Here's Why Coinbase CEO Brian Armstrong Wants To Sell 2% of His Company Stake

Coinbase Global Inc COIN CEO Brian Armstrong plans to sell 2% of his Coinbase holdings over the next year. According to the company statement, Armstrong owns 16% of Coinbase and controls 59.5% of its voting shares. 

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

Talking about the current cryptocurrency market and the uphill battle it is facing, Armstrong said he remained super bullish on crypto and Coinbase and was fully dedicated to growing its business. 

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.

— Brian Armstrong (@brian_armstrong) October 15, 2022

The companies where Armstrong was aiming to invest are ResearchHub and NewLimit. ResearchHub is “a tool for the open publication and discussion of scientific research." Researchhub’s users are rewarded with ResearchCoin (RSC) for publishing, reviewing, criticizing and collaborating in the open.

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NewLimit is an organization that deals with age-related diseases. It also develops epigenetic reprogramming medicines to treat diseases with significant unmet needs.

Last week, Google partnered with Coinbase to allow customers to pay for cloud services in cryptocurrencies starting early next year.

Earlier this year, Coinbase announced it would launch a non-fungible token (NFT) marketplace. The launch is a widely anticipated event in the cryptocurrency space.

Armstrong had said he expects the company’s NFT business to be on par with, or even bigger than its cryptocurrency business.