Brian Armstrong, CEO of the second largest crypto exchange in the world Coinbaseannounced on Twitter that it would sell about 2% of its holdings in Coinbase to fund scientific research, sending the stock price plummeting amid an exodus of executives in the crypto industry.
amstrong tweeted Friday, “I am passionate about accelerating science and technology to help solve some of the world’s greatest challenges. Going further, I plan to sell about 2% of my Coinbase holdings over the next year to fund scientific research and companies like NewLimit + ResearchHub.
According Forbes, Armstrong owns around 19% of Coinbase shares, bringing his holdings to around $2.7 billion. That would make his scientific donations worth about $54 million.
NewLimit and ResearchHub are both funded by Armstrong, with the former dedicated to extending human life using “epigenetic reprogramming”, and the latter set up to reward “open sharing and discussion of research academic” through its own crypto token, ResearchCoin (RSC).
The CEO attempted to dispel any doubts about his belief in Coinbase or crypto, writing that he intends to be CEO of Coinbase “for a very long time” and that he is still “super bullish on crypto and Coinbase”.
“I’m completely dedicated to growing our business and advancing our mission, but I’m also excited to contribute in a different way,” he added.
For the avoidance of doubt, I intend to be CEO of Coinbase for a very long time and I remain super bullish on crypto and Coinbase. I’m completely dedicated to growing our business and advancing our mission, but I’m also excited to contribute in a different way.