What is Brian Armstrong's Net Worth?
Brian Armstrong, an American technology executive, has accumulated a net worth of approximately $10 billion. As the co-founder of Coinbase, the largest cryptocurrency trading platform in the United States, he has seen his fortune fluctuate remarkably. Armstrong owns 39.6 million shares of Coinbase. Shortly after Coinbase's IPO, his net worth peaked at $20 billion. However, a significant drop in Coinbase's stock reduced his net worth to below $2 billion, before rebounding to the $3-4 billion range in late 2023 and surpassing $10 billion by mid-2024.
Early Life and Education
Born on January 24, 1983, in San Jose, California, Brian Armstrong grew up with engineer parents. He attended Rice University in Texas, where he earned a Bachelor's degree in computer science and economics, followed by a master's degree in computer science, graduating in 2006.
Career
Armstrong began his career as a developer at IBM and later worked as a consultant at Deloitte. In 2011, he joined Airbnb, where he focused on the company's global payment processing systems.
Coinbase
Armstrong discovered the Bitcoin whitepaper by Satoshi Nakamoto, sparking his interest in cryptocurrencies. Finding the process of buying and selling Bitcoin cumbersome, he envisioned a solution. In 2012, with $150,000 in startup capital from Y Combinator, he co-founded Coinbase with Fred Ehrsam, who served as President while Armstrong was CEO. The duo met on the Bitcoin subreddit.
(Photo by Steve Jennings/Getty Images)
In 2013, Coinbase secured $25 million in Series B funding from Union Square Ventures, Andreessen Horowitz, and QueensBridge Venture Partners, co-founded by rapper Nas, valuing the company at $143 million.
By 2018, Coinbase's valuation had soared to $8.1 billion.
Right before its public debut in April 2021, Coinbase's valuation was $65 billion, with Bitcoin priced at $63,000. Coinbase debuted on NASDAQ on April 14, 2021, at $381 per share, giving a market cap of $100 billion and vaulting Armstrong's net worth to $20 billion. However, his net worth saw significant volatility in the years following.
Stock Holdings and Salary
Armstrong owns 20% of Coinbase, roughly 39.6 million shares. According to the company's IPO filings, he earned a total compensation of $59.5 million in 2020, with a base salary of $1 million.
Philanthropy
In 2018, Armstrong signed The Giving Pledge, committing to donate the majority of his fortune to charity. He founded GiveCrypto.org to facilitate cryptocurrency donations.
