A case has been made about Wall Street and its disposition toward the broader cryptocurrency market, with a particular focus on Coinbase, CEO of Coinbase Brian Armstrong stated in a Question and Answer segment recently. Armstrong argues that Coinbase is undervalued and misunderstood by Wall Street.
Brian Armstrong exposes Wall Street skepticism
According to Armstrong, the misunderstanding is a classic case of "innovator's dilemma." He stated that traditional finance is resisting crypto disruptions and seeing the sector as a threat. He insists that it was the same way taxi companies viewed e-hailing cab services as a threat to their businesses, despite the innovation it brought to the industry.
The Coinbase CEO maintained that the current trajectory is typical for a disruptive company. He claimed that the broader traditional finance industry of Wall Street has not fully priced Coinbase in yet, but some are beginning to embrace it.
“Why is Coinbase always misunderstood or under-appreciated by Wall Street?” - I got asked this today in our AMA with analysts, and it’s an interesting question. Sharing my answer here.
I do think Coinbase is a bit of a misunderstood company. It’s a classic innovator's dilemma.…
Armstrong noted that while old financial firms are seeing threats to their business model, big institutions that are forward-thinking are quietly adopting crypto and collaborating with Coinbase. He insists that the current resistance does not imply that Coinbase’s innovation is weak, rather, it is disruptive and still misunderstood.
He revealed that five Global Systematically Important Banks (GSIB) have embraced Coinbase and have taken steps at collaborations. This is a critical move in Armstrong’s opinion, which demonstrates that big financial institutions are "leaning in and embracing" crypto.
In Armstrong’s estimation, those currently embracing crypto and Coinbase are smart entities catching up with a disruptor. He claims laggards will be left behind as they fail to adapt to the changing times and continue to see crypto as a threat.
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To drive home his point, Armstrong emphasized that Coinbase is no longer just a trading app. He stated that it is now a diversified financial infrastructure company with measurable growth. He cited trading volume going up by 156% year-on-year, with the market share doubled in 2025.
Other notable achievements by Coinbase include increased asset growth of over three times in the last three years. Additionally, 12 products by Coinbase currently generate over $100 million of revenue on an annual basis.
Armstrong is, in essence, calling on Wall Street to make an effort in understanding Coinbase. He believes that Coinbase should be judged based on its performance metrics.
According to him, the future global financial system is being rebuilt around crypto, and Coinbase is not just an exchange but central to the future of finance. He insists that banks can win big if they adopt crypto infrastructure.
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