The chief executive of the Coinbase Bitcoin exchange, Brian Armstrong, in 2022 received $6.3 million in compensation for legal costs and personal security. According to a report filed with the SEC.
In 2021, payments to Armstrong totalled just $1.9 million. The report does not specify the reasons for the higher outlays.
The total compensation of other Coinbase executives:
- COO Emily Choi — $23.5 million;
- CFO Alesia Haas — $12 million;
- Head of Product Surojit Chatterjee — $20.7 million;
- Chief Legal Officer Paul Grewal — $7.5 million;
The bulk of the executives’ compensation came in the form of dividends on stock options and the company’s shares. At the same time, all five executives earn the same annual salary of $1 million.
According to SEC documents, in April 2022 Armstrong owned 16% of Coinbase stock. The CEO’s voting stake was nearly 60%.
In May 2022, The Wall Street Journal reported that Coinbase’s top executives collectively sold shares worth $1.2 billion from the IPO through February.
In the first quarter of 2023, Coinbase’s net loss was $78.9 million or $0.34 per share. This result was well above analysts’ expectations ($0.87).