Brian Armstrong to sell stake in Coinbase to finance scientific research

Brian Armstrong, the chief executive of cryptocurrency exchange Coinbase, plans to sell about 2% of his Coinbase shares over the next year to finance scientific and technological research.

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

“I am passionately eager to accelerate the development of science and technology to help solve some of the world’s most significant problems. To this end, over the next year I plan to sell about 2% of my Coinbase holdings to fund research and companies such as NewLimit and ResearchHub,” he wrote.

NewLimit is a biotechnology company focused on developments in extending human life. ResearchHub positions itself as "GitHub for scientists" — the platform lets researchers publish papers and discuss their results.

According to documents filed with the Securities and Exchange Commission, in April 2022 Armstrong owned 16% of Coinbase’s shares. His voting stake was nearly 60%.

The chief executive stressed that he does not intend to leave the post and plans to remain in the chair "for a very long time."

Earlier in May 2022, The Wall Street Journal reported that Coinbase’s top executives sold shares worth $1.2 billion from the IPO through February.

Follow ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analytics.