Coinbase CEO Brian Armstrong Falls Off Top 500 Rich List After Coinbase Shares Sink Fast

TLDR

• Armstrong’s net worth fell from $17.7B to about $7.5B on the Bloomberg wealth index.
• JPMorgan cut its Coinbase price target by 27% citing softer crypto prices and lower volumes.
• Coinbase shares are down about 60% from a July 18 high as Bitcoin also slid sharply.
• Winklevoss twins and Michael Novogratz also saw large wealth drops during the crypto pullback.

Coinbase CEO Brian Armstrong has dropped from the Bloomberg list of the world’s 500 richest people. His wealth fell after a broad crypto selloff and a sharp fall in Coinbase shares. Armstrong’s net worth has fallen by more than $10 billion from a peak near $17.7 billion. The Bloomberg Billionaires Index puts his wealth at about $7.5 billion.

Brian Armstrong drops out as Coinbase and Bitcoin slide

The latest pressure followed a JPMorgan Chase & Co. downgrade on Tuesday. The bank cut its Coinbase price target by 27%. JPMorgan cited “softness in crypto prices,” lower trading volumes, and slow stablecoin growth. Those factors have also weighed on market views ahead of earnings.

Coinbase shares have moved with Bitcoin’s swings in recent months. The stock is down about 60% from a July 18 high. Shares also fell 2.8% on Tuesday, based on the figures provided. Bitcoin is also down by about half since early October.

Most of Armstrong’s wealth is linked to Coinbase equity. The index says he holds about a 14% stake in the company. Coinbase is based in New York, and Armstrong co-founded it in 2012 with Fred Ehrsam. The report also says Armstrong has been a regular seller of Coinbase stock.

He also owns part of NewLimit, a biotech startup focused on longevity. The wealth index says he co-founded it and personally invested in it. The fall in his net worth reflects both share moves and the broader crypto pullback. Lower trading activity can reduce exchange revenue and related income.

Other crypto billionaires also report sharp wealth declines

Armstrong is not the only crypto leader affected by the downturn. Several crypto billionaires have also fallen off the top 500 list. Cameron and Tyler Winklevoss each saw their net worth fall to about $1.9 billion from $8.2 billion in October. Their firm, Gemini Space Station Inc., said last week it will cut roughly 25% of its workforce.

Gemini also said it will wind down some international operations. The report also said the Bitcoin slump trimmed millions from their donation to a new political fundraising group. Galaxy Digital Inc. CEO Michael Novogratz also saw a large decline in wealth. His fortune fell to about $6.2 billion from a high near $10.3 billion in October.

Galaxy reported a larger-than-expected loss of about $500 million during the fourth-quarter crypto crash. Novogratz said in an interview that “part of the ethos of this whole industry is pain.” Strategy Inc. ‘s Michael Saylor also saw a steep decline in wealth, according to the index. His net worth stands at about $3.4 billion after falling by roughly two-thirds from a July 2025 high.

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