COIN gained in post‑Q4 earnings as 2025 volume jumped 156% despite Wall St skepticism.
Summary
- Coinbase total trading volume grew 156% YoY in 2025, with crypto trading market share roughly doubling versus the prior year.
- Assets on COIN have tripled over 3 years, while 12 products, including $USDC and Coinbase One, each now generate over $100m in annualized revenue.
- Armstrong says ~5 GSIBs and about half of major institutions already work with COIN, arguing GAAP noise hides profitability and that Wall St still underestimates the stock.
Coinbase Global Inc. Chief Executive Officer Brian Armstrong has attributed Wall Street’s skepticism of the cryptocurrency exchange to a broader pattern of industries resisting disruptive technologies, according to statements the executive shared on social media following an analyst session.
Coinbase total volume continues to tip upward
Armstrong responded to questions about why traditional financial institutions continue to misunderstand Coinbase’s business model, comparing crypto skeptics to historical examples of incumbent industries dismissing new competitors. The CEO referenced the comparison between legacy taxi services and ride-sharing platforms as an analogy for the current dynamic between traditional finance and cryptocurrency firms.
According to Armstrong’s statements, five of the globally systemically important banks (GSIBs) have initiated partnerships with Coinbase, and approximately 50% of major financial institutions are actively engaging with cryptocurrency services. The remaining institutions have been slower to adopt the technology, Armstrong said.
The company reported total trading volume growth of 156% year over year in its fourth quarter and full-year earnings report. Coinbase’s crypto trading market share doubled in 2025, and assets on the platform have tripled over the past three years, according to the company’s financial disclosures.
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Armstrong highlighted that Coinbase’s GAAP net income includes unrealized gains and losses on cryptocurrency holdings, suggesting investors examine adjusted net income metrics instead. By that measure, the company remained profitable in the most recent quarter despite market headwinds, the CEO stated.
The cryptocurrency exchange now operates 12 products each generating over $100 million in annualized revenue, according to Armstrong. Both $USDC, a stablecoin product, and Coinbase One, a subscription service, reached all-time highs. Armstrong characterized this diversification as evidence the company has reduced its dependence on trading fee revenue.
The CEO told investors to evaluate companies based on stated objectives and execution results, noting Coinbase has delivered consistent financial performance for three consecutive years. Armstrong cited improving regulatory clarity as a favorable factor for the industry’s growth, along with increasing participation from governments, institutions, and retail investors.
Armstrong concluded that Coinbase remains well-positioned to benefit from ongoing transformation in the financial system, describing the company as underestimated by market consensus. The executive suggested this gap between market perception and company performance represents an opportunity for investors.
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