The ripple effects of Oct. 10, 2025 are still moving through crypto markets.
Now they are reshaping the billionaire leaderboard.
Coinbase (NASDAQ: COIN) CEO Brian Armstrong is no longer listed among the world's 500 richest people on the Bloomberg Billionaires Index, following a steep downturn in digital asset prices and Coinbase stock.
Related: Treasury Secretary Bessent warns Coinbase is blocking major legislation
What is the Bloomberg Billionaires Index?
Bloomberg's Billionaires Index is a daily ranking of the world's wealthiest individuals, compiled by Bloomberg News.
It estimates net worth using publicly available data tied to company holdings, stock prices, and other investments, adjusting fortunes in near real time as markets move.
For founders whose wealth is concentrated in volatile equities and crypto-linked assets, positions on the list can shift quickly.
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Armstrong's fortune slides with Coinbase
Armstrong's net worth has fallen by more than $10 billion from a peak near $17.7 billion, as reported by Bloomberg on Feb. 11. The index now estimates his wealth at approximately $7.5 billion, enough to push him out of the top 500.
The drop tracks closely with Coinbase's stock performance. At press time, COIN was trading 7.16% lower at $150. This is roughly a 64% drop from their July 18, 2025 high of $419.
Bitcoin has also declined by about half since early October, dragging sentiment across the sector.
Further pressure followed a downgrade by JPMorgan Chase , which cut Coinbase's price target by 27%. Analysts cited "softness in crypto prices," lower trading volumes and slower stablecoin growth ahead of earnings.
Most of Armstrong's wealth stems from his estimated 14% stake in Coinbase, the New York-based exchange he co-founded in 2012 with Fred Ehrsam. Bloomberg also notes that he has been a regular seller of the COIN stock.
Armstrong additionally holds a stake in longevity-focused biotech startup NewLimit, which he co-founded and personally backed.
Armstrong's drop from the billionaires index appears right before Coinbase's Q4 2025 earnings report scheduled after the closing bell on Feb. 12.
Crypto billionaires reshuffled
Armstrong is not alone in seeing his ranking shift.
As of Feb. 11, several crypto executives have experienced notable declines. Binance founder Changpeng Zhao remains the only crypto figure among the top 40 billionaires, with a net worth of $52.2 billion, though he is down $1.39 billion.
Justin Sun sits near the 400th position at $9.29 billion, down $76.7 million.
Cameron and Tyler Winklevoss, co-founders of the Gemini (NASDAQ: GEMI) crypto exchange, have seen their fortunes fall to roughly $1.9 billion each from about $8.2 billion in October. Gemini recently announced plans to reduce its workforce by approximately 25% and wind down select international operations.
Galaxy Digital (NASDAQ: GLXY) CEO Michael Novogratz's fortune has dropped to around $6.2 billion from nearly $10.3 billion in October after the firm reported a roughly $500 million loss during the fourth-quarter crypto crash.
Strategy (NASDAQ: MSTR) co-founder and executive chairman Michael Saylor has also seen his net worth decline to about $3.4 billion, down roughly two-thirds from a July 2025 high.
Related: 'The Good, Bad and Ugly': Film Looks at CEO Brian Armstrong's Creation of Coinbase
This story was originally published by TheStreet on Feb 11, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
