Brian Armstrong, co-founder and chief executive of Coinbase, has seen his net worth halve since July 2025 amid a sharp correction in crypto markets and a downgrade of Coinbase stock by Wall Street analysts. Armstrong, the co-founder and CEO of the largest cryptocurrency exchange in the US, has fallen out of the Bloomberg Billionaires Index ranking of the world’s 500 wealthiest individuals.
Bitcoin’s decline contributed to Armstrong’s exit from the index as crypto markets weakened, with Bitcoin trading below $70,000 (€58,750), a level not seen since late 2024. Armstrong’s net worth is now about $7.5 billion (€6.9 billion), down from roughly $17.7 billion (€16.3 billion) recorded last summer. The drop in his personal wealth is largely tied to a roughly 14% equity stake in Coinbase, reflecting the broader volatility of the crypto sector. Crypto asset prices have a direct impact on Coinbase’s market performance, as the company’s revenue model remains heavily reliant on transaction fees, which typically contract during periods of market stagnation.
Shares in Coinbase have closed significantly lower, extending a six-month slide that has seen the stock lose nearly 60% of its value from its July 2025 peak. Analysts at JPMorgan Chase lowered their price target for the stock, citing softness in crypto prices and a lack of growth in the stablecoin vertical as primary reasons for the revision, reducing the target by 27%.
Beyond price moves, the regulatory landscape for crypto remains unsettled. President Trump signed the GENIUS Act at the White House in July 2025, creating a comprehensive regulatory framework for stablecoins, while there is now gridlock over the CLARITY Act. There is a clear dispute between the Coinbase CEO and major US banks over provisions that would prevent non-bank firms from offering interest-bearing yields on stablecoins. On Tuesday, a White House meeting among all interested parties tried to reach a consensus, the second session on the issue since Armstrong publicized his opposition. Despite this, the lobbying battle between crypto insiders and Wall Street bankers has yet to be resolved, and market confidence in exchange-based business models—whose revenue comes largely from user fees—has wavered.
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