- Brian Armstrong’s stake in Coinbase is now worth $15 billion.
- Coinbase public listing is one of its kind to give a boost in the crypto market
Coinbase Flourishes with the boom in cryptocurrency trend
Coinbase Founder, mint CEO Brian Armstrong is riding high on cryptocurrency amidst the Coinbase surge in popularity and boom in cryptocurrency. He has now become the ultra-rich of Silicon Valley.
He is all set to get the potential of $3billion windfall from the digital currency exchange’s direct listing. According to the Bloomberg calculations from the company filings and news reports, the mega grant that has been given to tech founders is sailing to a high note. His stake in the company is worth $15 billion.
As per the registration documents, Armstrong, despite his $1million salary, was also given a stock option award worth $56million in 2020. He also got $1.8 million in reimbursement for legal and security fees.
Armstrong is following the popularity like peers Elon Musk, who is regarded as the most well-paid CEO globally. Armstrong will now have to make a swift move of his company via a rough crypto market and hit certain milestones along the way. Armstrong has given a 9.3 million option grant, but it cannot be used until the company’s stock hits $200 up from a fair value award price of $23.49.
Coinbase standing strong as IPO approaches
Coinbase, in its filing, appreciated Armstrong’s work and said that the 2020 CEO performance is in line with the performance of the company and is in turn aligned with the performance of Armstrong’s incentives with the interest of the stockholders. His options fully vest at a roughly 1,600% price increase.
All set to hit the public exchanges within weeks, Coinbase shares value will be set by the outside investors for the first time. For Armstrong, the required price increases could be near. Axios reported in February that Coinbase sold stocks totaling 1.8 million shares. The prices went up as high as $303 each, a nearly 1,200 increase from the option strike price.
Bitcoin is continuing to soar high as traders await for the first trade to happen. Bitcoin is regarded as the world’s largest cryptocurrency globally and has soared as high as $57,000 last month before pairing some of its gains in recent weeks. According to the Goldman Sachs survey, bank clients are very positive about the currency’s future and its price, with 22% expecting it to double in the next year.
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