Despite Rough 2022 for Crypto and Coinbase, Executives Made Millions

$6.3 million of CEO Brian Armstrong’s $7.4 million in compensation went to personal security costs


Coinbase CEO Brian Armstrong | Source: TechCrunch "775208327GB00107_TechCrunch" (CC license)


Coinbase executives managed to seek shelter during crypto winter. 

Crypto lost a whopping $1.6 trillion off of its total market cap in 2022, but that didn’t stop Coinbase executives from raking in cash. 

According to an SEC filing – with the exception of chief financial officer Alesia Haas – Coinbase’s executives walked away with more money in their pockets in 2022 than the year before.

CEO Brian Armstrong made a total of $7.4 million last year, though $6.3 million of that total figure went to personal security costs.

Emilie Choi, chief operating officer and president, made $23.4 million in total compensation. 

Haas made $11.9 million, down from the $16.2 million she made in 2021. 

Surojit Chatterjee, former chief product officer, walked away with $20.7 million. 

Chief Legal Officer Paul Grewal made $7.4 million. 

2022 was a rough year for all of crypto, but Coinbase lost $2.6 billion last year, according to the crypto firm’s fourth quarter 2022 earnings report. 

“To state the obvious, 2022 was a challenging year for the crypto market and our transaction revenues,” Coinbase said in its report. 

The stock has also taken a hit, down to $60 a share from a 52-week high of $116. 

In early January of this year, Coinbase announced that it was cutting 950 jobs – or 20% – of its workforce. In June of 2022, Coinbase laid off 18% of its workforce. 

The company wasn’t the only crypto firm to be exposed to frostbite through a chilly crypto winter. Following a strong year in 2021, the crypto sector was hit by a number of events from the depegging of the algorithmic stablecoin Terra, to the bankruptcies of three crypto lenders – BlockFi, Voyager and Celsius – and the fall of FTX. 

However, as Blockworks has previously reported, while pain is still being felt across cryptocurrencies, 20% of the 160 analyzed have seen their market values grow. 

In early May, Coinbase also posted its first-quarter earnings, which still saw a net loss for the quarter, but did note that the loss of $79 million was smaller than 2022’s net losses. 

“This quarter represented a turning point in our drive towards building a company that is more efficient and financially disciplined,” Coinbase said in a shareholder letter.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

recent research

Research Report Templates (1).png


Solana Mobile is a highly ambitious foray into the mobile consumer hardware market, seeking to open up a crypto-native distribution channel for mobile-first applications. The market for Solana Mobile devices has demonstrated a phenomenon whereby external market actors (e.g. Solana-native projects) continuously underwrite subsidies to Mobile consumers. The value of these subsidies, coming in the form of airdrops, trial programs, and exclusive NFT mints, have consistently covered the cost of the phone and generated positive returns for consumers. Given this trend in subsidies, the unit economics in the market for Mobile devices, and the initial growth rate and trajectory of sales, it should be expected that Solana mobile can clear 1M to 10M units over the coming years. As more devices circulate amongst users, Solana Mobile presents a promising venue for the emergence of killer-applications uniquely enabled by this mobile-first, crypto-native distribution channel.


Plus, a look into Lighting Labs’ newest feature


Crypto’s Wild West era is over — it’s time to embrace regulation to secure the future of digital assets


Plus, Solana has now surpassed Ethereum in trailing 30-day decentralized exchange volume


Polymarket betters say Kamala Harris has better odds than Biden of winning against Trump


Bitcoin’s down Tuesday, while ETH-correlated assets like ENS and ARB see growth