Estimated value-created calculation · Public company · 2026-07-30
Brian Armstrong & Fred Ehrsam
Project/company: Coinbase. This published ranking estimate is not founder net worth, personal wealth, founder-retained value, or investment advice.
Published Jul 30, 2026, 12:00 a.m. UTC from market observations at Jul 30, 2026, 12:00 a.m. UTC.
Evidence version: bundled reviewed ownership and capital evidence. Calculation version: unified-v1.
Back to current rankingCalculation
Estimated value created for outside holders and shareholders.
43184827556.64 − 5101090964.64 − 578750000.00 = 37504986592.00 estimated value created for outside holders/shareholders.
Public-company reconstruction
COIN · Nasdaq · closing price date 2026-07-30
| Share class | Outstanding shares | Price | Value | Share-count source |
|---|---|---|---|---|
| Class A | 222,803,032 | $164 | $36,468,400,278 | Coinbase outstanding shares |
| Class B / other | 41,033,891 | $164 | $6,716,427,279 | Coinbase outstanding shares |
Gross market capitalization = each outstanding share class × the $164 closing price. Share classes are added once; enterprise value and fully diluted shares are not used.
Price source: Nasdaq COIN historical close. Share-count filing dates are shown per row above; any date mismatch is disclosed in the source notes.
Accepted deductions
Each accepted input is linked to a stored source record.
Founder/affiliate shares: 31165023 shares × the applicable market price = $5,101,090,965. Ownership source: Coinbase founder ownership.
- Brian Armstrong: 25,640,144 shares — Coinbase founder ownership
- Fred Ehrsam: 5,524,879 shares — Coinbase Fred Ehrsam ownership update
- Aggregate pre-direct-listing preferred proceeds: $578,750,000 (2021-02-25) — Coinbase pre-listing preferred proceeds
Evidence treatment
Excluded, disputed and scenario-only evidence cannot affect rank.
Included evidence
- Class A and Class B/other outstanding shares.
- Armstrong and Ehrsam ownership.
- Aggregate pre-listing preferred proceeds.
- CryptoRank API and DeFiLlama Raises corroborative discovery.
Excluded evidence
- Post-listing financing and secondary transactions from pre-listing capital deduction.
Disputed or scenario-only evidence
- None recorded.
Remaining unknowns
- None recorded.
Confidence
98/100 · High
- Founder attribution: 20/20 — SEC and company history identify the joint founding unit.
- Gross market value reconstruction: 30/30 — Two share classes times July 30 close.
- Founder/affiliate ownership completeness: 25/25 — Founder-controlled issued shares reconciled through June 16 SEC filings.
- Outside-capital completeness: 13/15 — Aggregate pre-listing preferred proceeds disclosed.
- Source quality: 5/5 — SEC and exchange records.
- Snapshot alignment: 3/3 — Price July 30; shares July 23; ownership reviewed through June 16.
- Double-counting risk: 2/2 — Coinbase is one joint entry and does not separately rank USDC.
Uses reconstructed public equity market capitalization, then deducts founder equity and reviewed pre-listing outside capital.