According to CoinMeta, Brian Armstrong, the founder of Coinbase, obtained 52.2% of the voting rights without purchasing more than half of the company's shares. This development was facilitated by the dual-share structure of Coinbase, which allowed the founder to maintain his influence even after selling shares. In May 2021, shortly after Armstrong went public on Coinbase, other investors began to sell or transfer their holdings, which unexpectedly increased his voting power. Coinbase went public in April 2021 through a direct listing, allowing existing shareholders to sell their stocks without traditional restrictions. The company has two types of common stock: Class A shares, which grant one voting right per share, and Class B shares, which grant 20 voting rights per share. When some Class B shareholders sold or transferred their shares, these shares were automatically converted into Class A shares, resulting in a 95% reduction in their voting rights. Since Class B shares of Armstrong still grant 20 voting rights, he surpassed the 50% threshold without increasing his own holdings.