Coinbase CEO Brian Armstrong has begun selling his shares in the company, according to a Securities and Exchange Commission (SEC) filing on Wednesday. This is in accordance with a pledge he made last year to sell 2% of his stake in Coinbase over the next year to fund scientific research.
Armstrong owns about 18% of Coinbase, which means he is selling about 3.6 million shares. He has already sold about 252,722 shares, which has netted him about $13.8 million.
The proceeds from the stock sales will go to Armstrong’s new ventures, including life extension unit NewLimit and science startup Research Hub.
Armstrong’s decision to sell his shares has been met with mixed reactions. Some investors are concerned that it could signal a lack of confidence in the company, while others believe it is a sign that Armstrong is committed to his new ventures.
Only time will tell how Armstrong’s stock sales will impact Coinbase. However, it is clear that he is serious about his commitment to scientific research.
Last year, the CEO of America’s largest cryptocurrency exchange stated that he is “passionate about accelerating science and technology to help solve some of the world’s biggest challenges.” He also stated that he planned to sell 2% of his stock to fund this goal.
Coinbase confirmed to Decrypt that CEO Brian Armstrong plans to sell 2% of his shares in the company over the next year to fund scientific research. The company stated that the timing of the sale is not related to recent market events.
Investors do not seem to be too concerned about the news that Coinbase CEO Brian Armstrong is selling 2% of his shares in the company to fund scientific research. Coinbase’s stock price is up 0.45% today, trading for $54.13 per share on Thursday afternoon.
This suggests that investors are confident in the company’s future prospects, even with Armstrong’s partial departure. It is also possible that some investors are buying the stock because they believe that the proceeds from the sale of Armstrong’s shares will be used to fund promising scientific research.
Only time will tell how Armstrong’s decision to sell his shares will impact Coinbase in the long run. However, it is clear that investors are not too concerned about the news at this time.
Despite the positive reaction from investors on Thursday, Coinbase’s stock price has still dipped by 6.7% since last Friday. This suggests that some investors may be concerned about the long-term impact of Armstrong’s decision to sell his shares. It is also possible that the dip is due to broader market conditions, as the entire cryptocurrency market has been volatile in recent months.
Only time will tell how Coinbase’s stock price will perform in the long run. However, the recent dip suggests that some investors may be concerned about the company’s future prospects.
Coinbase, a cryptocurrency exchange, went public in 2021. Its stock price, COIN, soared to $342 per share in April 2021 after the company started trading on the Nasdaq. This was 83% higher than its price today.
Coinbase’s IPO was a major event in the cryptocurrency world. It was the first major cryptocurrency company to go public, and it helped to legitimize the cryptocurrency industry. Coinbase’s stock price soared in the months following its IPO, as investors were optimistic about the future of the cryptocurrency market.
However, Coinbase’s stock price has since fallen from its highs. This is likely due to a number of factors, including the recent decline in the cryptocurrency market and broader market volatility. It remains to be seen whether Coinbase’s stock price will recover to its previous highs.