Armstrong's departure from the list of the world's 500 wealthiest coincides with a steep crypto market decline, as Bitcoin drops below $70,000 for the first time since late 2024. His fortune remains heavily linked to his roughly 14% stake in Coinbase.

Per the Bloomberg index, Armstrong’s net worth is currently estimated at $7.5 billion, a drastic fall from the $17.7 billion recorded last summer.

Over the past month, Coinbase stock suffered a decline on 33.12% amid crypto volatility. The cryptocurrency behemoth is set to release its fourth-quarter financials on Thursday, Feb. 12.

Armstrong Advocates Fair Crypto Access

Treasury Secretary Scott Bessent criticized Coinbase for opposing the proposed Clarity Act, arguing that the recent crypto market volatility underscores the need for clear regulatory rules.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image via Shutterstock