Surojit Chatterjee, who joined Coinbase Global, the biggest US crypto exchange, as chief product manager in February 2020, saw his stake shoot to around $180.8 million (Rs 1,500 crore).
The former Google executive’s stake surged in just 15 months of joining Coinbase, after the firm’s first volatile day of trading in New York on Wednesday. Chatterjee is also going to receive share options within the next five years that are presently worth around $465.5 million (Rs 3,500 crore), according to data collated by Bloomberg.
The IIT Kharagpur graduate joins Coinbase founders Fred Ehrsam and Brian Armstrong as major winners of the company’s Nasdaq Inc. debut.
Collectively, their stakes are worth over $16 billion, as per the Bloomberg Billionaires Index. Coinbase shares opened at $381, rendering it a valuation of nearly $100 billion.
The price jumped to almost $430 before falling back to close at $328.28. Coinbase went public as Bitcoin, which along with Ethereum constituted most of its 2020 trading volume, is trading around its all-time high. Bitcoin has almost doubled in price this year to around $64,000.
Chatterjee joined Coinbase in February 2020 after three years at Google, where he was at the helm of the tech giant’s shopping platform during his second stint at the company.
He earlier headed product and delivery for mobile search ads and AdSense before a temporary stop at Flipkart.
“When someone has only lived, worked, or transacted in a country like the United States, it can be difficult to grasp the size of the opportunity in simplifying cross-border transactions,” Armstrong wrote in the company’s blog post last year announcing Chatterjee’s appointment.