CEX CEO only sells and never buys? Fully sold off their own shares 88 times, with no record of any holdings increase

On January 8th, CEX CEO Brian Armstrong previously posted, “Buying CEX stock through the CEX platform feels great (at least that’s what everyone tells me) — unfortunately, as a Section 16 officer, I can only operate through a 10b5-1 plan, but I imagine that feeling must be fantastic.” This statement was viewed by some users as a positive promotion of CEX’s own products and stock. However, the community subsequently reviewed publicly disclosed insider trading data and found that Brian Armstrong has never purchased any COIN stock through his 10b5-1 plan. Data shows that, to date: number of buys: 0, number of sells: 88, all of which are reductions, with no records of acquisitions. In terms of timing, Brian Armstrong’s selling activity spans multiple quarters from 2024 to 2025, including: in Q4 2024, a single-quarter sell-off of approximately $437 million; in Q2 and Q3 2025, approximately $196 million and $268 million sold respectively; nearly every quarter shows systematic selling. Although trading through a 10b5-1 plan is not illegal at the compliance level and is often used by executives to pre-arrange asset liquidity, the “long-term zero buys and continuous high-frequency sells” trading pattern has sparked discussions within the crypto community about management confidence and incentive alignment. As of the time of writing, CEX’s stock price has fallen nearly 45% over the past six months.