Paragon Capital Management Sells 7,600 Coinbase Global Shares
Key Points
Paragon sold 7,653 Coinbase Global shares, with an estimated transaction value of $2.59 million, based on the quarterly average price.
The trade represented a 0.5% change relative to Paragon’s 13F reportable assets under management.
Coinbase Global remains Paragon’s third-largest holding, now accounting for 9.4% of 13F AUM.
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On Oct. 15, 2025, Paragon Capital Management disclosed in a Securities and Exchange Commission (SEC) filing for the period ended Sept. 30, 2025, the sale of 7,653 Coinbase Global (NASDAQ:COIN)shares, an estimated $2.6 million trade.
What happened
Paragon Capital reduced its stake in Coinbase Global by 7,653 shares, as reported in its quarterly 13F filed with the SEC on Oct. 15, 2025 (SEC filing). The estimated $2.6 million trade, calculated using the average closing price from July through September, brought the fund’s position to 148,330 shares, valued at about $50 million at quarter-end.
What else to know
This was a sale, reducing Coinbase Global’s share of Paragon’s 13F assets to 9.4% from 9.9% in the previous quarter.
Top holdings after the filing:
- Vanguard Dividend Appreciation Index Fund ETF: $67.3 million (12.7% of AUM)
- Invesco S&P 500 Quality ETF: $54.1million (10.2% of AUM)
- Coinbase Global: $50.1 million (9.4% of AUM)
- Airbnb: $46.98 million (8.8372% of AUM) as of 2025-09-30
- Microsoft: $35.60 million (6.7% of AUM) as of 2025-09-30
As of Oct. 14, 2025, shares were priced at $341.55, up 73.9% over the past year, outperforming the S&P 500 by 79.4 percentage points
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close 2025-10-14) | $341.55 |
| Market Capitalization | $88.32 billion |
| Revenue (TTM) | $6.7 billion |
| Net Income (TTM) | $2.9 billion |
Company Snapshot
Coinbase offers a digital asset trading platform, custodial services, and developer tools for crypto-based applications.
The business model is centered on facilitating crypto asset trading and offering infrastructure solutions for institutional and retail clients, monetizing both transaction volume and value-added services.
Primary customers include individual investors, institutional traders, and developers seeking secure and compliant access to the cryptoeconomy.
Coinbase Global is a leading provider of financial infrastructure for the cryptoeconomy, serving a broad base of retail and institutional clients. With significant scale and a diversified suite of products, Coinbase is positioned as a key player in the intersection of finance and technology.
Foolish take
Coinbase stock took off after it bottomed in early April as market fears rose over tariff concerns. It soared 160% in the subsequent three months. There's no requirement for Paragon Capital to disclose when it sold shares during that quarterly period. But it's possible that Paragon managers simply took advantage of locking in profits after that sharp run in Coinbase shares.
Coinbase remains the firm's third-largest holding -- an indication that it still has confidence in the future of Coinbase's fintech business model.
Coinbase stock trades considerably with market sentiment in the short term. That movement opens it up for traders to take advantage of spikes and dips. Long-term investors should focus on the business fundamentals, though.
In that regard, Coinbase has created a profitable business in a prime position to take advantage of its leading position in digital finance.
Glossary
13F: A quarterly report filed by institutional investment managers disclosing their equity holdings to the SEC.
Assets Under Management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Quarterly Average Price: The average closing price of a security over a three-month reporting period.
Institutional Investors: Organizations such as funds or endowments that invest large sums in securities and assets.
Custodial Services: Financial services that securely hold and safeguard clients’ assets, often including recordkeeping and settlement.
Developer Tools: Software resources provided to help programmers build applications, often for specific platforms or technologies.
Transaction Volume: The total number or value of trades executed over a specific period.
Value-Added Services: Additional features or support offered beyond core products to enhance customer experience or utility.
Retail Clients: Individual investors who buy and sell securities for personal accounts, not on behalf of organizations.
Institutional Traders: Professionals who buy and sell securities on behalf of organizations, such as mutual funds or pension funds.
Cryptoeconomy: The ecosystem of digital assets, blockchain technologies, and related financial services.
TTM: The 12-month period ending with the most recent quarterly report.
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Howard Smith has positions in Microsoft. The Motley Fool has positions in and recommends Airbnb, Microsoft, and Vanguard Dividend Appreciation ETF. The Motley Fool recommends Coinbase Global and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
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