Armstrong isn’t the only Coinbase billionaire losing money. Co-founder Fred Ehrsam, a former Goldman Sachs Group Inc. trader, is currently worth $1.3 billion, down more than 60% this year.
Armstrong owns 16% of Coinbase and controls 59.5% of its voting shares, according to the company’s 2022 proxy statement, while Ehrsam has a 4.5% stake and controls 26% of its voting stock.
Coinbase’s bonds have also plunged, recently trading in line with some of the riskiest junk-rated notes.
-With assistance from Tom Maloney.
This article was provided by Bloomberg News.