CEO from Coinbase sells 2 % of his coin to finance scientific research

"It is not unusual that managers or founding members of a stock corporation pay shares, so the sale of Brian Armstrong by 2 % is not necessarily an indicator of the future share price of Coinbase," said Clara Medalie, research manager at Kaiko.

Armstrong mentioned two specific companies that he would like to finance: Newlimit, a biotech startup based in California that is working on the extension of the human lifespan, and Research Hub, a public platform for research publications. The CEO did not state whether the "financing" of these companies would be a risk capital investment.

"To rule out doubts, I intend to be a very long CEO of Coinbase, and I remain super optimistic about crypto and coinbase," tweeted Armstrong. "I fully devote myself to the growth of our company and the advance of our mission, but I am also looking forward to making a contribution in other ways."

Coinbase went to the stock exchange in April 2021 by direct nodes - since then his shares have fallen by almost 80 %. Coin reflected the Nasdaq and climbed on Monday, the first trading session since Armstrong's announcement before falling back into the red on Tuesday.

"Baisse markets for cryptocurrencies have caused a general decline in trading activities, which affects the income from trade fees for stock exchanges," said Medalie. "Armstrong is announced in the midst of a continued decline in crypto prices and trading activities, so the sale with the future share price of Coinbase could correlate if the Baisse would stop without it."