Coinbase CEO Brian Armstrong brought unexpected entertainment to the company’s third-quarter earnings call on Thursday. As the call wrapped up, Armstrong admitted he was “a little bit distracted” because he’d been following prediction markets that bet on what Coinbase executives would say during the event. Then, out of nowhere, he quickly said, “Bitcoin, Ethereum, Blockchain, Staking, and Web3,” before ending the call.
His outburst wasn’t random. Armstrong referred to “mention markets” on Kalshi and Polymarket, platforms where users bet on whether certain words come up during live events like earnings calls. By deliberately saying those terms, Armstrong triggered payouts for some of the bettors who had wagered on those specific keywords.
According to Bloomberg, these mention markets are still a small part of the prediction market world, but a total of $84,000 was on the line over Coinbase’s call. Armstrong’s spur-of-the-moment action made some users money, but it also showed how easily people can manipulate these markets when the subjects of the bets know about them.
Not everyone found it amusing. Jeff Dorman, Chief Investment Officer at digital assets firm Arca, criticized Armstrong on X (formerly Twitter), saying, “You need your head examined if you think it’s cute or clever or savvy that the CEO of the biggest company in this industry openly manipulated a market.” He expressed frustration that industry leaders are trying to build credibility for crypto investments, while actions like Armstrong’s make the industry look unserious.
Even Polymarket joined in on the reaction, posting that Armstrong’s comments were “diabolical work.”
Ironically, Coinbase is now expanding into prediction markets through its new Everything Exchange platform, a move Armstrong himself promoted during the same call. The company also holds investments in both Kalshi and Polymarket. Still, a Coinbase spokesperson told Bloomberg that employees are strictly banned from participating in prediction markets or making related bets involving the company.
After his comments stirred reactions online, Armstrong brushed off the uproar, posting on X, “lol this was fun – happened spontaneously when someone on our team dropped a link in the chat.”
His quick joke may have amused some, but to many watching the crypto industry, it served as another reminder of how easily influence and entertainment can blur the lines in markets that depend heavily on trust and perception.
