Coinbase CEO Brian Armstrong revealed plans to reduce his stake in the U.S. exchange giant in favor of funding research endeavors in science and technology.
Armstrong made this known in a Twitter thread on Friday as he stated that he will sell about 2% of his Coinbase stake. As CEO, Armstrong owns 16% of the company. According to a 2022 proxy statement by Coinbase, Armstrong’s stake amounts to almost 60% control of the firm’s voting shares.
According to the announcement, the Coinbase CEO is looking to fund science and technology research. “I'm passionate about accelerating science and tech to help solve some of the biggest challenges in the world,” Armstrong said.
The Coinbase CEO also clarified that his decision to sell some of his shares does not indicate a desire to step down as the company’s leader. Armstrong said he intends to run Coinbase “for a very long time,” adding: “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.”
The crypto space has witnessed a spate of CEOs and senior executives exiting major firms. This has happened as many firms have also laid off a significant part of their workforces. Coinbase itself laid off about 18% of its employees earlier in the summer. These exits and layoffs are part of the general market downturn that has characterized 2022.
The crypto market has lost more than $1.26 billion from its market capitalization over the course of the year.
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