Key Points
- Coinbase shares soared 31% on Wednesday, their best performance on record, after the company’s candidates had a big Election Day on Tuesday.
- CEO Brian Armstrong, who co-founded the crypto exchange in 2012, was the biggest winner as his holdings increased by over $2 billion.
- “Being anti-crypto is simply bad politics,” Armstrong wrote in a post on X after Ohio Republican Bernie Moreno was declared the winner in his Senate race over Democratic incumbent Sherrod Brown.
Election Day proved hugely successful for the crypto industry. Nobody was a bigger winner than Coinbase CEO Brian Armstrong.
Coinbase shares soared 31% on Wednesday, their best day on record, as investors celebrated the company’s victorious efforts to get pro-crypto candidates into office. Fairshake, the Coinbase-backed PAC, says that of the 58 candidates it supported, 46 won, with the remaining contests 12 still undecided.
Armstrong, who co-founded Coinbase in 2012 and took it public in 2021, remains the crypto exchange’s biggest investor, with ownership of well over 10% of the company’s outstanding shares. As of the latest proxy filing, he owned 34.8 million Class A and Class B shares, a stake that jumped by about $2.1 billion in value on Wednesday to almost $9 billion.
“Being anti-crypto is simply bad politics,” Armstrong wrote in a post on X, after Ohio Republican Bernie Moreno was declared the winner in his state’s Senate race over incumbent Democrat Sherrod Brown.
In a lengthier follow-up post on Wednesday, Armstrong said “no matter how you slice it, this election was huge win for crypto.”
Bitcoin jumped over 9.5%, reaching a record of over $76,400.
