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Coinbase’s CEO plans to sell his 2% stake to fund research and development

Coinbase’s Chief Executive Officer, Brian Armstrong, revealed on September 15 that he plans to sell the 2% stake over the next year to fund the research and development of his other co-founded companies, such as NewLimit and ResearchHub.

According to the proxy statement for the company’s 2022 annual meeting, he has a 16% stake in Coinbase and controls 59.5% of the company’s voting rights. He also says that he is optimistic about cryptocurrencies in general and about Coinbase in particular, and that he is fully committed to growing the business of the cryptocurrency exchange and achieving its goal.

However, he plans to make contributions to scientific research and technological development in order to help tackle the most pressing problems facing the world today. This huge amount of money will help support the creation of new technologies and help find a way to fix the problem of human health.

Coinbase (COIN) shares dropped by more than 8% on Friday, and their price is now trading at $63.59 a share. Coinbase’s shares were given a “sell” rating by Goldman Sachs and JPMorgan earlier because the company has a grim future as a result of declining cryptocurrency values and low COIN trade volumes.

After falling from $130 to below $50 in May, the share price of Coinbase (COIN) has only slightly increased since then. In point of fact, Coinbase’s CEO issued a warning at the beginning of August that they were preparing for a prolonged crypto winter. Investors were told that the company’s finances would be more stable if they focused on the company’s subscriptions and services.

This week, the cryptocurrency exchange secured a licence in Singapore and entered into a relationship with Google Cloud to make cryptocurrency transactions possible.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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