Brian Armstrong, CEO of Coinbase, the largest cryptocurrency exchange in the United States, reportedly made a multi-million dollar real estate purchase in late 2021.
Armstrong bought a $ 133 million property in Los Angeles from Japanese businessman Hideki Tomita in December, The Wall Street Journal reported Monday, citing anonymous people familiar with the matter.
According to The Wall Street Journal, Tomita originally bought the real estate for $ 85 million in 2018. The new deal reportedly marks the largest home purchase ever completed in the Los Angeles area.
Before being sold to Tomita, the Bel-Air property was owned by Ellen Bronfman Hauptman, the 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 had a 6,600-square-foot guesthouse designed by Paul Williams.
Armstrong co-founded Coinbase with US investor and business executive Fred Ehrsam in 2012. The exchange has grown tremendously in recent years, becoming the largest cryptocurrency trading platform in the US in terms of trading volumes and trading on Nasdaq in April 2021.
With a reportedly 19% stake in Coinbase, Armstrong had an estimated net worth of $ 14.7 billion in November 2021, being one of the richest cryptocurrency investors in the world alongside FTX exchange founder Sam Bankman-Fried. Armstrong was also referred to as the world’s largest crypto billionaire by China’s Hurun Research Institute in March 2021.
Coinbase did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending new information.
Crypto executives have been buying more and more real estate recently. Jonathan Yantis, co-founder of 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, reportedly bought his first home in Dubai in October 2021.. He previously said that he did not own any real estate in April 2021, claiming that he sold his Shanghai apartment in 2006 to buy Bitcoin (BTC).
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