- Brian Armstrong says half of banks now embrace crypto, whereas others resist change and delay adoption.
- Coinbase doubled its buying and selling market share and tripled its belongings in three years as income streams diversified.
- Regulatory readability and institutional hiring sign that crypto adoption is transferring concept to observe.
Coinbase CEO Brian Armstrong just lately addressed a query many traders have been asking. Throughout an AMA session with analysts, somebody requested why Wall Road retains misunderstanding Coinbase.
Armstrong didn’t maintain again. He took to social media to share his full reply. His response has since sparked recent dialog within the crypto area.
Armstrong Says It Is a Basic Case of the Innovator’s Dilemma
Armstrong pointed to a well-known sample in enterprise historical past. He mentioned Coinbase is a misunderstood firm, and the reason being easy.
Industries being disrupted not often cheer for the disruptors. He in contrast crypto skeptics on Wall Road to cab firms dismissing Uber. “You don’t go to the horse and buggy makers and ask them what they give thought to the car,” Armstrong wrote.
He famous that the neatest conventional finance corporations are already transferring. 5 of the GSIB banks have began working with Coinbase. About 50% of main monetary establishments are actively embracing crypto. The opposite half, Armstrong mentioned, are lagging.
“Why is Coinbase all the time misunderstood or under-appreciated by Wall Road?” – I acquired requested this right now in our AMA with analysts, and it’s an attention-grabbing query. Sharing my reply right here.
I do suppose Coinbase is a little bit of a misunderstood firm. It’s a traditional innovator’s dilemma.…
— Brian Armstrong (@brian_armstrong) February 17, 2026
Coinbase’s Current Numbers Inform a Sturdy Story
Armstrong backed his claims with information from Coinbase’s This autumn and full-year earnings. Whole buying and selling quantity grew 156% 12 months over 12 months.
The corporate’s crypto buying and selling market share doubled in 2025. Property on the platform have elevated 3 times over the past three years. These are numbers that Armstrong says the headlines haven’t all the time captured pretty.
He additionally flagged a reporting difficulty that he believes has misled some traders. Coinbase’s GAAP internet revenue consists of unrealized positive aspects and losses on crypto holdings.
Armstrong instructed taking a look at adjusted internet revenue as a substitute. By that measure, Coinbase was worthwhile final quarter, even in a down market.
Twelve Merchandise Now Crossing the $100M Income Mark
One element Armstrong highlighted was the size of Coinbase’s product portfolio. The corporate now has 12 merchandise every producing over $100 million in annualized income.
USDC and Coinbase One each hit new all-time highs. Armstrong described this as proof that Coinbase has efficiently diversified past buying and selling charges.
That shift, he mentioned, makes the enterprise way more resilient.
Armstrong Urges Traders to Take a look at Monitor Report, Not Analyst Fashions
Armstrong’s recommendation to traders was direct. He informed them to give attention to what an organization says it would do and whether or not it delivers.
He mentioned Coinbase has been placing up sturdy numbers for 3 years straight. Regulatory readability can be bettering, which he sees as a serious tailwind. Extra governments, establishments, and retail traders are coming into the area.
Armstrong closed by saying no firm is healthier positioned than Coinbase to learn from the monetary system’s transformation. He known as it nonetheless an underestimated firm.
In his view, the consensus has not caught up but, and that hole is the place the chance lies for early traders.