In a tweet on October 16, Brian Armstrong, CEO and co-founder of Coinbase, announced plans to cut his stake in Coinbase to support and fund scientific research and companies.
According to a statement on his personal Twitter, Armstrong plans to sell off 2% of his Coinbase shares next year, which is 2023. According to a report from Forbes, CEO Brian Armstrong is currently holding 19% stake in Coinbase, and also according to a proxy statement by Coinbase in April 2022, the shares held by Armstrong represent 60% of the company's voting shares.
As mentioned earlier, Armstrong's sale of Coinbase shares helps fuel his passion for supporting science & technology companies and projects that solve the large challenges taking place in the globe. Specifically, Brian Armstrong plans to fund two scientific research organizations and companies, which are NewLimit and ResearchHub.
Armstrong's decision to sell Coinbase shares does not represent Armstrong's departure from the company's leadership. To avoid undue suspicion, Armstrong said he will continue to hold the position of CEO of Coinbase for a very long time. He also added that he remains very bullish on crypto and Coinbase, he is fully dedicated to growing Coinbase and advancing Coinbase's mission, but he is also happy to contribute in a different way.