Crypto Crash Drives Coinbase Exec Out of Bloomberg 500; Winklevoss and Novogratz Also Drop

The collapse in cryptocurrency prices has sent shockwaves through the sector, driving dramatic wealth erosion. Brian Armstrong, CEO of Coinbase (COIN-US), saw his net worth fall from $177 billion in July 2025 to about $75 billion and drop off the Bloomberg Billionaires Index. Morgan Stanley cut its Coinbase target price by 27% on weakness in crypto prices, trading volume, and stablecoin growth; Coinbase closed at $162.51 per share, down 2.8%. The bearish trend extended across the crypto billionaires: The Winklevoss twins’ net worth each fell to about $19 billion from $82 billion, following a 25% workforce reduction at Gemini (GEMI-US). Michael Novogratz’s wealth dropped from $103 billion to $62 billion as Galaxy Digital (GLXY-US) reported a $5 billion loss in Q4 and announced a significant write-down. Michael Saylor’s assets, heavily weighted in Strategy (MSTR-US), fell by roughly two-thirds to about $34 billion.