Coinbase CEO seeks to support scientific research through his co-founded companies, such as biotechnology firm NewLimit and scientific research firm ResearchHub.
Brian Armstrong seeks to support scientific research through his co-founded companies, such as biotechnology firm NewLimit and scientific research firm ResearchHub. He owns 16% of Coinbase and controls 59.5% of voting rights, according to the company's 2022 proxy statement.
Brian Armstrong Clarifies Stance on Coinbase
In a tweet on October 15, Coinbase CEO revealed plans to sell his 2% stake in the crypto exchange Coinbase to fund other firms he co-founded. Armstrong states he is positive about crypto and Coinbase, and that he is totally committed to developing the crypto exchange company and promoting its purpose.
However, he aspires to contribute to science and technology in order to tackle the world's most crucial challenges. As a result, he intends to sell his 2% stake in Coinbase in order to support scientific research as well as the companies NewLimit and ResearchHub.
“To be clear, I expect to be CEO of Coinbase for a very long time, and I remain extremely enthusiastic about crypto and Coinbase. I am completely committed to expanding our company and furthering our purpose, but I am also delighted to contribute in a new way.”
Brian Armstrong currently owns 16% of the crypto exchange Coinbase and 59.5% of its voting shares.
On Friday, Coinbase (COIN) shares declined more than 8%, with the current price trading at $63.59. Goldman Sachs and JPMorgan already downgraded Coinbase shares to "sell" owing to a grim outlook caused by dropping crypto prices and low COIN trading volumes.
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