Coinbase CEO Brian Armstrong Made $6.3 Million In Security Benefits

Key Points:

• Coinbase execs left with more money in their wallets in 2022 than the previous year.
• CEO Brian Armstrong earned a total of $7.4 million last year, with personal security expenses accounting for $6.3 million of the total.
• Armstrong’s security will cost $1.9 million in 2021.

According to an SEC filing, Coinbase CEO Brian Armstrong got $6.3 million in security perks last year, more than double the amount his security cost the company the previous year.

Armstrong’s security will cost $1.9 million in 2021. The rise was not explained in the company’s executive salary statement, which was issued last month.

Crypto’s entire market worth fell by $1.6 trillion in 2022, but it didn’t stop Coinbase executives from making a fortune.

It’s hardly unexpected that Armstrong would need security. Armstrong’s fortune is well-documented in the crypto realm, which is replete with hackers, fraudsters, and thieves. He earned $292 million from stock sales in the weeks after the company’s IPO in 2021.

According to the SEC report, Armstrong’s total salary in 2022 was $7.5 million. He was paid a fixed salary of $1 million, with the remainder going for security and legal fees. In 2021 and 2020, he received the same basic wage.

Emilie Choi, chief operating officer, and president, was paid a total of $23.4 million. Haas earned $11.9 million, a decrease from $16.2 million in 2021. Surojit Chatterjee, the former chief product officer, received $20.7 million.

The majority of Armstrong’s fortune stems from his ownership and selling of Coinbase shares. In addition to the money he got when the firm went public, he received $56.7 million in option awards (as of 2020) and still owns 39 million shares in the company, which would be worth $2.4 billion if sold today.

Coinbase lost $2.6 billion in the fourth quarter of 2022, according to the crypto firm’s fourth quarter 2022 financial release.

Coinbase revealed in early January that it was laying off 950 employees, or 20% of its staff. The exchange laid off 18% of its personnel in June 2022.

It’s impossible to compare Coinbase’s executive pay to colleagues at other exchanges, such as the privately held Binance since only Coinbase has gone public in the United States, where the disclosure environment mandates a high degree of openness.

The corporation was not the only one to suffer frostbite during the cold crypto winter. After a great year in 2021, the crypto market was rocked by a series of events, including the depegging of the algorithmic stablecoin Terra, the bankruptcy of three crypto lenders – BlockFi, Voyager, and Celsius – and the demise of FTX.

Coinbase also reported its first-quarter results in early May, with a net loss of $79 million, which was less than the company’s total losses in 2022.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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