Coinbase CEO responds to being underestimated by Wall Street: A classic "innovator's dilemma," with traditional finance showing a clear divergence in attitudes toward crypto.

Coinbase CEO Brian Armstrong responded to "Why Wall Street Always Misunderstands or Underestimates Coinbase" in an article on the X platform. He stated that traditional financial institutions are showing a clear divergence in their attitudes towards the crypto industry. Some leading financial institutions are actively embracing crypto assets; five Global Systemically Important Banks (GSIBs) have already begun collaborating with Coinbase, and about half of the major financial institutions are accelerating their crypto business development and recruiting related talent. As regulatory clarity gradually increases, traditional finance's acceptance of the crypto industry is continuously improving. However, at the same time, some institutions remain hesitant or even resistant. These institutions' career paths have long been built on the traditional financial system, so they are naturally skeptical of the structural impact of crypto. Similar to the taxi industry facing Uber, the hotel industry facing Airbnb, and the aerospace industry facing SpaceX, cryptocurrencies are directly disrupting Wall Street, so it's not surprising that some people on Wall Street misunderstand cryptocurrencies/Coinbase. In addition, Brian Armstrong disclosed Coinbase's performance data, including a 156% year-on-year increase in total transaction volume and a doubling of market share in 2025, a three-fold increase in the scale of assets under custody on the platform in three years, and 12 products with annualized revenue exceeding $100 million. Investors should focus on the company's long-term execution capabilities and business performance record, rather than simply relying on analyst model predictions. Furthermore, since GAAP net profit includes unrealized gains and losses from the company's holdings of crypto assets, adjusted net profit better reflects the true operating situation.