- Coinbase CEO Brian Armstrong’s net worth increased by over $2 billion on Wednesday after the company’s backed candidates performed well in the U.S. elections.
- Coinbase shares soared 31% on Wednesday, their best single-day performance on record, as investors celebrated the crypto exchange’s efforts to get pro-crypto candidates into office.
- Armstrong, who co-founded Coinbase in 2012 and took it public in 2021, remains the company’s biggest individual shareholder, owning well over 10% of outstanding shares worth almost $9 billion after Wednesday’s stock pop.
Coinbase CEO Brian Armstrong saw his net worth surge by over $2 billion on Wednesday as the crypto exchange’s stock soared following the company’s successful election spending.
Post-Election Surge for Coinbase Stock
Coinbase shares jumped 31% on November 6th, their largest single-day gain ever. The spike came after many candidates supported by Coinbase’s PAC won their races on Election Day.
Of the 58 candidates backed by Coinbase’s PAC Fairshake, 46 were victorious. The remaining 12 races have yet to be called.
Huge Windfall for CEO Armstrong
As Coinbase’s largest shareholder, CEO Brian Armstrong was the biggest beneficiary of the post-election stock pop.
Armstrong owns over 10% of Coinbase’s outstanding shares. The value of his stake rose by approximately $2.1 billion on Wednesday to reach nearly $9 billion.
Armstrong Declares “Huge Win” for Crypto
In a blog post, Armstrong called the election results a “huge win” for the crypto industry. He highlighted the victory of Ohio Republican Senate candidate Bernie Moreno, who defeated incumbent Senator Sherrod Brown.
Armstrong said being “anti-crypto is simply bad politics.” Moreno earned an A grade from Coinbase’s crypto advocacy group, while Brown received an F.
Outlook Going Forward
The election results will likely give Coinbase more allies in Congress as the company aims to shape crypto regulation. Armstrong has ramped up lobbying efforts and political giving.
For now, the post-election stock surge has offset recent weakness driven by Coinbase’s disappointing Q3 earnings. Shares dropped 15% last week on lower transaction revenue.
Conclusion
With pro-crypto candidates triumphing on Election Day, Coinbase and its CEO emerged as big winners. The company now appears well-positioned to advance its policy agenda in Washington.
