Brian Armstrong, the Chief Executive Officer (CEO) is planning to sell 2% of his holdings in the company over the next year. Armstrong, who made the statement via a tweet thread on Saturday, noted that the capital will be used to fund scientific research and companies like NewLimit and ResearchHub.
NewLimit is a biotechnology company focused on treating age-related diseases to extend human healthspan while ResearchHub focuses on accelerating the pace of scientific research.
Armstrong to Sell 2% of His Coinbase Holdings
Armstrong, who reportedly owns 16% of Coinbase and controls more than 50% of its voting shares, said he is passionate about “accelerating science and tech to help solve some of the biggest challenges in the world.”
In his tweet, Armstrong stated that he remains bullish on crypto and Coinbase. He also noted that he intends to be CEO of the company for a very long time.
“I’m fully dedicated to growing our business and advancing our mission, but I am also excited to contribute in a different way,” he said.
Armstrong’s statement comes in contrast to recent reports of several crypto CEOs quitting their roles. In September, Jesse Powell stepped down from his CEO role at U.S.-based crypto exchange Kraken. At the same time, Alex Mashinsky, the CEO of bankrupt crypto lender Celsius Network, also resigned.
Coinbase Stock Struggles Amid Bear Market
Meanwhile, Coinbase stock (COIN) has failed to impress this year. COIN has plunged more than 74.80% this year due to reduced trading activities on its platform which stemmed from the crypto bear market since May.
Due to the bearish trends, some analysts at Goldman Sachs downgraded COIN from neutral to sell rating, lowering its price target to $45 from $70. COIN closed at $63.59 on Friday, marking a -8.9% move from the previous day.
In July, Coinfomania reported that Ark Invest, the investment firm helmed by Cathie Wood, sold more than 1 million shares of Coinbase, worth nearly $75 million.
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