Armstrong intends to sell a portion of his Coinbase holdings to finance scientific research
Brian Armstrong intends to sell a portion of his Coinbase holdings to finance scientific and technological development.
The chief executive officer of Coinbase, Brian Armstrong, indicated intentions to lower his ownership in the U.S. exchange company in order to finance scientific and technological research.
Armstrong claimed in a Twitter thread on Friday that he would sell around 2% of his Coinbase holdings. Armstrong controls 16% of the firm as CEO. According to Coinbase’s proxy filing for 2022, Armstrong controls over 60 percent of the company’s voting shares.
Additionally, the CEO of Coinbase stated that his choice to sell part of his shares does not reflect a desire to stand down from his current position. Armstrong said that he plans to lead Coinbase “for a very long time” and added, “I remain really enthusiastic about cryptocurrencies and Coinbase. I am entirely committed to expanding our company and achieving our goal, but I am also eager to contribute in a new manner.”
There has been an exodus of CEOs and top executives from big crypto businesses. This has occurred as a result of several companies laying off substantial portions of their workforces. Coinbase itself cut off around 18% of its staff earlier this summer. These departures and layoffs are a result of the market decline that has marked 2022.
The crypto market’s market value has decreased by more than $1.26 billion throughout the course of the year.
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