Coinbase

Founder-CEO Brian Armstrong and leadership have navigated major external shocks and regulatory shifts while shipping products at pace. As of March 31, 2025, Armstrong controlled about 50 percent of total voting power through Class B, aligning long term decision making with strategic focus.

The team secured MiCA authorization in the EU, helped anchor ETF custody at scale, launched and scaled Base, expanded US regulated derivatives, and obtained dismissal of the SEC lawsuit in 2025. Communication quality via detailed shareholder letters and operating KPIs is strong.

Key watch items are continued execution on cost discipline, dilution moderation, and risk management as the firm scales credit, derivatives, and L2.