Breaking: CEO Brian Armstrong To Sell His 2% Stake In Coinbase, Here’s Why
Crypto exchange Coinbase’s CEO Brian Armstrong on Saturday disclosed plans to sell his 2% stake in Coinbase over the next year for science and technology developments. Brian Armstrong looks to fund scientific research in his co-founded companies such as biotechnology company NewLimit and scientific research firm ResearchHub. According to the company’s 2022 proxy statement, he owns 16% stake and controls 59.5% of voting rights in Coinbase.
Brian Armstrong Clarifies Stance on Coinbase
Brian Armstrong, CEO of Coinbase, in a tweet on October 15 revealed plans to sell his 2% holdings in crypto exchange company Coinbase to fund other companies he co-founded. Armstrong claims he is bullish on crypto and Coinbase, fully dedicated to growing the crypto exchange business and advancing its mission.
However, he intends to contribute to science and technology to solve the biggest challenges in the world. Therefore, he plans to sell his 2% stake in Coinbase to fund scientific research and companies NewLimit and ResearchHub.
“For the avoidance of doubt, I intend to be CEO of Coinbase for a very long time and I remain super bullish on crypto and Coinbase. I’m fully dedicated to growing our business and advancing our mission, but I am also excited to contribute in a different way.”
He currently owns 16% stake in crypto exchange firm Coinbase and controls 59.5% of its voting shares.
On Friday, Coinbase (COIN) shares fell over 8%, with the current price trading at $63.59. Goldman Sachs and JPMorgan earlier downgraded Coinbase shares to “sell” due to a bleak outlook as a result of falling crypto prices and low COIN trading volumes.
Coinbase Preparing for Long Crypto Winter
Coinbase (COIN) shares have only risen marginally after falling from $130 to below $50 in May. In fact, Coinbase’s CEO earlier in August warned that they are planning for a long crypto winter. Assured investors to focus on subscriptions and services to stabilize the company’s financials.
This week, the crypto exchange obtained a license in Singapore and signed a partnership with Google Cloud to allow crypto payments.
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