Coinbase CEO Brian Armstrong has publicly addressed Wall Street's persistent misunderstanding and undervaluation of his company, framing it as a classic case of the "innovator's dilemma." In a detailed social media post following an analyst AMA, Armstrong argued that industries being disrupted, like traditional finance, often fail to properly value the disruptors.
Armstrong drew a direct comparison to historical shifts, stating, "You don't go to the horse and buggy makers and ask them what they think about the automobile." He revealed that despite skepticism, adoption is progressing: five Global Systemically Important Banks (GSIBs) are now working with Coinbase, and approximately 50% of major financial institutions are actively embracing crypto. The other half, he contends, are lagging and risk being left behind.
The CEO backed his critique with robust financial metrics from Coinbase's recent performance. The company's total trading volume surged 156% year-over-year, and its crypto trading market share doubled in 2025. Over the last three years, assets on the platform have tripled. Armstrong also highlighted the company's successful diversification, with 12 separate products now each generating over $100 million in annualized revenue, including USDC and Coinbase One which hit new all-time highs.
Addressing profitability, Armstrong pointed out that while GAAP net income includes volatile unrealized gains/losses on crypto holdings, the company was profitable on an adjusted basis last quarter, even in a down market. He urged investors to focus on Coinbase's track record of delivery and the improving regulatory clarity, which he sees as a major tailwind for broader institutional and retail adoption.
Armstrong concluded by positioning Coinbase as central to the future rebuilding of the global financial system around crypto, asserting that no company is better positioned to benefit from this transformation and that it remains an underestimated opportunity.
