Coinbase CEO Reveals Selling Bombshell After $2 Trillion Bitcoin, Ethereum and Crypto Price Crash
Bitcoin
The Bitcoin price has crashed over the past year due to market panic that has wiped 80% off the value of Coinbase. Ethereum
Now, as JPMorgan and PayPal argue for bitcoin, Coinbase CEO Brian Armstrong has revealed that he is selling 2% of his Coinbase holdings over the coming year – promising to use the money to fund scientific research and companies.
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Coinbase CEO Brian Armstrong founded the bitcoin, ethereum and crypto exchange in 2012.
“I want you to hear it from me first,” Armstrong, who owns 16% of Coinbase and controls nearly 60% of the company’s voting shares, posted to Twitter. “I am passionate about accelerating science and technology to help solve some of the biggest challenges in the world.”
Armstrong said he would use the sale proceeds to invest in “companies like” Newlimit, a life sciences company, and Researchhub, a self-branded “GitHub for science.”
“The goal of NewLimit is really to radically expand human health,” Armstrong said last week on Tim Ferris’ podcast.
Coinbase was founded by Armstrong in 2012 and took the company public last year, listing shares on the Nasdaq exchange in April. Since then, the company’s value has tumbled along with the bitcoin, ethereum and crypto markets, falling from a peak of nearly $400 to just $63 at Friday’s close.
Coinbase reported a net loss of $1.1 billion in the second quarter of this year and missed analysts’ estimates for revenue. The company will report results for the third quarter on 3 November.
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Bitcoin price has crashed in the past year, dragging down the price of ethereum and weight … [+]
In May, it was reported that four of Coinbase’s top executives sold over $1 billion in shares at prices between $189 and $422, with Armstrong offloading nearly $300 million, according to The Wall Street Journalits analysis of regulatory registrations.
“For the avoidance of doubt, I intend to be the CEO of Coinbase for a very long time, and I remain super bullish on crypto and Coinbase,” Armstrong said. “I’m completely dedicated to growing our business and advancing our mission, but I’m also excited to contribute in another way.”
Speaking to Ferris, Armstrong claimed that “over a thousand millionaires were created” when Coinbase debuted on Nasdaq.
