Brian Armstrong, CEO of Coinbase, the largest cryptocurrency exchange in the United States, reportedly made a multi-million dollar property purchase in late 2021.
Armstrong bought $ 133 million worth of property in Los Angeles in December from Japanese businessman Hideki Tomita, the Wall Street Journal reported Monday, citing anonymous people familiar with the matter.
According to The Wall Street Journal, Tomita originally bought the property in 2018 for $ 85 million. The new deal is reportedly the largest property purchase ever made in the Los Angeles area.
Prior to being sold to Tomita, the property was owned by Bel-Air Ellen Bronfman Hauptman, daughter of billionaire Seagram’s heir, Charles Bronfman.
The property includes a 19,000 square foot mansion with a theater, gym and double height dining room. The property also reportedly featured a 6,600-square-foot guest house designed by Paul Williams.
Armstrong founded Coinbase in 2012 together with US investor and managing director Fred Ehrsam. The exchange has grown tremendously in recent years and has become the largest cryptocurrency trading platform in the United States in terms of trading volume and trading on the Nasdaq in April 2021.
With an alleged 19% stake in Coinbase, Armstrong had an estimated net worth of $ 14.7 billion in November 2021, making it one of the richest cryptocurrency investors in the world alongside the founder of the FTX exchange Sam Bankman-Fried. Armstrong was also named the world’s largest crypto billionaire by the Chinese Hurun Research Institute in March 2021.
Coinbase did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending more information.
Crypto executives are buying more and more real estate lately. Jonathan Yantis, co-founder of the non-fungible token platform Worldwide Asset eXchange, reportedly bought a 70-acre property outside Denver for $ 12.5 million in mid-December.
Changpeng Zhao, CEO of the world’s largest crypto exchange Binance, is said to have bought his first home in Dubai in October 2021. He previously said he did not own any real estate as of April 2021 and claimed he sold his Shanghai apartment in 2006 to buy Bitcoin (BTC).