Armstrong stressed that he intends to lead Coinbase "for a very long time" — and his plans shouldn't be misconstrued.
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Brian Armstrong has revealed that he's selling 2% of his Coinbase stock to support scientists focused on increasing human life expectancy.
In a rather eyebrow-raising announcement, the CEO said he would be gradually offloading these shares over the next 12 months.
Armstrong stressed that he intends to lead Coinbase "for a very long time" — and his plans shouldn't be misconstrued.
"I remain super bullish on crypto and Coinbase. I'm fully dedicated to growing our business and advancing our mission, but I am also excited to contribute in a different way."
According to Forbes, Armstrong owns about 19% of Coinbase's shares — and collectively, they're worth an eye-watering $2.7 billion.
Offloading 2% of his holding would result in a $54 million donation, with NewLimit and ResearchHub named as two of the beneficiaries.
Coinbase stock has had a pretty torrid 2022 — and year to date, it's lost about 75% of its value.
While COIN's share price was buoyed by news that the exchange had entered into a "long-term, strategic partnership" with Google Cloud, the uplift was brief to say the least.
