The recent sharp decline in cryptocurrency prices has led to significant wealth erosion for several prominent figures in the digital asset sector. Brian Armstrong, CEO of Coinbase Global Inc., has seen his personal fortune shrink by more than half since July, resulting in his exit from the list of the world's top 500 wealthiest individuals.
According to the Bloomberg Billionaires Index, Armstrong's wealth has evaporated by over $10 billion after peaking at $17.7 billion seven months ago. On Tuesday, JPMorgan Chase & Co. slashed Coinbase's target stock price by 27%, citing weak cryptocurrency prices, declining trading volumes, and slow growth in stablecoins, further diminishing his net worth.
Coinbase's stock performance has been highly volatile, closely mirroring the wild swings in Bitcoin's value. The cryptocurrency exchange's share price has fallen approximately 60% from its high on July 18, including a single-day drop of 2.8% on Tuesday. Bitcoin itself has nearly halved in value since early October of last year, with prices continuing to experience significant turbulence this month.
Armstrong, 43, co-founded New York-based Coinbase with Fred Ehrsam in 2012. The majority of his current $7.5 billion net worth is derived from his 14% stake in the company. The wealth index indicates he regularly sells portions of his company stock and also holds a stake in NewLimit, an anti-aging biotech startup he co-founded and personally invested in.
The cryptocurrency price crash has also caused other wealthy individuals in the crypto industry to fall off Bloomberg's global top 500 rich list.
Data shows the net worth of Cameron and Tyler Winklevoss dropped from $8.2 billion each in October to $1.9 billion each. Their company, Gemini Space Station Inc., announced last week it would lay off approximately 25% of its workforce and gradually wind down some of its overseas operations. The steep decline in Bitcoin's price also reduced their multi-million dollar donation to a new political fundraising group.
Michael Novogratz, Founder and CEO of Galaxy Digital Inc., saw his fortune decrease from a high of $10.3 billion in October to $6.2 billion. He holds about 51% of the New York-based crypto firm. Galaxy Digital reported an unexpected loss of approximately $500 million in the fourth quarter, impacted by the crypto market downturn. Novogratz acknowledged in a Bloomberg interview, "Pain is part of the industry's ethos."
The wealth index also notes that Michael Saylor of Strategy Inc. has lost about two-thirds of his wealth since its peak in July 2025, with his current net worth standing at $3.4 billion. His fortune is primarily derived from his 8% stake in Strategy, one of the world's largest publicly-traded corporate holders of Bitcoin.