Coinbase adds former xAI and X CFO Anthony Armstrong to its board

Coinbase has appointed Anthony Armstrong to its board of directors, expanding the group to 10 members. Armstrong, who most recently served as chief financial officer at Elon Musk’s xAI, X.AI Corp., and X Corp., will also join the exchange’s Audit and Compliance Committee.

Armstrong’s background

Armstrong spent nearly 10 years at Morgan Stanley, where he rose to vice chairman of investment banking. He later worked as a senior advisor at the Department of Government Efficiency (DOGE) before taking CFO roles at Musk’s companies. Coinbase highlighted his experience in scaling operations efficiently in finance, government, and technology.

The company noted there is no family relationship between Armstrong and Coinbase CEO Brian Armstrong.

Coinbase’s broader push

The appointment follows Coinbase’s efforts to expand beyond crypto trading, including a recent move to offer nearly 4,000 U.S. stocks to eligible users in the UK. In its latest quarterly report, the exchange said 88% of its net revenue now comes from sources other than bitcoin spot trading.

Stock performance

Coinbase shares have fallen more than 40% over the past year, closing at $174.96 on September 2.

Sources

• The Block