Brian Armstrong, CEO of Coinbase, saw an increase in compensation from $1.9 million in 2021 to $6.3 million in 2022 for legal fees and personal security. This is according to the company’s SEC report.
Along with Armstrong, other top executives of the company, such as COO Emily Choi ($23.5 million), CFO Alesia Haas ($12 million), Product Director Surojit Chatterjee ($20.7 million), and General Counsel Paul Grewal ($7.5 million) also received significant payments, mostly dividend options and shares of the company.
All five of these executives receive the same annual salary of $1 million. Armstrong currently holds a 16% stake in Coinbase and a majority voting share of almost 60%.
According to The Wall Street Journal, Coinbase managers have sold $1.2 billion worth of shares from the IPO to February 2022.
In the first quarter of 2023, Coinbase reported a net loss of $78.9 million, or $0.34 per share, beating analysts’ expectations of a loss of $0.87 per share.