Central to our investment methodology at DFJ Growth is identifying emerging technologies and building a ten-year vision of how the market will evolve and how value will be created. Then we set about identifying the bold entrepreneurs who are pioneering these new categories. Back in 2012, we had been tracking the emergence of blockchain and bitcoin. In 2014, we saw something extraordinary in Coinbase—a company poised to bring cryptocurrency and blockchain technology into the mainstream at a time when few investors were paying attention. Our early investment was driven by a deep conviction that crypto would become a fundamental pillar of the financial system and that Coinbase, under the visionary leadership of Brian Armstrong, would be the company to lead the charge.

A decade later, Coinbase has not only validated that thesis—it has surpassed all expectations. From pioneering regulatory-compliant crypto trading to becoming a publicly traded company on Nasdaq (COIN), Coinbase has built the world’s most trusted and accessible digital asset platform. It has been instrumental in driving institutional adoption, securing partnerships with global financial players, and shaping regulatory frameworks that will define the future of finance. Today it is the largest custodian of crypto assets.
The last ten years have seen immense volatility in the crypto space, yet Coinbase has remained a beacon of stability, innovation, and trust. With continued expansion into new markets, a growing portfolio of services, and a commitment to security and compliance, Coinbase is cementing its role as the definitive on-ramp for the next generation of digital assets and blockchain applications.

We are proud to have been one of Coinbase’s earliest backers and to have supported their mission to democratize access to crypto. Their journey is a testament to what happens when bold vision meets relentless execution—and we believe their best chapters are still to be written.