Armstrong says Wall Street still underestimates Coinbase amid crypto disruption
Coinbase CEO Brian Armstrong said traditional finance continues to underestimate the crypto exchange as digital assets challenge legacy banking models.
In a post on X following an analyst AMA session, Armstrong described the situation as a classic “innovator’s dilemma,” arguing that some institutions are embracing crypto while others view it as a threat, reports Crypto News.
He noted that five global systemically important banks are now working with Coinbase, and said roughly half of major financial institutions are leaning into digital assets as regulatory clarity improves. Armstrong compared crypto’s rise to past industry disruptions driven by companies such as Uber and Airbnb. He added that Coinbase is often misunderstood by analysts who remain anchored to traditional financial frameworks. According to Armstrong, the broader crypto sector is now in one of its strongest strategic positions to date.
Growth metrics point to expanding institutional traction
Armstrong highlighted several performance indicators to support his argument. Coinbase reported 156% year-over-year trading volume growth, while its overall crypto trading market share doubled in 2025. Assets held on the platform have tripled over the past three years, and the company now has 12 products generating more than $100 million in annualized revenue. USDC balances and Coinbase One subscriptions both reached record highs, reflecting diversification beyond pure trading revenue.
Armstrong also addressed earnings concerns, noting that GAAP net income includes unrealized gains and losses on crypto holdings. He said adjusted net income showed profitability in the most recent quarter despite softer market conditions.
Critics question stock sales and strategic choices
Armstrong’s comments drew criticism from some X users who questioned his conviction in the company’s long-term value. One critic pointed to his continued stock sales, asking why he is not buying Coinbase shares if the company is truly undervalued. Others raised concerns about customer security practices and product decisions, including Coinbase’s handling of Base sequencer fees rather than holding or staking ETH.
Some users also questioned whether the firm has demonstrated sufficient commitment to the Ethereum ecosystem. Despite the pushback, Armstrong maintained that investors must be “early and right” to generate alpha. He suggested that Coinbase remains structurally undervalued as financial markets adjust to digital asset integration.
Recently we wrote that Coinbase CEO Brian Armstrong has once again sold a large block of company shares. The move comes as COIN continues to trade far below its all-time high.
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