Coinbase CEO Brian Armstrong made the remarks on Twitter late Friday. He said he plans to sell about 2 percent of his stake in the company next year to fund scientific research. Here are the details…
Coinbase CEO to sell shares
Brian Armstrong, CEO of crypto exchange Coinbase, announced on Saturday plans to sell his 2 percent stake in Coinbase within the next year for science and technology developments. Brian Armstrong wants to fund scientific research at his co-founders, such as biotech company NewLimit and scientific research company ResearchHub. According to the company’s 2022 proxy statement, it owns a 16 percent stake in Coinbase and controls 59.5 percent of the voting rights.
I'm passionate about accelerating science and tech to help solve some of the biggest challenges in the world. To further this, I'm planning to sell about 2% of my Coinbase holdings over the next year to fund scientific research and companies like @newlimit + @researchhub
— Brian Armstrong (@brian_armstrong) October 15, 2022
Coinbase CEO Brian Armstrong announced in a tweet on Oct. 15 that he plans to sell his 2 percent stake in crypto exchange Coinbase to fund other companies he co-founded. Armstrong claims to be optimistic about crypto and Coinbase, fully committed to growing his crypto exchange business and furthering his mission.
CEO: Excited to contribute
However, the CEO aims to contribute to science and technology. Therefore, it plans to sell its 2% stake in Coinbase to fund scientific research and companies NewLimit and ResearchHub. Armstrong used the following statements:
For the avoidance of doubt, I plan to be CEO of Coinbase for a very long time and continue to be super bullish on crypto and Coinbase. I am fully committed to growing our business and advancing our mission, but I am also excited to contribute in a different way.
He currently owns a 16 percent stake in crypto exchange company Coinbase. It controls 59.5 percent of the dominant shares. On Friday, Coinbase (COIN) shares fell over 8 percent and the current price was trading at $63.59. Goldman Sachs and JPMorgan previously downgraded Coinbase shares to “sell” amid a gloomy outlook as a result of falling crypto prices and lower COIN trading volumes.
Stock market in crypto winter
Meanwhile, Coinbase (COIN) shares fell from $130 to below $50 in May. It has risen only marginally since then. In fact, Coinbase’s CEO warned earlier in August that they were planning a long crypto winter. He assured investors that they should focus on subscriptions and services to stabilize the company’s finances. This week, the crypto exchange received a license in Singapore. cryptocoin.comAs we reported, it has also signed a partnership with Google Cloud to allow crypto payments.
