By Scott Galbraith
The US-based cryptocurrency exchange Coinbase’s CEO Brian Armstrong has revealed that he wants to sell 2% of his stake in the company over the next year. While announcing on Saturday, Brian said he plans to use it in funding technology and scientific developments in his other co-founded companies like a biotechnology company (NewLimit) and a scientific research company (ResearchHub).
Brian made his plans known via Twitter, saying he wants to “help solve some of the biggest challenges in the world.” According to Coinbase’s 2022 proxy report, Brian Armstrong owns up to 16% stake and has 59.5% voting rights in the company. Hence, he will sell 2% of his holding in the crypto exchange company within the next year to give him more funds to invest in NewLimit and ResearchHub.
Brian Armstrong is a co-founder of these two science and technology companies and plans to invest more funds in them. NewLimit is a biotechnology company focusing on the “radical extension of human healthspan using epigenetic reprogramming.”
However, ResearchHub is a scientific firm that works towards accelerating the pace of science by rewarding open sharing and discussion of academic research.” TRON founder Justin Sun might have an investment interest in the company as he’s among the company’s followers on Twitter.
Brian’s Belief In Coinbase And The Crypto Market
Although he wants to sell 2% of his Coinbase holding, he still plans on retaining his position as the head of Coinbase for a very long time. He is also bullish about the crypto market, which is why he remains committed to helping Coinbase achieve its mission.
“For the avoidance of doubt, I want to be CEO of Coinbase for a very long period, and I am still very bullish on Cryptocurrency price movement and Coinbase. I’m wholeheartedly ready to build our business and push our mission, but I am also excited to help in a different way,” he said.
Meanwhile, Coinbase’s shares declined by over 8% and currently trade at $63.59, but Armstrong’s tweet has yet to affect the company’s share price. But the value of Coinbase shares increased this week following an announcement from Google revealing its partnership with Coinbase. The new partnership will allow customers to pay for Google’s cloud services via cryptocurrencies.
However, Coinbase shares have been on a long downtrend since the start of this year, together with the broader cryptocurrency market. The company shares dropped by two digits after Wells Fargo changed its stance and told investors to sell their shares a few months ago.
Brian Armstrong had warmed investors in August that his company is planning for a long cryptocurrency winter, telling them to focus more on subscriptions and services to keep the company’s financials.
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