Coinbase IPO Will Make CEO A 'Decabillionaire', Owns Stock Worth $13.6 Billion

Coinbase CEO Brian Armstrong is set to become a “decabillionaire” in the coming weeks as the company prepares to enter the public market.

Armstrong, who is poised to rank among the wealthiest people in the tech industry, co-founded the cryptocurrency exchange in 2012. He now owns 39.6 million Coinbase shares and his stake is worth at least $13.6 billion, according to the company’s prospectus.

Unlike most tech company founders, Armstrong could sell his shares after Coinbase goes public, which comes as part of the company’s direct listing. The company does not raise fresh capital. However, it allows existing shareholders to sell stock.

Most of Armstrong’s wealth appreciation came in the past year after the trading and storage of bitcoin soared by 700% and the trading of ethereum increased by 1,000%.

If Coinbase stock’s open, Armstrong will likely join a growing group of tech decabillionaires. At the top of the list stands Tesla’s Elon Musk, Amazon’s Jeff Bezos, Microsoft’s Bill Gates and Facebook’s Mark Zuckerburg.

The Coinbase CEO had previously been the subject of controversy. In a blog post in September, Armstrong told employees that Coinbase would not focus on activism amid the protests for racial justice and a heated presidential election.

“I want Coinbase to be laser-focused on achieving its mission because I believe that this is the way that we can have the biggest impact on the world. We will do this by playing as a championship team, focus on building, and being transparent about what our mission is and isn’t,” the blog post read.

“The reason is that while I think these efforts are well intentioned, they have the potential to destroy a lot of value at most companies, both by being a distraction, and by creating internal division,” it continued.

Coinbase also was the focus of an exposé published in The New York Times in which several of the company’s Black employees alleged racial and pay discrimination. Coinbase dismissed the allegations in a blog post released days before the piece was published.

“The Exec Team also met with members of the ColorBlock ERG this morning to inform them of this article and to discuss their questions and concerns,” the blog post read.

“As Brian shared with the ColorBlock ERG this morning, we don’t care what The New York Times thinks. The most important thing we care about is you, our employees, and what you think,” it added.