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The recent cryptocurrency price surge has led to a shift in net worth of key players in the industry. Changpeng Zhao, popularly known as CZ, saw his net worth surge to over $26 billion, according to Bloomberg. Forbes pegs his net worth at $15 billion, making him one of the richest players in the industry.
Brian Armstrong, the founder of Coinbase, has also added billions to his net worth as the company’s stock has jumped. Bloomberg places his net worth at $5.4 billion while Forbes places it at $5.8 billion. Coinbase stock price has more than doubled in the past 12 months, giving it a market cap of over $31 billion.
Winklevoss Twins net worth
Meanwhile, Winklevoss Twins have also added to their net worth in the past few months despite going through significant challenges. Tyler and Cameron Winklevoss peg most of their net worth to Gemini, the crypto exchange they formed.
Gemini is now one of the biggest exchanges in the world. Like other exchanges, Gemini went through an upheaval in 2022 as cryptocurrency prices dived and as FTX collapsed. As a result, Tyler and Cameron were forced to lend Gemini $100 million to keep it afloat.
They also came under pressure as Genesis, a leading company owned by Digital Currency Group, went bankrupt. The twins had investments in the company but, according to New York Post, they managed to withdraw over $280 million before it collapsed.
Winklevoss Twins also went through a challenge as the SEC sued Gemini alleging that the exchange offered unregistered securities. The SEC has also sued Genesis, Coinbase, and Kraken of offering these securities.
According to Forbes, Cameron and Tyler Winklevoss are each worth $1.4 billion. In addition to their Gemini ownership, the two also own thousands of Bitcoins. As a result, they have benefited as Bitcoin has surged from $15,000 in December 2022 to over $40,000.
Gemini was valued at over $7.1 billion in a fundraising in 2021. Since it is a private company with no publicly available financials, it is hard to establish its true valuation. But judging by Coinbase performance, we can assume that it has held its valuation above $7 billion.
Savvy investors
The Winklevoss twins have grown to become savvy investors. They generated most of their wealth from Facebook which gave them $65 million in cash and stock. In a lawsuit, the two argued that Facebook was their idea and that Mark Zuckerberg had stolen it from them.
This means that they have turned this funding into billions of dollars by investing in Bitcoin, Gemini, and possibly other cryptocurrencies. They also own Winklevoss Capital, a venture capital company that has invested in several firms like Angelist, Animoca Brands, August, Filecoin, Flexport, Messari, Stacks, Work & Co, and Tezos, among others. Work & Co was recently acquired by Accenture.
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