Crypto Winner: Coinbase CEO's Net Worth Surges Over $2 Billion After Election

After the U.S. presidential election, with Trump's victory, Bitcoin surged over 9.5%, reaching a record high of over $76,400. Apart from the long-term supporters in the cryptocurrency community rejoicing, the stock price of the U.S. cryptocurrency exchange Coinbase also soared 31% on Wednesday.

After Trump's victory in the U.S. presidential election, Bitcoin surged over 9.5%, reaching a record high of over $76,400. Apart from long-time supporters in the crypto sphere celebrating, the stock price of Coinbase, a U.S. cryptocurrency exchange, also soared 31% on Wednesday.

Brian Armstrong founded Coinbase in 2012 and serves as its CEO. The company went public in 2021, and Brian Armstrong personally holds over 10% of Coinbase's shares. According to the latest filings, with 34 million A and B shares, Armstrong's net worth increased by nearly $2.1 billion as the stock price rose.

Armstrong has never explicitly supported any political party or president, maintaining a neutral stance. However, he believes that "Being anti-crypto is simply bad politics," and stated, "Regardless of how you feel about it, this election is a huge win for cryptocurrency."

Coinbase did not engage in the presidential election but focused its resources on congressional races, striving to push legislators favorable to cryptocurrency into the U.S. Congress. During the 2024 election cycle, Coinbase donated over $75 million to the PAC (Political Action Committee) affiliated with Fairshake for advertising. Note: A Political Action Committee (PAC) is a U.S.-specific organization where corporations, foundations, unions, and other groups can donate unlimited amounts to specific political candidates, different from general political contributions.

The U.S. presidential election boosts the rise of crypto forces in politics; Coinbase reports total donations exceeding $200 million

Brian Armstrong celebrated on X, anticipating a Congress that will embrace cryptocurrency.

He said: "Welcome to the most pro-crypto Congress in U.S. history... Over 219 pro-crypto candidates have been elected to the U.S. House and Senate. Tonight, crypto voters across the country made their voices heard decisively in key races, with overwhelming public interest in cryptocurrency and a desire for clear rules on digital assets. We look forward to working with the new Congress to achieve this goal."

In this U.S. election, a total of 205 pro-crypto House members and 14 Senators have entered Congress, marking a significant milestone as the U.S. moves towards a new era of cryptocurrency.