The CEO of the US-based crypto giant said he wants to sell 2% of his entire stake in the company throughout the next several months.
His intentions are to use that capital to fund some scientific research and companies.
- Armstrong took it to Twitter to inform the community about his decision, which is based on his desire to help accelerate science and tech to “help solve some of the biggest challenges in the world.”
- As such, he will sell 2% of his Coinbase holdings over the next 12 months to fund companies like NewLimit and ResearchHub.
- The former says it’s working towards “radical extension of human healthspan using epigenetic reprogramming” and is followed by Armstrong, as well as SkyBridge Capital’s Anthony Scaramucci.
- The latter is focused on “accelerating the pace of science by rewarding the open sharing and discussion of academic research.” Aside from Coinbase’s CEO, its Twitter follower list includes Tron’s Justin Sun.
- Despite planning to sell a small portion of his company holdings, Armstrong said he intends to be the chief executive “for a very long time” and remains “super bullish on crypto and Coinbase.” This is somewhat contrasting to the current trends in the industry, as many execs stepped down in the past few months, including Kraken’s CEO.
- The shares of Coinbase have seen better days as they dropped by more than 8% on Friday, closing at $63.59. Armstrong’s statement on Twitter hasn’t affected their price yet in terms of after-hours trading.
- The COIN stocks pumped earlier this week when Google said it had partnered with Coinbase to allow customers to pay for cloud services using cryptocurrencies.
- However, the shares have been on a downtrend for the past several months, along with the entire crypto market. Most recently, they had a double-digit price drop as Wells Fargo reversed its stance and advised investors to sell.