Coinbase CEO Will Sell Part of his Holdings to Fund Scientific Research

Brian Armstrong, the CEO of Coinbase Global Inc, a crypto exchange platform, has announced that he intends to sell part of his Coinbase stake.

According to a recent tweet by Brian, he plans to sell about 2% of his Coinbase holdings over the next year to fund scientific research as well as companies.

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

Interestingly, his passion for taking science and tech to the next level to solve some challenges in the crypto sphere brought about his decision to sell part of his holdings.

Currently, as a CEO, Brian owns about 16% of the company. Similarly, according to a 2022 proxy statement by the firm, his stake amounts to approximately 60% of the firm’s shares. Armstrong intends to use the proceeds from the sales to fund companies like research hub and New Limit, which is focused on inventing medicines composed of epigenetic reprogramming.

To avoid misconception, Armstrong also expressed his intention of remaining the CEO of Coinbase for as long as possible.

His love for crypto and Coinbase is still as strong as ever and it is with this regard he decided to continue the growth of the firm but in a different way. Also, his dedication and positivity toward the advancement of the firm can not be overemphasized.

Earlier in the month, Brian Armstrong announced a release of a documentary that will focus on cryptocurrency and exchange development. 

CEOs and top executives of crypto firms quit their position

While Brian has remained firm as CEO to help stir Coinbase through the market turbulence, a number of other CEOs and top executives on the other hand have exited their roles in various crypto firms.

Alex Mashinky, the CEO of the bankrupt crypto lending platform Celsius, dropped his position as the firm’s CEO last month amidst the extreme market conditions. Following Alex’s resignation, Daniel Leon, another executive at Celsius also exited his role.

Similarly, Ashwin Prithipaul drops position as the Chief Financial officer of Voyager Digital in order to “pursue other possibilities”. Meanwhile, the world’s biggest NFT marketplace OpenSea’s CFO Brian Roberts also joined the list of executives departing from high-profile companies. Roberts decided to step down from its position after ten months of service.