Crypto Chaos: Armstrong Drops from Bloomberg Rich List as Bitcoin Sinks

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Brian Armstrong, co-founder and CEO of Coinbase, has slipped out of Bloomberg’s list of the world’s 500 richest people.

Armstrong’s net worth has fallen by more than $10 billion since July 2025. According to the Bloomberg Billionaires Index, it has slid from a peak of $17.7 billion to around $7.5 billion.

Armstrong’s Wealth Takes a Dizzy Plunge as Coinbase Shares and Bitcoin Slump

The latest slide arrives after JPMorgan Chase & Co. trimmed its price target for Coinbase stock by 27% on February 10, blaming “softness in crypto prices,” dwindling trading volumes, and a stubborn reluctance of stablecoins to perform interpretive dance routines.

JPMorgan cuts Coinbase price target.

JPMorgan cut its target for $COIN from $399 to $290 ahead Coinbase reports earnings.

The bank cited weaker crypto trading volumes, softer prices and slower USDC growth as key risks.

– Selcoin Global (@selcoinglobal) February 11, 2026

Coinbase shares have behaved like a vault door in a windstorm, falling 60% from a July 18 high, while Bitcoin itself has sagged nearly 50% from its early October 2025 all-time high of around $126,000 to below $63,000 as of early February 2026.

Armstrong’s wealth remains inextricably linked to his 14% stake in Coinbase, the New York-based crypto trading platform he co-founded with Fred Ehrsam in 2012.

He also holds investments in NewLimit, a biotech startup focused on longevity, and has historically sold portions of his Coinbase holdings over time.

Despite the sharp on‑paper losses, Armstrong remains a billionaire, with his net worth estimated at approximately $7.5 billion.

The impact of the crypto slump extends beyond Armstrong. Cameron and Tyler Winklevoss, co-founders of Gemini, have seen their net worths fall to $1.9 billion each from $8.2 billion in October 2025.

Gemini recently announced plans to cut roughly 25% of its workforce and scale back some international operations.

JUST IN: Gemini has exited operations in the UK, Europe, and Australia.

– BeInCrypto (@beincrypto) February 5, 2026

Michael Novogratz, CEO of Galaxy Digital, saw his fortune shrink from $10.3 billion to $6.2 billion following a greater-than-expected $500 million loss in Q4 2025.

Strategy Inc. co-founder Michael Saylor also lost about two-thirds of his wealth, bringing his net worth to $3.4 billion.

Coinbase Navigates Market Headwinds While Armstrong Stays Boldly Bullish

Coinbase itself has faced operational headwinds amid the market downturn. Trading volumes have dropped sharply, and Q4 2025 transaction revenue is projected to decline 33.5% year over year.

Meanwhile, Polymarket betters see a 29% chance that Coinbase Global’s GAAP EPS for the relevant quarter will beat $0.61.

During the sell-off, the “Coinbase premium”-the price gap between BTC on Coinbase versus other exchanges-turned negative. This indicates weaker US institutional demand and potential outflows.

Coinbase premium just hit one of its lowest levels in over a year!

That signals heavy US selling pressure, keeping Bitcoin under sustained downside momentum.

– Trireme (@triremetrading) February 9, 2026

The exchange is further challenged by regulatory scrutiny and competition from other crypto platforms like Hyperliquid.

Despite the turbulent environment, Armstrong has maintained a bullish long-term outlook. He has publicly described crypto as “eating financial services at an incredible rate” and views market slumps as opportunities to build new products.

It’s been a volatile few days in the crypto markets.

This is nothing new. Crypto has gone through many market cycles at this point. Personally, this doesn’t change my outlook – I don’t see how you can be anything but long-term bullish on crypto. It’s eating financial services at…

– Brian Armstrong (@brian_armstrong) February 7, 2026

Armstrong has also predicted that Bitcoin could reach $1 million by 2030, framing the digital asset as a tool for wealth equalization and financial innovation.

However, while Armstrong’s net worth has been heavily impacted, his position as a founder and major shareholder could strengthen over time.

Historically, downturns have consolidated power among surviving platforms, and Coinbase may emerge leaner and more dominant if retail and institutional adoption rebounds.

Nevertheless, prolonged market weakness or a full “crypto winter” could pressure growth and test leadership strategies.

The recent wave of losses reflects the high volatility of crypto markets. While Armstrong’s exit from Bloomberg’s top 500 reflects a sharp contraction in paper wealth, long-term crypto pioneers like him have weathered multiple market cycles since 2012.

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2026-02-11 11:11