US Election Benefitted Crypto Leaders With Billions in Additional Wealth: Report

Crypto behemoths and bosses who ploughed tens of millions into the November US elections have already reaped billions in wealth.

According to a CoinDesk report, the election results have caused tremendous wealth gain among top leaders of crypto firms. For instance, Coinbase CEO Brian Armstrong received a windfall from sales of his company stock after the November 5 election.

Armstrong’s stock sales alone have netted him an extra $129 million, while Coinbase’s market value has soared by $21 billion. Further, his stake in Coinbase has ballooned by nearly $2 billion since election day, which is now worth $6.4 billion.

Coinbase first announced a $25 million donation to the super political action committee Fairshake prior to the election. Per the report, Coinbase and Armstrong devoted a total of $74 million, matching donations made by Ripple and Andreessen Horowitz (a16z).

According to ‘Armstrong Plan,’ he still owns 10% of Coinbase and about 24 million shares value in his trust, a recent SEC filing revealed.

In a post on X prior to the election, Armstrong explained that his stock sales were part of a diversification plan, making him invest in moonshots, but retaining the remaining majority of his shares.

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