Coinbase CEO: On-chain IPOs can fix private-market bias and open investing to 4 billion people

Coinbase CEO Brian Armstrong argued that current capital markets suffer structural flaws—companies stay private for too long, early profits flow to private investors, and IPOs often underperform because early-stage valuations lack liquid markets. Armstrong predicts companies will eventually complete IPOs fully on-chain, reducing costs, lowering friction and broadening access. He cited a banker’s view that crypto has become a top priority and said roughly 4 billion adults lack brokerage access to high-quality investments, a gap tokenization could close. Traditional exchanges are responding: the NYSE launched an around-the-clock tokenized trading platform supporting stablecoin trading and instant settlement, while Nasdaq has filed to allow tokenized securities on its main board, potentially by Q3 2026. Trading volume in tokenized stocks jumped 76% in the past month to about $2.46 billion, per RWA.xyz. Asset managers including BlackRock, J.P. Morgan and Franklin Templeton are exploring tokenization, and consultants forecast global asset tokenization could reach $16.1 trillion by 2030. Armstrong also plans a 2026 “universal exchange” integrating crypto, equities, prediction markets and commodities, positioning Coinbase as a bridge between traditional finance and crypto. With clearer regulation and improving infrastructure, on-chain IPOs may arrive sooner than expected.