The CEO of Coinbase, Brian Armstrong, recently mentioned that he would sell his two percent ownership in the company over the next year to fund research and development in the fields of science and tech. Armstrong’s co-founded companies, which include the biotech firm NewLimit and the scientific research firm ResearchHub, intends to provide funding for academic research. As of this year’s proxy statement, he had around sixteen percent investment in Coinbase and controlled fifty nine and a half percent of the voting power.
On 15th October, Armstrong tweeted that he would be selling his two percent stake in the exchange’s parent organization to help finance other ventures he had started. Armstrong asserts that he is optimistic about virtual currencies and Coinbase and that he is committed to expanding the organization and furthering its purpose.
One day before the announcement, shares of Coinbase declined by over eight percent. At the time of reporting, the shares are trading at a rate of 66.38 USD. The exchange’s stock was rated to “sell” by Goldman Sachs and JPMorgan because of the gloomy outlook brought on by falling digital asset prices and low COIN trading volumes.
After dropping from the level of one hundred and thirty dollars to below fifty dollars in the month of May, Coinbase shares have only recovered slightly. In fact, at the start of August, Armstrong issued a warning that they were preparing for an extended digital asset winter. Investors have been reassured that the organization’s subscriptions and services would assist in stabilizing its finances.
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