The wealth of Coinbase CEO Brian Armstrong surged by more than $2 billion following a record-breaking 31% increase in Coinbase Global Inc. (NASDAQ: COIN) shares on November 6, 2024. The market rally stemmed from a successful Election Day for candidates backing pro-crypto policies, making Armstrong the biggest beneficiary of the crypto industry’s growing political influence.

The sharp rise in Coinbase’s stock came after victories for pro-crypto candidates, particularly in Ohio, where Republican Bernie Moreno triumphed over Democratic incumbent Sherrod Brown in the Senate race. Armstrong, who is the co-founder of Coinbase and has considerable investments in the…

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