Coinbase executives plan to sell up to 13.6 million shares of COIN worth approximately $2.2 billion over the next 14 months.

on October 30, according to BeInCrypto, Coinbase posted a net profit of $718.7 million for the third quarter, beating Wall Street expectations of a loss. However, the profit primarily stemmed from $715 million in unrealized gains on the company's held crypto assets, rather than growth in trading business. During the same period, the company's revenue decreased by 35% year-over-year to $1.22 billion, trading revenue fell by 44% to $590 million, and consumer spot trading volume dropped by 59%.

Additionally, Coinbase CEO Brian Armstrong, co-founder Fred Ehrsam, and president Emilie Choi have filed plans to sell up to 13.6 million shares over the next 14 months. At the closing price on October 29, these shares would be worth approximately $2.2 billion, representing about 6% of the company's 223.7 million outstanding Class A shares.