Coinbase CEO: Traditional finance still has cognitive dissonance towards crypto, and the company is underestimated by Wall Street

Coinbase CEO Brian Armstrong posted on the X platform responding to "why Wall Street always misunderstands or underestimates Coinbase." He stated that there is a clear trend of differentiation among traditional financial institutions regarding the crypto industry, with some leading financial institutions actively embracing crypto assets. Currently, five globally systemically important banks (GSIBs) have begun collaborating with Coinbase, while about half of large financial institutions are accelerating their involvement in crypto business and hiring related talent.

As regulatory clarity gradually improves, the acceptance of the crypto industry by traditional finance continues to rise. However, at the same time, some institutions remain cautious or even resistant. These institutions have long built their career paths on the traditional financial system, and therefore are naturally skeptical of the structural disruptions brought by crypto. Similar to how the taxi industry faced Uber, the hotel industry faced Airbnb, and the aerospace industry faced SpaceX, cryptocurrencies are directly disrupting Wall Street, so it is not surprising that some people on Wall Street misunderstand cryptocurrencies/Coinbase.

Additionally, Brian Armstrong revealed Coinbase's performance data, including a 156% year-over-year increase in total trading volume by 2025 and a doubling of market share, a threefold growth in the scale of assets under custody on the platform over three years, and currently 12 products with annualized revenue exceeding $100 million. Investors should focus on the company's long-term execution capabilities and business performance records, rather than solely relying on analyst model predictions. Furthermore, since GAAP net profit includes unrealized gains and losses from the company's held crypto assets, adjusted net profit better reflects the true operational status.