- CEO’s decision to sell off about 2% of COIN stocks is for funding scientific research.
- Following his announcement, Coinbase (NASDAQ:COIN) stock dropped from around $71 to $63.59.
- Armstrong will continue to be CEO as he remains bullish on crypto and Coinbase.
The CEO of Coinbase, Brian Armstrong announced that he will sell off about 2% of Coinbase stocks to fund scientific research. The decision to sell a part of his Coinbase holdings have caused the stock price to take a spill as the crypto industry continues to suffer from an executive exodus.
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
Armstrong said that he is passionate about promoting science and tech to help solve some of the biggest challenges in the world. He added that he is thus selling 2% of his Coinbase holdings over the next year to aid scientific research and companies like NewLimit and ResearchHub.
Armstrong tweeted:
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 in a different way.
Following his announcement on Friday, Coinbase stock saw a drop from around $71 to the current price of $63.59, or almost 8.19%.
Armstrong reportedly holds about 19% of Coinbase’s shares with the worth of nearly $2.7 billion. Thus, his scientific donations would be around $54 million.
Financed by Armstrong, NewLimit is a firm devoted to the cause of extending human life using “epigenetic reprogramming,” while ResearchHub supports the cause of “open sharing and discussion of academic research” using its own crypto token, ResearchCoin (RSC).
One of the reasons for stocks reflecting investors’ jitters is the rising executive exodus throughout the crypto industry in the past few months.
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