Coinbase CEO Brian Armstrong predicts a future where companies are listed entirely on-chain. Armstrong revealed his vision for an on-chain IPO in a recent tweet, saying, “Eventually we will be able to list completely on-chain. That will dramatically lower costs, reduce friction, and increase access. Hopefully soon.”
In his post, Coinbase’s CEO emphasized the need to make capital formation significantly easier for private companies. He has observed high demand for some large private companies, calling it a “good example” of the unintended consequences of increased regulation.
We need to make capital formation easier for private companies.
Some large private companies are in very high demand and this is actually a good example of the unintended consequences of higher regulation. Companies are now encouraged to remain public for a long time…
— Brian Armstrong (@brian_armstrong) January 25, 2026
Armstrong also highlighted the tendency for companies to remain private for years, with all the money made by retail and credit investors, but when they go public, their price performance is often poor. He cited the lack of a liquid market to set appropriate valuations early in the lifecycle.
final result
Coinbase’s CEO foresees the end result of companies listing completely on-chain, which he says could reduce costs, reduce friction, and increase access.
Coinbase continues to build the infrastructure needed to bring everything from the smallest startups to the largest banks on-chain.
In a December system update, Coinbase rolled out a number of new products aimed at turning it into a one-stop financial app and expanding into stocks, tokenization, prediction markets, more advanced trading with futures and perpetual futures, and DEX trading.
Coinbase Business, an all-in-one financial platform designed for startups and small businesses, is now deployed and available to all eligible businesses in the United States and Singapore.
IPO rush will occur in 2026
The U.S. initial public offering market is bracing for a rush of deals, with a lineup that includes some of the hottest private companies in technology, finance and cryptocurrencies.
Investors are keeping an eye on cryptocurrency exchange Kraken, which was valued at about $20 billion in a November funding round and has secretly filed for an IPO in the United States. Other potential entrants include Grayscale and BitGo.
By comparison, Circle and Figure made their market debut in early 2025, while Coinbase listed on Nasdaq in April 2021.
