The wealth of Coinbase CEO Brian Armstrong surged by more than $2 billion following a record-breaking 31% increase in Coinbase Global Inc. (NASDAQ: COIN) shares on November 6, 2024. The market rally stemmed from a successful Election Day for candidates backing pro-crypto policies, making Armstrong the biggest beneficiary of the crypto industry’s growing political influence.
The sharp rise in Coinbase’s stock came after victories for pro-crypto candidates, particularly in Ohio, where Republican Bernie Moreno triumphed over Democratic incumbent Sherrod Brown in the Senate race. Armstrong, who is the co-founder of Coinbase and has considerable investments in the company, saw the value of his holdings grow to nearly $9 billion due to the post-election stock spike. The latest proxy filing has shown that Armstrong owns approximately 34.8 million Coinbase shares, a stake soaring by over $2.1 billion overnight.
Armstrong, who is known for his advocacy for the crypto industry, posted on X (formerly Twitter) after Moreno’s victory, interpreting the win as an indication of the growing political strength of the crypto sector. “Being anti-crypto is simply bad politics,” Armstrong wrote, pointing out the increasing importance of crypto-friendly policies in U.S. elections. He further emphasized that the election results were a significant win for the crypto space which saw Bitcoin’s value jump by over 9.5%, reaching a new record above $76,400.
Coinbase’s political efforts were a critical factor in these victories. The company’s political action committee, Fairshake, supported 58 candidates, with 46 winning their races. Coinbase, which went public in 2021, also spent over $75 million during the 2024 election cycle to back pro-crypto candidates particularly in congressional races, to create a regulatory environment favorable to cryptocurrency. Armstrong contributed more than $1.3 million to various campaigns.
Beyond the stock market rally, Armstrong’s political involvement highlights the growing role that lobbying and political donations play in the crypto industry. As Coinbase battles legal challenges, including a high-profile lawsuit from the U.S. Securities and Exchange Commission (SEC) over allegations of unregistered securities sales, Armstrong has increasingly used his influence to push for clearer regulations. His trips to Washington, D.C., which were once rare, have become more frequent as he seeks to shape crypto policy.
The post-election rally in Coinbase’s stock price reminds us how closely politics and markets are intertwined in the rapidly evolving world of cryptocurrency. With Armstrong’s wealth soaring alongside the industry’s political victories, it’s clear that the crypto sector’s influence on U.S. elections is only growing.
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