 '26 S&S $550–630M | Q4 '25 | $584M | Held |
| ~4,300 staff after the May cut | Q1 '26 | 4,321 | Held |
| Restructuring $50–60M in Q2 | Q1 '26 | $52M | Held |
| Stablecoin and market-structure laws | Q4 '24 | GENIUS signed; CLARITY House only | Late |
| Shopify: all stores in '25 | Q2 '25 | "expanded", no count | Late |
| 4M advocates by the midterms | Q4 '24 | never counted again | Dropped |
| Base–Solana bridge mainnet, Q4 '25 | Q3 '25 | never mentioned again | Dropped |
| 10,000 stocks by late Feb '26 | Q4 '25 | no count since | Dropped |
| 2026 adj. expenses $4.25–4.6B | Q1 '26 | cut to $4.2–4.45B | Open |
| Retail derivatives, $250M tier | Q1 '26 | no figure in Q2 | Open |
| Q3 '26 S&S $500–580M | Q2 '26 | due late Oct '26 | Open |
| Q2 '26 S&S $565–645M | Q1 '26 | $555M, below the range | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
PolicyOff page one Q1 '26
USDCPage one since Q3 '24
ExchangePage one since Q1 '25
BaseOff page one Q1 '26
S&SOff page one Q3 '25
ShareOff page one Q1 '26
AssetsOff page one Q1 '26
BuybacksOff page one Q1 '26
AIPage one since Q1 '26
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Regulatory clarity and policy
“Q3 was a solid quarter for Coinbase across our three priorities for 2024: driving revenue, crypto utility, and regulatory clarity.”
Deck Third Quarter 2024 Shareholder Letter (stands in for the deck) · p. 2 ·
Regulatory clarity and policy
“It’s the dawn of a new era for crypto. Crypto’s voice was heard loud and clear in the US elections, and the era of regulation via enforcement that crippled our industry in the US is on its way out. The”
Deck Fourth Quarter 2024 Shareholder Letter (stands in for the deck) · p. 2 ·
Regulatory clarity and policy
“The dismissal of the SEC lawsuit against Coinbase marked a major judicial win for balanced, innovation-friendly regulation, and our efforts to make crypto mainstream.”
Deck First Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
Regulatory clarity and policy
“The GENIUS Act, the first U.S. federal legislation for digital assets, was signed into law, and the House passed the CLARITY Act, which sets a market structure framework for digital assets.”
Deck Second Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
Regulatory clarity and policy
“With regulatory clarity accelerating, crypto rails are set to power more of global GDP, and we believe Coinbase is positioned to lead.”
Deck Third Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
Regulatory clarity and policy
“As regulatory clarity emerges, we believe crypto will update all financial services, and Coinbase is well positioned to capitalize on that transition. Our customers trust us to store more crypto than any other company;”
Deck Fourth Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
Regulatory clarity and policy
“Licenses; global regulatory foundation”
Deck First Quarter 2026 Earnings Presentation · p. 5 ·
Regulatory clarity and policy
“Licenses; global regulatory foundation”
Deck Second Quarter 2026 Earnings Presentation · p. 5 ·
USDC and stablecoin balances
“In Q3, we made significant progress advancing some of these building blocks — notably, integrating stablecoins across our product suite and growing the Base network — which is now the #1 L2 in terms of both transactions and total value locked .”
Deck Third Quarter 2024 Shareholder Letter (stands in for the deck) · p. 2 ·
USDC and stablecoin balances
“Our ambition to drive revenue reflects our intention to grow trading market share in the markets where we operate, to accelerate USDC market cap growth, and to continue growing our subscription and services revenue—including staking, custody, Coinbase One, and more.”
Deck Fourth Quarter 2024 Shareholder Letter (stands in for the deck) · p. 2 ·
USDC and stablecoin balances
“USDC—the #2 dollar-backed stablecoin in the world—saw continued momentum, with its market cap reaching new all-time highs of over $60 billion, and further supported by growing balances among both our retail and institutional users.”
Deck First Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
USDC and stablecoin balances
“USDC adoption, with average balances in Coinbase products increasing 13% Q/Q to $13.8 billion, driven in part by an extension of our rewards program, and announced new initiatives like USDC on Base Chain going live in Shopify Payments, Coinbase Business, and Coinbase One Card—all of which increase the daily utility of crypto.”
Deck Second Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
USDC and stablecoin balances
“Q3, USDC reached an all-time high of $74 billion in market capitalization, and average USDC held in Coinbase products reached an all-time high of over $15 billion.”
Deck Third Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
USDC and stablecoin balances
“We also saw new records for stablecoin revenue, driven by all-time highs in Average USDC Held in Coinbase Products and Average USDC”
Deck Fourth Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
USDC and stablecoin balances
“Stablecoin Market Cap2 $300B today and expected to 10x to $3T by 20303”
Deck First Quarter 2026 Earnings Presentation · p. 4 ·
USDC and stablecoin balances
“Stablecoin Market Cap2 of $300B, expected to 10x to $3T by 20303”
Deck Second Quarter 2026 Earnings Presentation · p. 4 ·
Everything Exchange and derivatives
“In Q3, we made meaningful progress in expanding our derivatives offerings in both the US and abroad.”
Deck Third Quarter 2024 Shareholder Letter (stands in for the deck) · p. 10 ·
Everything Exchange and derivatives
“While still early, both our consumer and institutional derivatives volume and market share reached all-time highs in Q4.”
Deck Fourth Quarter 2024 Shareholder Letter (stands in for the deck) · p. 5 ·
Everything Exchange and derivatives
“We believe this strategic acquisition will establish Coinbase as the premier global platform for crypto derivatives, enhance profitability, and add diversity and durability to our trading revenues.”
Deck First Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
Everything Exchange and derivatives
“For investments, we continued to innovate and scale our derivatives business, launching the broadest suite of CFTC-regulated crypto perpetual futures products in the U.S. and achieving all-time highs in derivatives trading volume and open interest on our international derivatives exchange.”
Deck Second Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
Everything Exchange and derivatives
“Q3 was a strong quarter for Coinbase. We drove solid financial results, maintained focus on shipping innovative products, and continued building the foundation of the Everything Exchange.”
Deck Third Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
Everything Exchange and derivatives
“We successfully launched the Everything Exchange to the delight of our customers, drove growth and diversification of revenue, and extended our multi-year track record of profitability.”
Deck Fourth Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
Everything Exchange and derivatives
“Total Crypto Trading Volume1 has grown more than 50x over the past 7 years”
Deck First Quarter 2026 Earnings Presentation · p. 4 ·
Everything Exchange and derivatives
“Total Crypto Market Trading Volume1 has grown 45x over the past ~7 years”
Deck Second Quarter 2026 Earnings Presentation · p. 4 ·
Base as the app platform
“In Q3, we made significant progress advancing some of these building blocks — notably, integrating stablecoins across our product suite and growing the Base network — which is now the #1 L2 in terms of both transactions and total value locked .”
Deck Third Quarter 2024 Shareholder Letter (stands in for the deck) · p. 2 ·
Base as the app platform
“Base continued its rapid ascent, enabling developers to build new financial products that drive user engagement and ecosystem expansion.”
Deck Fourth Quarter 2024 Shareholder Letter (stands in for the deck) · p. 3 ·
Base as the app platform
“We advanced crypto utility with new offerings like Bitcoin-backed USDC loans, and acquisitions like Spindl and Iron Fish to enhance Base’s capabilities in privacy and usability.”
Deck First Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
Base as the app platform
“Additionally, we launched the Base App (formerly Coinbase Wallet) in open beta and have over 700,000 people on the waitlist, creating a unified experience for trading, payments, social, and more.”
Deck Second Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
Base as the app platform
“Base remains the #1 L2, and its speed, scalability, and cost efficiency has made it the trusted network of choice for a growing number of enterprises and developers.”
Deck Third Quarter 2025 Shareholder Letter (stands in for the deck) · p. 5 ·
Base as the app platform
“Third, bringing the world onchain through DeFi integrations, scaling the Base App, and driving transactions on Base Chain.”
Deck Fourth Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
Base as the app platform
“USDC on Base share of onchain agentic commerce volume in Q1ʼ265”
Deck First Quarter 2026 Earnings Presentation · p. 8 ·
Base as the app platform
“Base the blockchain for global finance”
Deck Second Quarter 2026 Earnings Presentation · p. 19 ·
Subscription and services as the buffer
“And despite softer market conditions, we saw average native unit growth across staking, on-platform USDC, and custody, which helps diversify revenue over the long-run.”
Deck Third Quarter 2024 Shareholder Letter (stands in for the deck) · p. 2 ·
Subscription and services as the buffer
“We continued to execute on our goal of diversifying our revenue in 2024 and were pleased with the continued growth of subscription and services revenue.”
Deck Fourth Quarter 2024 Shareholder Letter (stands in for the deck) · p. 7 ·
Subscription and services as the buffer
“Total transaction revenue was $1.3 billion and subscription and services revenue was nearly $700 million, driven by growth in stablecoin revenue and Coinbase One.”
Deck First Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
Subscription and services as the buffer
“Subscription and services revenue was $656 million, driven by continued growth in average USDC balances, native units staked, and all-time high average Prime”
Deck Second Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
Subscription and services as the buffer
“Total revenue in Q3 was $1.9 billion, up 25% Q/Q. Transaction revenue was $1.0 billion, up 37% Q/Q. Subscription and services revenue was $747 million, up 14% Q/Q. Total operating expenses declined $134 million or 9% Q/Q to $1.4 billion.”
Deck Third Quarter 2025 Shareholder Letter (stands in for the deck) · p. 3 ·
Subscription and services as the buffer
“Transcending the Cycle: 2025 Subscription and services revenue was 5.5x higher than 2021 cycle peak”
Deck Fourth Quarter 2025 Shareholder Letter (stands in for the deck) · p. 6 ·
Subscription and services as the buffer
“S&S 44% of net revenue, providing a durable buffer independent of trading volumes”
Deck First Quarter 2026 Earnings Presentation · p. 21 ·
Subscription and services as the buffer
“Our revenue has decoupled from Bitcoin trading fees 7”
Deck Second Quarter 2026 Earnings Presentation · p. 7 ·
Market share
“In addition, our share of the US spot market grew over the course of 2024, we expanded our “Day 1” listings efforts (i.e. when we’re the first centralized exchange to launch a token for trading & custody), and we added 48 new assets for spot trading.”
Deck Fourth Quarter 2024 Shareholder Letter (stands in for the deck) · p. 5 ·
Market share
“Chapter 1: Strong Q1 results and market share gains in a volatile market.”
Deck First Quarter 2025 Shareholder Letter (stands in for the deck) · p. 3 ·
Market share
“Q2 transaction revenue was $764 million, down 39% Q/Q, and our total Trading Volume3 was down 40% Q/Q to $237 billion, underperforming the spot markets.”
Deck Second Quarter 2025 Shareholder Letter (stands in for the deck) · p. 4 ·
Market share
“Our derivatives business reached an all-time high share across several markets, including U.S. crypto futures and global crypto options, with the launch of U.S. perpetuals and 24/7 futures trading, and the close of the Deribit acquisition.”
Deck Third Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
Market share
“Coinbase Total Trading Volume grew 156% to $5.2 trillion in 2025, and Coinbase Crypto Trading Volume Market Share doubled.”
Deck Fourth Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
Market share
“Gained trading market share in a down market 9”
Deck First Quarter 2026 Earnings Presentation · p. 9 ·
Market share
“Volume Market Share through a down market 11”
Deck Second Quarter 2026 Earnings Presentation · p. 11 ·
Assets on platform
“We ended Q3 with $137 billion in assets under custody.”
Deck Third Quarter 2024 Shareholder Letter (stands in for the deck) · p. 6 ·
Assets on platform
“We ended Q4 with $220.0 billion in assets under custody1 (“AUC”), which is a subset of our total Assets on Platform (as defined in our Form 10-K filed with the SEC on February 13, 2025).”
Deck Fourth Quarter 2024 Shareholder Letter (stands in for the deck) · p. 8 ·
Assets on platform
“Average assets under custody grew $25 billion Q/Q to $212 billion, driven by average native unit inflows from ETF issuers, corporates, and high net worth individuals.”
Deck First Quarter 2025 Shareholder Letter (stands in for the deck) · p. 9 ·
Assets on platform
“Assets Under Custody reached a record $245.7 billion, driven by strong native units inflows from ETFs and Corporate purchases.”
Deck Second Quarter 2025 Shareholder Letter (stands in for the deck) · p. 6 ·
Assets on platform
“We ended Q3 with $516 billion in total Assets on Platform.”
Deck Third Quarter 2025 Shareholder Letter (stands in for the deck) · p. 6 ·
Assets on platform
“in 2025, more than 12% of all crypto in the world resided on Coinbase.”
Deck Fourth Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
Assets on platform
“Coinbase stores the most crypto in the world”
Deck First Quarter 2026 Earnings Presentation · p. 10 ·
Assets on platform
“BTC ETF outflows drove decline in AOP share”
Deck Second Quarter 2026 Earnings Presentation · p. 12 ·
Buybacks and the share count
“Our balance sheet strengthened, as we ended Q3 with $8.2 billion in $USD resources, up $417 million Q/Q. Lastly, in October 2024, our board of directors authorized a $1.0 billion share repurchase program.”
Deck Third Quarter 2024 Shareholder Letter (stands in for the deck) · p. 3 ·
Buybacks and the share count
“share settlement of employee equity grants. Instead of selling shares into the market to cover employee taxes on equity awards, the company pays the taxes and we withhold those shares, which has the same effect as a stock buyback.”
Deck First Quarter 2025 Shareholder Letter (stands in for the deck) · p. 8 ·
Buybacks and the share count
“In October 2024, our board of directors authorized and approved a share repurchase program, which provided for the repurchase of up to $1.0 billion of our outstanding Class A common stock without expiration, and in October 2025, our board of directors (i) increased the aggregate repurchase authorization under the program from $1.0 billion to $2.0 billion and (ii) expanded the scope of the repurchases to include a po…”
Deck Third Quarter 2025 Shareholder Letter (stands in for the deck) · p. 8 ·
Buybacks and the share count
“We’ve repurchased a total of 8.2 million shares since November 2025.”
Deck Fourth Quarter 2025 Shareholder Letter (stands in for the deck) · p. 2 ·
Buybacks and the share count
“Managing dilution through opportunistic strategic repurchases”
Deck First Quarter 2026 Earnings Presentation · p. 28 ·
Buybacks and the share count
“Managing dilution through opportunistic strategic repurchases”
Deck Second Quarter 2026 Earnings Presentation · p. 30 ·
AI and agents
“Crypto is updating all financial services, AI is an accelerant”
Deck First Quarter 2026 Earnings Presentation · p. 4 ·
AI and agents
“Crypto is updating all aspects of the financial system; Agentic Finance is an accelerant”
Deck Second Quarter 2026 Earnings Presentation · p. 4 ·
What they keep talking about · 11
The themes that show up deck after deck, and the ones that disappear.
- Policy
- The lead of every letter from Q3 '24 to Q4 '25: the election, the SEC dismissal, the GENIUS Act. In the 2026 decks it is one tile, '80+ licenses'.
- USDC
- On page one throughout. Average USDC in Coinbase products is the number that only goes up: $12.3B (Q1 '25) to $20B (Q2 '26) while stablecoin revenue fell from $364M to $292M with rates.
- Exchange
- Derivatives, then 'Everything Exchange' from Q2 '25: perpetuals, Deribit, prediction markets ($100M+ annualised), equities. The first 2026 priority.
- Base
- A lead item in most letters ('#1 L2'); in the 2026 decks it is the rail for agent payments and one DeFi slide. Base revenue is never broken out.
- S&S
- The share of net revenue (44%, 48%) is shown as strength while the dollar figure falls from $747M (Q3 '25) to $555M (Q2 '26).
- Share
- Spot share in 2024–25 (Q2 '25 admits underperformance); from Q4 '25 the measure adds derivatives, in Q2 '26 stablecoin conversions. 10.3%, an all-time high, on the newest definition.
- Assets
- Assets under custody until Q2 '25, the wider Assets on Platform from Q3 '25 ('12% of all crypto'); Q2 '26 is the first fall, blamed on ETF outflows.
- Buybacks
- Authorised Oct '24, first used Nov '25 once the Deribit shares had taken the count to 269M; $2.0B and 10.1M shares by Q2 '26.
- AI
- New on the first slide of the Q1 '26 deck: 'AI is an accelerant', agents, x402. Nothing in the eight letters before it.
- New
- Q1 '26: Adjusted Expenses (ex amortisation), a 2026 cost guide, products over $100M annualised, pull requests per engineer.
- Quiet
- Custodial fee revenue (last line Q4 '24), the trading-volume table (last Q4 '25), $USD resources net of USDC lent (last Q3 '25), Stand With Crypto's count (last Q4 '24).
Every quarterly report we’ve saved · 7
The press releases and shareholder letters behind this page.
- Q4 2025 letter · 8-K 12 Feb 2026
- Q3 2025 letter · 8-K 30 Oct 2025
- Q2 2025 letter · 8-K 31 Jul 2025
- Q1 2025 letter · 8-K 8 May 2025
- Q4 2024 letter · 8-K 13 Feb 2025
- Q3 2024 letter · 8-K 30 Oct 2024
- Q2 2024 letter · 8-K 1 Aug 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 9% | 25% | 50% | 22% | 31% | 29% | 17% | 29% |
| Growth & sales | 9% | 33% | 25% | 22% | 23% | 21% | 25% | 14% |
| Pricing & margins | · | 8% | 17% | · | 15% | 7% | 17% | 7% |
| Guidance & outlook | · | 8% | · | · | 8% | · | 17% | · |
| Capacity & supply | · | · | · | · | 4% | · | 8% | · |
| Capital & financing | 36% | 8% | 50% | · | 19% | 29% | 17% | 29% |
| Competition | 9% | 25% | 17% | 11% | 12% | · | 8% | 21% |
| Products & technology | 9% | 33% | 17% | 67% | 38% | 14% | 25% | 29% |
| Macro & regulation | 9% | 17% | 17% | 11% | 8% | · | 17% | · |
| Other | 45% | 17% | 17% | 22% | 15% | 29% | 17% | 36% |
| Questions | 11 | 12 | 12 | 9 | 26 | 14 | 12 | 14 |
How these calls run. On the Q2 25, Q4 25, Q1 26 calls, investors send questions in advance and investor relations reads them out, sometimes rephrased, and picks who answers. No analyst is heard live and nobody gets a follow-up, so this table shows the questions the company chose to read.
Who’s in charge, who’s selling
read from the filings · 17 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 2 · stable
One holder, half the votes, and a charter that tightens if he lets go
Brian Armstrong holds 49.6% of the votes on 12.9% of the shares (Class B, 20 votes). Nasdaq controlled company. The board is declassified only while he holds a majority; the charter puts it back in three staggered classes if he does not. Withheld votes against him: 18.1M in 2025, 19.3M in 2026, about 2% each year.
Tier 2 · live
Reincorporated in Texas: a 3% stake to bring a derivative suit
Moved from Delaware on 15 Dec '25 without a shareholder vote on the proxy record read (an information statement, Nov '25). The new bylaws require 3% of the shares (about $1.4B) to sue a director or officer on the company's behalf, while a Delaware suit over the 2021 listing sales is still alive: the Chancery court declined to dismiss it on 30 Jan '26, questioning one committee member's independence.
Tier 2 · live
Three control-function officers out in three months
Chief legal officer Paul Grewal (31 Jul '26), chief people officer Lawrence Brock (17 Aug '26) and the chief accounting officer, Jennifer Jones, who gave notice on 29 Sep '26, each with 'not the result of any disagreement' and, for the first two, a paid advisory tail. The general counsel's successor is a VP of legal; no CAO successor is named.
Tier 2 · worsening
$327M sold, $0 bought, in twelve months
Nine insiders, Oct '25–Oct '26, all under 10b5-1 plans: Fred Ehrsam $114M, CFO Alesia Haas $78M ($56M on 6 Feb '26 after exercising options), the CEO $68.5M in 40,000-share lots, the COO $31M, lead director Fred Wilson $18M. The two audit committee financial experts sold nothing.
Tier 3 · stable
Pay: $7.6M of security and a jet for the founder, 97.6% support in 2025
The CEO's 2025 pay was $9.7M, of which $7.6M personal security and $1.1M private flights; no new equity since the 2020 award of 9.3M options at $23.46, three tranches earned by Sep '25. The COO's pay was $22.2M, the CLO's $20.7M. Say-on-pay passed with 2.3% against in 2025; no vote was held in 2026. A director's company (Shopify) and the CEO's own ResearchCoin are related-party items.
Accounting rule changes 8 in 6 quarters
- Q1 '25Custodial fee revenue folded into other subscription and services revenue; prior periods recast
- Q2 '25Adjusted net income now also excludes gains and losses on strategic investments (the Circle stake)
- Q2 '25Adjusted EBITDA excludes the data theft incident's losses
- Q4 '25Total Trading Volume now includes derivatives notional, not spot alone
- Q4 '25Payment stablecoins (USDC) classified as cash equivalents; $USD resources dropped
- Q1 '26Stablecoin revenue on Coinbase's own corporate balances moved out of S&S into other revenue
- Q1 '26Adjusted Expenses, a new non-GAAP measure that leaves out intangible amortisation
- Q2 '26Market-share definition widened to count stablecoin conversions; history restated
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Armstrong (CEO, chair)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 18.1M | 19.3M | 2.1% |
| Rajaram (nominating chair)A board seat. | 35.7M | 35.4M | 3.9% |
| Ehrsam (co-founder)A board seat. | 57.4M | 27.3M | 3.0% |
| AndreessenA board seat. | 57.1M | 26.3M | 2.9% |
| Wilson (lead director)A board seat. | 10.1M | 6.5M | 0.7% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Oct '25–Oct '26 | Sold | Note |
|---|---|---|
| Ehrsam, co-founder and director | $114.3M | 370,564 shares, Nov '25–Jan '26, from Class B |
| Haas, CFO | $78.5M | 466,037 shares; $56M on 6 Feb '26 after an option exercise |
| Armstrong, CEO | $68.5M | 250,000 shares in 40,000-share lots, Nov '25–Jan '26 |
| Choi, COO | $31.1M | 100,000 shares on 11 Nov '25 |
| Wilson, lead director | $18.2M | 95,068 shares, monthly |