Coinbase, Ripple CEOs Gain Profits With Pro-Crypto Election Victory

• Brian Armstrong and Brad Garlinghouse saw major financial gains post-2024 elections.
• Armstrong sold $437 million in Coinbase stock, benefiting from a market surge.
• Pro-crypto PACs backed by crypto leaders helped elect 53 Congress members.

Crypto executives, including Coinbase CEO Brian Armstrong and Ripples Brad Garlinghouse, saw significant growth in their fortunes following the 2024 U.S. elections. Their political contributions helped secure victories for pro-crypto victories candidates, leading to a surge in the crypto market and thus increasing their personal wealth.

Crypto Executives Profit After Election Surge

Following a sharp increase in share prices, Armstrong sold over $437 million in Coinbase stock. The value climbed from $186 per share to $276 in the days following the elections.

Meanwhile, his 10% stake in the company, amounting to 24 million shares, is now above $6.4 billion, up by nearly $2 billion in November. This growth is driven by optimism about pro-crypto legislative outcomes.

These sales were part of Armstrong‘s pre-scheduled stock disposal plan, but they were significantly impacted by the election’s favorable results for the crypto industry. This surge has significantly increased Armstrong‘s net worth, making him one of the top beneficiaries of the market’s post-election shift.

Ripples Brad Garlinghouse and the Surge in XRP

On the other hand, the election‘s results led to a surge in XRP’s price, which saw a dramatic jump from $0.49 to $2.87. As a result, the XRP holdings of Ripples CEO Brad Garlinghouse increased by five times, significantly boosting his wealth.

Notably, Ripple committed $73 million in supporting the election of pro-crypto candidates. Further, Ripples success in the political arena, combined with the return of Donald Trump to the White House, has contributed to the positive sentiment around crypto assets.

“The crypto market has added over $1 trillion since Trump won — that‘s the price of Gensler’s foot on the neck of the market, and hes not even officially gone yet,” Garlinghouse said.

Investment firm Andreessen Horowitz (a16z) made a significant impact with its $70 million political contribution, cementing its position within the crypto industry. Although individual financial details remain unclear, the firms vast portfolio, which includes stakes in Coinbase, Uniswap, and Solana, has seen substantial growth post-election.

Fairshake PAC Drives Crypto Influence

The Fairshake political action committee (PAC) supported by Armstrong, Garlinghouse, and other crypto leaders, played a pivotal role in electing candidates who favor cryptocurrency regulations, including Donald Trump.

With their support, Fairshake successfully helped to elect around 53 members of Congress who align with crypto-friendly policies. While some critics argue that these donations amount to buying political favors, the markets positive reaction following these contributions suggests their effectiveness.