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VanEck Digital Asset Research Director Matthew Sigel disclosed that Coinbase CEO Brian Armstrong has been continuously reducing his holdings from April 2025 to January 2026, selling over 1.5 million shares for approximately $550 million. The largest sale occurred on June 25, 2025, when he sold 336,265 shares at a price of $355.37 per share. Notably, as of the most recent record on January 5, 2026, Armstrong was still reducing his holdings by 40,000 shares at a price of $254.92 per share.