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The Coinbase Global Inc. chief executive officer’s rising influence is being bolstered by his own resurging affluence, with Armstrong putting some of his fortune to work to help fund what he calls a “war chest” to support crypto-friendly politicians as the industry remains pressured by a US government crackdown that began last year. He personally has donated $1 million to the Fairshake super-PAC and Coinbase itself kicked in another $24.5 million, according to Josh Vlasto, a spokesperson for the political action committee.

Armstrong and his company account for about one-third of the $85 million that the group says it has raised so far. Coinbase has described the PAC’s goal as spending big to amplify “crypto’s superpower of grassroots support,” a reminder that the industry’s influence on politics remains even after the downfall of mega-donor Sam Bankman-Fried.

“FTX, Voyager, Genesis went down — many of Coinbase’s peers actually went down,” said Owen Lau, analyst at Oppenheimer & Co. “Coinbase is still standing and fighting for the industry. He needs to get this done.”

Armstrong has plenty more to spend, should he choose. Last year’s massive rebound in the company’s stock lifted his personal fortune to an estimated $5.8 billion, a jump of about 300% from the beginning of 2023, according to the Bloomberg Billionaires Index. He cashed in $78 million worth of shares in the company last year, according to data compiled by InsiderInsights.com.