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BTC Coinbase appoints former xAI Chief Financial Officer Anthony Armstrong to its board of directors
Coinbase has appointed former xAI Chief Financial Officer Anthony Armstrong to its board of directors and serves as a member of the Audit and Compliance Committee. The move not only increased the number of Coinbase's board of directors from nine to ten, but also further strengthened the company's leadership in financial management and compliance supervision.
According to regulatory documents, Armstrong officially joined the board of directors on September 1 and applies Coinbase's existing director remuneration arrangements. He has extensive experience in investment banking, government operations, artificial intelligence and social media. Previously, Armstrong spent nearly a decade at Morgan Stanley, eventually rising to vice chairman of its investment banking division. His background will bring additional expertise to Coinbase in capital markets, corporate strategy, financial management and major transaction processing.
Since then, Armstrong has served as a senior adviser to the Department of Government Efficiency (DOGE). Most recently, he served as chief financial officer of xAI, X.AI Corp. and X Corp. In addition, relevant documents confirm that there is no family relationship between Armstrong and company CEO Brian Armstrong or other company executives.
Introducing new leadership during business expansion
Armstrong's addition comes as Coinbase strives to transform into a broader financial products platform. The company calls its strategy the "everything exchange" strategy and aims to extend its business beyond cryptocurrency trading.
As part of this strategy, Coinbase has launched nearly 4,000 U.S. stocks to eligible UK users. The move provides Coinbase with a new way to attract investors interested in traditional and digital assets, while also potentially reducing the exchange's reliance on fee income from spot trading in cryptocurrencies. In the most recent quarter, Coinbase reported that 88% of its net income came from activities other than Bitcoin spot trading.
However, the company's expansion has not protected its publicly traded share price from large market fluctuations. Coinbase shares have fallen more than 40% in the past year, closing Wednesday at $174.96.
Despite this, management remains committed to diversifying revenue sources and strengthening Coinbase's position in the broader financial markets. Armstrong's banking experience is expected to support decisions on capital allocation, risk management, internal control and regulatory compliance. Overall, Armstrong's addition comes at a critical moment as Coinbase seeks to balance business expansion, regulatory obligations, cost management and shareholder expectations.
