Author: Lin Wanwan EeeVee, Dongcha Beating
Editor: Jack, Dongcha Beating
Coinbase has adopted the 996 work culture from China.
CEO Armstrong boasted on Twitter: the New York team has assembled, working overtime to develop the Everything Exchange, from 9 AM to 9 PM, and even later.
What started as a regular update sparked intense division in the comments. Western users criticized it as a pathological overwork culture, while Asian users downplayed it, saying, “It’s normal in China, nothing to brag about.”
However, 996 is just the surface; behind it lies Coinbase’s real anxiety.
In Q1 2025, Coinbase’s net profit plummeted by 94% year-on-year, with trading revenue declining across the board; the Q2 financial report showed a net profit of $1.4 billion, which at first glance seems high, but this figure largely comes from paper gains from Circle’s investments rather than from its own operations.
Thus, Coinbase’s actual spot trading business is…
