Brian Armstrong, the CEO of Coinbase Global Inc., has Announced he plans to sell about 2% of his stake in the company over the next year to fund scientific research.

He tweeted the matter on Friday night. Armstrong owns a 16% stake and controls 59.5% of the voting rights in Coinbase, according to the company’s proxy statement for 2022. The CEO plans to use capital to fund some scientific research and ventures, including the company’s NewLimit biotech and scientific research company ResearchHub.

Armstrong informed his Twitter community followers of his decision, which is based on his desire to help accelerate science and technology to help solve some of the world’s biggest challenges. He, therefore, plans to sell his 2% stake in Coinbase to fund scientific research and companies.

NewLimit is concerned with investigating the epigenetic drivers of aging and developing products that can regenerate tissue to treat specific patient populations. On the other hand, Research Hub focuses on accelerating the pace of science by rewarding the open exchange and discussion of academic research.

In addition to his intentions to sell some of his holdings to finance scientific and technological developments, Armstrong reaffirms his optimism about Coinbase and the crypto landscape, showing his intentions to serve as CEO in the long term.

“For the avoidance of doubt, I intend to be the CEO of Coinbase for a very long time and remain very bullish on cryptocurrencies and Coinbase. I am completely dedicated to growing our business and advancing our mission, but I am also excited to contribute in a different way.”

This is in contrast to current trends in the industry that have seen several cryptocurrency CEOs step down from their roles in recent weeks.

Last month, the epic crypto industry shake-up that recently caused massive job losses and a series of consolidations hit the corner office. Crypto executives like Genesis CEO Michael Moro, MicroStrategy CEO Michael Saylor, Kraken CEO Jesse Powell, Alameda Research co-CEO Sam Trabucco, and FTX.US President Brett Harrison, They resigned from their positions a few weeks ago.

The exits illustrate an ongoing shift within the beleaguered cryptocurrency industry, which is still reeling from the humiliating market crash earlier this year. On Friday, shares of Coinbase Global (COIN) fell more than 8%, with the current price trading at $63.59. Coinbase shares were recently downgraded by Goldman Sachs and JPMorgan to “sell” them due to the continued decline in cryptocurrency prices and the resulting drop in industry activity levels.

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