United

Amidst regulatory tussle, an SEC disclosure revealed an expensive bill for Coinbase CEO Brian Armstrong&#8217;s security benefits.
The exec was granted security benefits of $6.3 million last year, representing more than triple the amount his security cost Coinbase the previous year.
<ul>
<li>According to the public <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001679788/000167978823000065/coin-20230428.htm#i3cb39573656744c194f48e26318d6b44_40" target="_blank" rel="noopener" data-wpel-link="external">document</a>, Armstrong&#8217;s total compensation for the whole of 2022 was $7.5 million, and received a flat salary of $1 million, while the remaining can be characterized as security and legal costs. The base salary was the same for the previous two years as well.</li>
<li>Moreover, a huge chunk of the Coinbase CEO&#8217;s wealth comes from his holdings and sales of the company stock.</li>
<li>Armstrong received nearly $57 million in option awards as well, besides making a profit after Coinbase went public. He still holds 39 million shares in the company, which is currently worth around $2.4 billion if sold.</li>
<li>The CEO&#8217;s compensation for 2022 was up by almost 134% since the previous year. His subordinates, including COO Emilie Choi, CFO Alesia Haas, CPO Surojit Chatterjee, and CLO Paul Grewal, also witnessed a considerable appreciation in their total compensation for the year.</li>
<li>In fact, all the five top executives of the San Francisco-based exchange giant receive nearly $1 million in cash salary.</li>
<li>The development emerges just a week after Coinbase <a href="https://cryptopotato.com/coinbase-posts-79m-net-loss-but-beats-expectations/" target="_blank" rel="noopener" data-wpel-link="internal">reported</a> a fifth consecutive quarter of losses. The company posted $79 million in losses while its total revenue plunged to $772.5 million, representing a decline of 37% from the $1.1 billion in revenue for Q1 2022.</li>
<li>Coinbase&#8217;s stock also took a <a href="https://cryptopotato.com/coinbase-stock-slides-as-exchanges-regulatory-woes-deepen/" target="_blank" rel="noopener" data-wpel-link="internal">beating</a> as a result of tremendous regulatory pressure in the United States.</li>
</ul>
The post <a href="https://cryptopotato.com/sec-disclosure-reveals-high-security-bill-for-coinbases-ceo-brian-armstrong/" rel="nofollow">SEC Disclosure Reveals High Security Bill for Coinbase&#8217;s CEO Brian Armstrong</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

SEC Disclosure Reveals High Security Bill for Coinbase’s CEO Brian Armstrong

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