By
Godfrey Benjamin
April 23rd, 2024
The estate has a sprawling area of approximately five acres. It includes a 19,000 square foot mansion with a 6,600 square foot guest house.
Brian Armstrong, American billionaire and CEO of Coinbase, has recently purchased an estate in Bel Air Los Angeles for a whopping $133 million.
According to The Wall Street Journal, Armstrong, who is one of the co-founders of the famous cryptocurrency trading platform Coinbase, bought the property from a corporate associated with Japanese entrepreneur Hideki Tomita. While the sale concluded in December last year, the price was touted to be the costliest, when assigned to a single-family house in Los Angeles.
As per records observed by The Journal, Tomita purchased the real estate for $85 million from the daughter of Canadian Businessman and billionaire, Charles Bronfman.
According to the media, the mansion was curated by John Pawson, who is known for his minimalistic designs. The estate covers a sprawling area of approximately five acres. It has a 19,000 square foot mansion with a 6,600 square foot guest house. The large house has a theatre, spa, a gym, and a master suite with a hot tub and a fire pit too.
The Rise of Coinbase under the Management of Its CEO Brian Armstrong
In April 2021, Coinbase witnessed a hike in stocks when the company’s market capitalization skyrocketed as high as $112 billion. The company was estimated at a higher value than most of America’s greatest and most famous companies.
The nine-year-old cryptocurrency exchange was, for a short while, valued for more than Lockheed Martin ($108 Bn) and Airbnb ($106 Bn), during the intraday trading. Ultimately, at the end of the day, the company acquired a market cap of $86 billion and aced some of the market giants like General Motors ($84 Bn), FedEx ($76 Bn), etc. Following its direct listing in 2020, Brian Armstrong was valued at $13 billion. The young entrepreneur’s present net worth is somewhere around $ 9.6 Billion, according to Bloomberg’s Billionaires Index.
Coinbase has witnessed a Herculean backing by investors in the past year. Its backers believe that the company will expand into its valuation by exploiting the crypto boom all over the globe.
While the backing was massive, the company did not forget to live up to the expectations. It gained around $ 800 Mn in net income in its initial quarter of the first year alone. According to the company, there were around 6.1 Mn monthly Coinbase users and $335 Billion of trading volume in this time frame.
The firm went public on the Nasdaq index through a direct listing. Coinbase is the largest cryptocurrency exchange in the US. It has been able to furnish a number of wide-ranging products and services like trading and custody services to its customers.