Bitcoin plummet triggers reshuffle of the billionaire list: Coinbase(COIN.US)CEO drops out of the top 500, several crypto industry giants see their fortunes plummet

According to the Tong Finance APP, as cryptocurrency prices continue to decline, Coinbase Global (COIN.US) CEO Brian Armstrong has fallen out of the Bloomberg Billionaires Index top 500 worldwide. Since July last year, his personal wealth has evaporated by more than half.

According to the Bloomberg Billionaires Index, Armstrong’s wealth peaked at $17.7 billion seven months ago and has since shrunk by over $10 billion. The latest round of wealth decline was directly triggered by JPMorgan lowering Coinbase’s target stock price by 27% on Tuesday, citing reasons including “weak cryptocurrency prices,” declining trading volume, and slowing stablecoin growth.

Coinbase’s stock price has been highly volatile, mirroring Bitcoin’s fluctuations. Since reaching a high on July 18 last year, this cryptocurrency trading platform’s stock has fallen about 60%, with a 2.8% drop on Tuesday alone. Bitcoin’s price has also been halved since early October.

The 43-year-old Armstrong currently has a net worth of approximately $7.5 billion, most of which comes from his 14% stake in Coinbase. The company was co-founded by him and Fred Ehrsam in New York in 2012. The wealth index shows that he regularly reduces his holdings in the company and also owns part of the biotech startup NewLimit—an anti-aging research company he co-founded and personally funded.

As cryptocurrency prices plummet, many billionaires in the crypto space have also fallen out of the Bloomberg Global Rich List top 500.

According to the index, Cameron Winklevoss and Tyler Winklevoss’s personal net worth has plummeted from $8.2 billion last October to $1.9 billion. The brothers’ Gemini Space Station (GEMI.US) announced last week that it would lay off about 25% of staff and gradually shrink some international operations. The sharp decline in Bitcoin prices also caused them to donate millions of dollars less to a new political fundraising organization.

Michael Novogratz, founder and CEO of Galaxy Digital (GLXY.US), saw his wealth fall from a high of $10.3 billion last October to $6.2 billion. As co-founder and CEO of this New York-based cryptocurrency firm, he owns about 51% of the company. During the crypto crash in the fourth quarter, Galaxy Digital reported losses exceeding $500 million, far surpassing market expectations. In an interview, Novogratz admitted, “Pain is inherently part of the industry’s core.”

Additionally, Michael Saylor, founder of Strategy (MSTR.US), has seen his wealth evaporate by about two-thirds since its peak in July 2025, with current net assets of $3.4 billion. His wealth mainly comes from his 8% stake in Strategy, one of the world’s largest publicly traded Bitcoin holding companies.