CEO Brian Armstrong Sells 2% Stake In Coinbase To Fund Science And Technology Developments

Coinbase CEO on Saturday revealed that he would be selling 2% of the company he runs to raise money for science and technology developments. It must be noted that Coinbase CEO Brian Armstrong has co-founded two companies- biotechnology company NewLimit and scientific research firm ResearchHub, and the money realized by selling the 2% stake will infuse fresh funds for research and development in these two companies. As per information released by the exchange, Brian holds a 16% stake and controls 59.5% of voting rights in the company.

Brian Armstrong Clears Misgiving On Coinbase

In a Tweet, Brian informed the community of his plans to sell 2% holding and use the funds generated for developing the other companies he owns. However, what has endeared the community is that he declared bullish on crypto and the exchange. Armstrong further added that he is fully dedicated to growing the crypto exchange business and advancing its mission.

However, he said he wants to contribute to science and technology and help solve global challenges. Therefore, the funds generated by selling his stake in the crypto exchange will go a long way in funding such cutting-edge research.

“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 differently.”

Armstrong still holds a 16% stake in the crypto exchange firm and controls 59.5% of its voting shares. Coinbase (COIN) shares have tanked by 8% and are presently changing at $63.59. Earlier, Goldman Sachs and JPMorgan had lowered crypto exchange shares to “sell” due to the bearish winter affecting the crypto sector.