After the US presidential election, Trump won, and Bitcoin's price surged more than 9.5%, setting a record of over $76,400. Not only were the long-term supporters of the crypto industry elated, but the stock price of the US cryptocurrency compliant exchange Coinbase also soared 31% on Wednesday.
In 2012, Brian Armstrong founded Coinbase and served as the CEO. Coinbase went public in 2021, and Brian Armstrong personally owns more than 10% of Coinbase's shares. According to the latest filing, Brian Armstrong, who owns 34.8 million Class A and Class B shares, has seen his net worth increase by nearly $2.1 billion due to the stock price increase.
Brian Armstrong has never explicitly supported any political party or president, and he is very neutral. However, he believes that "being anti-crypto is simply bad politics," and he also said that "regardless of how you view it, this election is a huge win for crypto."
Coinbase did not participate in the presidential campaign, but instead focused all its resources on congressional campaigns, working to get pro-crypto legislators into the US Congress. During the 2024 election cycle, Coinbase sponsored and donated over $75 million to the PAC (Political Action Committee) affiliated with Fairshake to run advertisements.
Brian Armstrong posted on X to celebrate the welcoming of the new, crypto-friendly US Congress.
He said: Welcome to the most crypto-friendly Congress in US history... Over 219 pro-crypto candidates have been elected to the House and Senate. Tonight, crypto voters across party lines spoke decisively in key races nationwide, as Americans overwhelmingly care about crypto and want clear rules for digital assets. We look forward to working with the new Congress to achieve this goal.
In this US election, 205 pro-crypto House members and 14 pro-crypto Senators have entered Congress, which can be seen as a new milestone in the US fully embracing the crypto era.
