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The recent crypto downturn has cost Coinbase CEO Brian Armstrong his place among the world’s 500 wealthiest. Since reaching $17.7 billion over seven months ago, the executive’s net worth has plunged by more than $10 billion, to $7.4 billion, according to Forbes.
The crypto slump battered his company as well, sending its shares down over 50% since Bitcoin’s October record above $126,000, with 27% of those losses coming in 2026 alone.
Adding to the pressure, JPMorgan on Tuesday slashed its Coinbase price target by 27%, over weakness in the crypto market and slower growth in stablecoin issuance. Ideally, the downgrade has done very little to ease the pressure on Armstrong or the company and only aggravated their more recent losses.
Crypto billionaires have lost over $60 billion since October last year
Forbes now ranks Armstrong at No. 520 following his recent losses, though he is far from the only crypto billionaire to be affected. The broader crypto downturn began with Bitcoin’s sharp reversal — what started as a record-breaking rally to $126,000 in early October turned into a pullback of over 40%, with around 20% of those losses coming in early February. In addition, the overall crypto market has shrunk by 40% since October, erasing roughly $2 trillion in value, according to CoinGecko.
Unfortunately, that crypto slump has decimated the fortunes of the industry’s richest, vaporizing $60 billion in wealth since October and stripping at least 10 moguls of over $1 billion each. The losses extend to Armstrong, whose shares are down 56% since the October peak, and Strategy’s executive chairman, Michael Saylor, whose company is now facing a 62% drop in market value.
Saylor’s net worth has dropped to $3.4 billion, a two-thirds reduction from its July 2025 peak. The hardest hit, however, is CZ, Binance’s founder, whose personal Bitcoin and BNB token holdings devalued by over $29 billion. At the same time, Cameron and Tyler Winklevoss have seen their combined wealth fall to $1.9 billion from $8.2 billion in October. Not to mention, their company, Gemini Space Station Inc., just announced last week that it would lay off approximately a quarter of its employees and curtail some international activities.
Moreover, the Galaxy Digital CEO Michael Novogratz’s wealth contracted by approximately 66% in the months following the October crypto market peak.
Ken Worthington projects lower revenue figures for Coinbase over weak market factors
Meanwhile, ahead of Coinbase’s Q4 earnings, analysts still anticipate lower trading volumes. On Tuesday, JPMorgan’s Ken Worthington cut the price target on COIN to $290 from $399. Still, his reduced target points to a potential 75% gain from the current $1655 price.
However, he anticipates the company’s EBITDA will fall to $734 million from $801 million in Q3, largely due to weak crypto prices, lower trading volumes, and slower USDC balance growth. He also estimated its stablecoin revenue will settle at just $312 million, citing the lower USDC in circulation.
Furthermore, falling short of Coinbase’s previous guidance of $710–$790 million, the bank projects only $670 million in subscription and services revenue for the firm. Operating expenses are also expected to come in lower than anticipated, even as the company continues its cost management efforts.
Similarly, citing a downturn in retail participation and blockchain-related earnings, Benjamin Budish of Barclays expects the firm’s EBITDA to miss the consensus estimate by 10%. He commented, “We are notably lower on retail trading revenues, based on read-throughs from Robinhood, and blockchain rewards revenues.”
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