A year and a half ago, Brian Armstrong informed Twitter about his plan to sell 2% of his Coinbase shares in order to finance other projects. The co-founder and CEO of the exchange made good on his word and completed the sale. In the period spanning from November 2022 to November 2023, Armstrong sold approximately 790,3813 shares of Coinbase, representing 2% of the ownership stake listed in Coinbase’s prospectus before its direct listing in April 2021. Armstrong made nearly $53.2 million during this period by selling shares at an average price of $2295, according to data from OpenInsider compiled by Blockworks, referencing filings from the Securities and Exchange Commission. Coinbase reported its Q240 earnings on Thursday. What was particularly noteworthy was the fact that Coinbase stock was trading at approximately $216.4, and that 23% stake would currently be valued at $2489 million. Armstrong missed out on $25 million by selling prematurely, as his plan was to invest the money in innovative startups in different industries. Armstrong, who co-founded NewLimit with three others, aims to reprogram human cells in order to increase lifespans. Additionally, Armstrong co-founded ResearchHub with former medical student Patrick Joyce. The startup plans to revolutionize the reward structures of academic and scientific publishing by combining open source principles with cryptocurrency crowdfunding. Learn more: Coinbase CEO’s additional startup achieves a remarkable surge in value through earning crypto for conducting scientific research. NewLimit raised $403 million in funding approximately eight months after Armstrong’s promise. The funding round included investments from Peter Thiel’s Founder’s Fund, Dimension, and Kleiner Perkins. ResearchHub also secured $240 million in funding a month later, with contributions from investors such as Replit CEO Amjad Masad and Red Hat founder Bob Young. Despite reaching a 285% increase, Armstrong continues to sell Coinbase stock. Since November, he has sold 232,150 shares, which is nearly equivalent to another whole percentage point of his stake. The chart displays all insider trades at Coinbase submitted to the SEC since the direct listing. Squares indicate sales from insiders other than Armstrong, while circles show purchases made by Shopify CEO Tobias Lütke and Paradigm. The green plus symbols indicate Armstrong’s specific sales. Armstrong has been consistently selling shares for over a year.