Andreessen, Coinbase Directors Face Trading Suit for Now

A Delaware judge ruled that a shareholder lawsuit alleging insider trading by several directors of Coinbase Global Inc., including venture capitalist Marc Andreessen, can proceed for now after an internal investigation cleared the defendants of wrongdoing.

A shareholder of the crypto platform brought the lawsuit in 2023 claiming directors — including Chief Executive Officer Brian Armstrong — used confidential information to avoid more than $1 billion in losses by selling more than $2.9 billion of stock when the company went public in 2021. Armstrong, who has helmed Coinbase since its 2012 inception, sold $291.8 million of shares, according to the shareholder complaint.