Brian Armstrong, the CEO and co-founder of the largest cryptocurrency exchange in the U.S., Coinbase (NASDAQ:COIN), has dropped out of the Bloomberg Billionaires Index, which ranks the world’s 500 wealthiest individuals.
Armstrong’s departure from the list of the world’s 500 wealthiest coincides with a steep crypto market decline, as Bitcoin drops below $70,000 for the first time since late 2024. His fortune remains heavily linked to his roughly 14% stake in Coinbase.
Per the Bloomberg index, Armstrong’s net worth is currently estimated at $7.5 billion, a drastic fall from the $17.7 billion recorded last summer.
Over the past month, Coinbase stock suffered a decline on 33.12% amid crypto volatility. The cryptocurrency behemoth is set to release its fourth-quarter financials on Thursday, Feb. 12.
Armstrong Advocates Fair Crypto Access
Armstrong had championed cryptocurrency and tokenization as tools for democratizing wealth creation. Coinbase pulled its backing from the Senate crypto market bill due to a ban on on-chain stocks and real-world assets, while Armstrong called on Congress to ensure fair competition against banks and traditional finance.
Treasury Secretary Scott Bessent criticized Coinbase for opposing the proposed Clarity Act, arguing that the recent crypto market volatility underscores the need for clear regulatory rules.
Meanwhile, Bitcoin (CRYPTO: BTC) has dropped 23.4% year-to-date and over 45% from its October 2025 peak, mirroring the fall in high-growth tech stocks and reflecting broader negative sentiment in the sector. Mike Novogratz, CEO of Galaxy Digital Inc. (NASDAQ:GLXY), has predicted a major shift in the crypto sector, moving away from speculation and towards “real world assets with much lower returns.”
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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