“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. On the one hand, the smartest traditional finance firms are all leaning in and embracing crypto. 5 of the GSIB banks are starting to work with Coinbase. Many of the largest financial institutions are actually hiring crypto people (check LinkedIn). As regulatory clarity is emerging, we're seeing ~50% of the big financial institutions really leaning in and embracing it. On the other hand, the other half are lagging and still resisting it. I think some of these people are just inherently skeptical of crypto because of incentives - their whole careers have been built in the traditional financial system. They’re skeptical because it feels like a threat; it's human nature. You don’t go to the cab companies and ask them what they think about Uber. You don’t go to the horse and buggy makers and ask them what they think about the automobile. The biggest disruptive innovations in the world have all followed this pattern. You can look at Uber, Airbnb, self-driving cars, AI adoption, even SpaceX versus NASA. Crypto is directly disrupting Wall Street, so it makes sense that some on Wall Street would misunderstand crypto/Coinbase. The smartest ones are going to embrace it. The laggards are going to be left behind. Coinbase and crypto have never been in a stronger position. We've been putting up great numbers the last 3 years, doing what we said we would do. We've diversified our revenue streams. Regulatory clarity is emerging. More and more financial institutions, governments and retail investors are jumping in. The financial system is going through this massive transformation, and there is really no company in the world that is better positioned to help make that a reality and capitalize on it than Coinbase. Investors must be early and right to generate alpha, and Coinbase is still underestimated. It's not yet a consensus view amongst traditional analysts. I suggest looking at what a company says they're going to do (and their track record of meeting it), not whether some analyst's model said they beat or miss. Also our GAAP Net Income includes unrealized gain/losses on crypto we hold, so it's useful to look at Adj. Net Income as well (spoiler: we were profitable last quarter, even in a down market - many headlines got this wrong). Some highlights from our recent Q4 + FY earnings for more context on Coinbase’s current position: - Total trading volume grew 156% Y/Y and our crypto trading market share doubled in 2025 - Assets on Coinbase increased 3x over the last 3 years - We now have 12 products generating >$100M of revenue on an annualized basis - New all time highs in USDC and Coinbase One Thanks for the question, @CoinbaseDuck!