Brian Armstrong Fires Back: Why Wall Street Still Doesn’t Get Coinbase - Crypto Economy

TL;DR

• Brian Armstrong stated that Coinbase is undervalued by Wall Street, attributing this perception to an “innovator’s dilemma.”
• The CEO indicated that institutional adoption is uneven; around 50% of major institutions are advancing in crypto infrastructure and hiring specialists.
• Coinbase recorded a 156% year-over-year growth in trading volume, doubled its market share in 2025, and tripled its assets over three years.

Brian Armstrong, CEO of Coinbase, said that the company is undervalued and misunderstood by Wall Street. He noted that the traditional financial sector’s perception reflects an “innovator’s dilemma,” in which cryptocurrencies are seen as a threat to established business models. The CEO indicated that five banks classified as Global Systemically Important Banks (GSIB) have begun working with Coinbase and collaborating on crypto initiatives.

Armstrong emphasized that cryptocurrency adoption on Wall Street is uneven. While some institutions are advancing in the integration of crypto infrastructure, others maintain a skeptical stance. He stated that the resistance does not indicate weakness in Coinbase but the disruptive nature of its model. He compared the situation to historical reactions to innovations such as Uber versus taxis, automobiles versus carriage makers, Airbnb, autonomous vehicles, artificial intelligence, and SpaceX versus NASA.


The Coinbase CEO highlighted that the company is no longer just a trading platform. It now operates as a diversified financial infrastructure with measurable growth. Metrics include a 156% year-over-year increase in total trading volume and a doubling of crypto trading market share in 2025. Assets under management at Coinbase tripled over the last three years, and the company has 12 products generating more than $100 million annually each. New all-time highs were also reached in USDC and Coinbase One.

Armstrong Addresses Regulatory Clarity and Adoption by Major Financial Groups

Armstrong explained that GAAP net income includes unrealized gains and losses on crypto held on the balance sheet. He recommends looking at adjusted net income, which shows the company was profitable in the last quarter, even in a bearish market.


The executive indicated that regulatory clarity is increasing and that approximately 50% of major financial institutions are adopting crypto infrastructure. He noted that many of these entities are hiring cryptocurrency specialists to strengthen internal capabilities. Armstrong stated that Coinbase is positioned at the center of the global financial system transformation and that the company facilitates the integration of crypto infrastructure into banks and other financial institutions.

According to Armstrong, growth indicators and product diversification demonstrate Coinbase’s position as a central platform in the crypto ecosystem. The company maintains an active role in institutional adoption and the expansion of cryptocurrency-based financial services