Brian Armstrong says Wall Street still doesn’t fully understand what Coinbase is building.
After an analyst Q&A session, Armstrong posted on X that many traditional finance experts are underestimating the company. He described the moment as an “innovator’s dilemma” — where old systems struggle to adapt while new technology moves fast.
He said about half of major financial institutions are now leaning into crypto, especially as regulations become clearer. In fact, five of the world’s biggest systemically important banks (GSIBs) are starting to work with Coinbase. But others, he added, still see crypto as a threat to their business models.
Armstrong compared the shift to how companies like Uber, Airbnb, and SpaceX disrupted their industries.
He pointed to strong growth numbers to back up his case. Trading volume jumped 156% year-over-year. Coinbase doubled its market share in 2025. Assets on the platform have tripled over the past three years. The company now has 12 products generating more than $100 million each in annualized revenue. USDC balances and Coinbase One subscriptions are also at all-time highs.
Still, not everyone is convinced.
Some users on X pushed back hard. One critic questioned why Armstrong keeps selling shares if he believes the stock is undervalued. Others raised concerns about customer security, product strategy, and whether the company is truly committed to the Ethereum ecosystem — especially after selling Base sequencer fees instead of holding or staking ETH.
Another user asked directly: if the company is so misunderstood, why isn’t Armstrong buying more of his own stock?
Armstrong responded by saying that official earnings numbers under GAAP include unrealized gains and losses on crypto holdings, which can distort the picture. He said adjusted net income showed the company was profitable last quarter, even in a weaker market.
His message was simple: big changes are happening in finance. Some institutions are adapting. Others are falling behind. And in his view, Coinbase is stronger than ever — even if not everyone sees it yet.
