Anthony Armstrong, former CFO at Elon Musk’s xAI and X, joins Coinbase board

Coinbase has named Anthony Armstrong to its board of directors, expanding the U.S. crypto exchange's board from nine to 10 seats, according to a filing with the U.S. Securities and Exchange Commission. Armstrong will also sit on the board's Audit and Compliance Committee.

Armstrong spent close to a decade in investment banking at Morgan Stanley, where he rose to vice chairman of investment banking, Coinbase said in a blog post announcing the appointment. He later joined the Department of Government Efficiency (DOGE) as a senior advisor, and most recently served as chief financial officer across xAI, X.AI Corp. and X Corp., the companies tied to Elon Musk.

"Anthony has had a consistent focus on building things that work at scale, without waste," the company said, adding that efficient execution is one of its core operating principles and that Armstrong has worked to that standard in finance, government and technology.

The SEC filing noted there are no family relationships between Armstrong and any Coinbase director or executive officer, including CEO Brian Armstrong — a detail that matters given the shared surname.

Broader push beyond spot crypto

The appointment lands as Coinbase works to position itself as an "everything exchange" rather than a venue focused narrowly on crypto trading. Last month it began offering access to roughly 4,000 U.S. stocks for eligible UK users, with trading available 24 hours a day, five days a week.

In its most recent quarterly report, Coinbase said 88% of its net revenue now comes from sources other than bitcoin spot trading, underscoring how far the business has diversified.

The stock has had a difficult stretch: Coinbase shares are down more than 40% over the past year and closed Wednesday's session at $174.96.