The sharp decline in cryptocurrency prices has led to a significant reshuffling of global wealth rankings. Brian Armstrong, CEO of Coinbase Global, Inc. (COIN.US), has fallen out of the Bloomberg Billionaires Index top 500 worldwide. Since July of last year, his personal fortune has been reduced by more than half. According to the index, Armstrong's wealth has contracted by over $10 billion after peaking at $17.7 billion seven months ago.
The immediate catalyst for the latest drop in wealth was JPMorgan's decision on Tuesday to lower its price target for Coinbase by 27%, citing reasons including weak cryptocurrency prices, declining trading volumes, and slower growth in stablecoins. The volatile trajectory of Coinbase's stock price has closely mirrored the fluctuations in Bitcoin. Since reaching a high on July 18 last year, the share price of this cryptocurrency exchange has fallen by approximately 60%, including a single-day decline of 2.8% this past Tuesday. The price of Bitcoin itself has also halved since the beginning of October.
The 43-year-old Armstrong currently has an estimated net worth of around $7.5 billion, the majority of which is derived from his 14% stake in Coinbase, the company he co-founded with Fred Ehrsam in New York in 2012. The wealth index indicates he regularly sells portions of his company stock and also holds a stake in the biotech startup NewLimit—a company focused on anti-aging research, which he helped found and has personally funded.
The plunge in cryptocurrency values has also caused numerous other billionaires in the sector to drop out of the Bloomberg global top 500 ranking. The index shows the personal net worth of brothers Cameron and Tyler Winklevoss has plummeted to $1.9 billion from $8.2 billion last October. Gemini Space Station (GEMI.US), founded by the brothers, announced last week it would cut its workforce by about 25% and gradually scale back some international operations. The steep fall in Bitcoin's price also reduced the value of their donation to a new political fundraising organization by millions of dollars.
Michael Novogratz, founder and CEO of Galaxy Digital (GLXY.US), has seen his fortune decline to $6.2 billion from a peak of $10.3 billion last October. As co-founder and CEO of the New York-based cryptocurrency firm, he holds approximately 51% of the company's shares. During the crypto market downturn in the fourth quarter, Galaxy Digital reported a loss exceeding $500 million, far surpassing market expectations. Novogratz acknowledged in an interview, "Pain is fundamentally part of the industry's core."
Furthermore, Michael Saylor, founder of Strategy (MSTR.US), has seen roughly two-thirds of his wealth evaporate since its peak in July 2025, with his current net worth standing at $3.4 billion. The majority of his fortune is tied to his 8% stake in Strategy, which is one of the world's largest publicly-traded holders of Bitcoin.