Coinbase CEO Brian Armstrong is more than $2 billion richer after post-election stock pop
Coinbase's success in helping its candidates win their elections on Tuesday sent the company's stock price soaring, lifting CEO Brian Armstrong's net worth.
Election Day proved hugely successful for the crypto industry. Nobody was a bigger winner than Coinbase CEO Brian Armstrong.
Coinbase shares soared 31% on Wednesday, their best day on record, as investors celebrated the company's victorious efforts to get pro-crypto candidates into office. Fairshake, the Coinbase-backed PAC, says that of the 58 candidates it supported, 46 won, with the remaining contests 12 still undecided.
Armstrong, who co-founded Coinbase in 2012 and took it public in 2021, remains the crypto exchange's biggest investor, with ownership of well over 10% of the company's outstanding shares. As of the latest proxy filing, he owned 34.8 million Class A and Class B shares, a stake that jumped by about $2.1 billion in value on Wednesday to almost $9 billion.
"Being anti-crypto is simply bad politics," Armstrong wrote in a post on X, after Ohio Republican Bernie Moreno was declared the winner in his state's Senate race over incumbent Democrat Sherrod Brown.
In a lengthier follow-up post on Wednesday, Armstrong said "no matter how you slice it, this election was huge win for crypto."
Article