Coinbase CEO Brian Armstrong has revealed that he would be selling 2% of his stake in the company. Armstrong mentions that he announced the sale to avoid misunderstandings and speculation.
It should be noted that the price of COIN shares has registered a loss of 74% so far this year.
Coinbase CEO Brian Armstrong has revealed plans to sell his 2% stake in the cryptocurrency exchange to fund the development of technology that will solve some of the world's biggest problems.
According to Armstrong, some of the companies he plans to fund through the sale include New Limit, which focuses on extending human life through epigenetic reprogramming, and Research Hub.
Coinbase CEO Brian Armstrong stated that the announcement of the sale was to avoid misunderstandings. He reiterated that he remains very bullish on cryptocurrencies and is focused on the growth of Coinbase. He said:
“For the avoidance of doubt, I intend to be the CEO of Coinbase for a long time, and I remain very bullish on crypto and Coinbase. I am completely dedicated to growing our business and advancing our mission, but I am also excited to contribute in a different way.”
Armstrong currently holds a 16% stake in Coinbase and controls 59.5% of the voting shares. Given the recent performance of COIN stocks and the departure of several C-suite executives in crypto, Brian Armstrong's transparency is understandable.
A flash sale of 2% of his COIN holdings could spark rumors that could further damage the stock's battered stock.