Coinbase Global (COIN) 25 Feb 222021 Q4 Earnings call transcript

Good afternoon. My name is Mel, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coinbase Fourth Quarter and Full Year 2021 Earnings Call. [Operator instructions] Anil Gupta, Vice President, Investor Relations, you may begin your conference.

Thank you. to call. fourth welcome year and and earnings XXXX afternoon, the quarter Coinbase full Good

on call Alesia me opportunity published Choi, hope Joining on today’s have to President, CEO; Co-Founder you site letter, and Emilie read and our our COO; which had IR and all Haas, shareholder I are CFO. the Brian was Armstrong, today. earlier

today’s may may started, you uncertainties, factors that forward-looking call, differ our from available we and in remind vary risks, I’d results during SEC from included Actual to make shareholder Information letter like get our statements. and we that on website. Before these forward-looking concerning could these statements. materially results filings is today’s other statements cause to IR

adjusted to EBITDA, be for, measures. references include a measures financial or GAAP Non-GAAP as will today in in discussions considered a measure. should to, financial addition not substitute from non-GAAP isolation Our

EBITDA, in disclosures You letter. to measure GAAP adjusted can net additional comparable including find our a the reconciliation regarding shareholder income

We to post are management. enable all to say shareholders using once questions to technologies again,

our In from some will analysts. take live questions addition, we research

XXXX, and we was of ahead, with opening comments, at a question winter. suggesting entering incredible I an Before some for crypto we for Coinbase. Brian. are get And growth crypto looking people back to for start year Brian, be a wanted started with it looking might

of view market Coinbase’s today crypto your the what’s broadly. So and what’s position

Yes, thanks Anil.

winter. we’re crypto entering think don’t a I So,

fact, In think really it anymore. we don’t that about like

of history, the is going summers And through, in now. thing I of think kind and is early there was crypto’s trend this on crypto winters. working

over to it don’t pronounced I so be anything expect quite And time. that

like quarters. quarter next that. no happen trying going to have to to the moment XXX it’s quarter what’s history in going what’s something be couple the any or next S&P or I at our crypto, next like in think, predict with we basically the And idea

massive potential great rushing build just industry industry. mean, And the all the has companies, people this because of just this build with a I TAM, it the I companies into lot about products new long-term being industry. that I business young see a is bullish just what this we’re capital this consistently we of absence smartest we’re in space. do ton are innovation. And injected you’re of so of the of of incredibly a ton and in as and to days those there’s of all think think going And to in we grow thousands potential then earliest very the

where cases internet, are DAOs identity even the grow. trend unlike and So, past had outside of locked crypto in we’ve social has I we’re all applications. tens got working, is and guess crypto build now, major cycles non-financial going to massive been systems applications has and kind X People NFTs it. that in people is on summers are kinds a gaming how building of trading I just use the to future and and of continuing media it, up DeFi people we Web winters of really apps of billions of might services dollars what have is and seeing think

what’s this there’s when we actually going So scale do the kind how front the us. given us not of we so about in of many dollar kind of business in problem is opportunities opportunity biggest of think any it’s this have of happen around quarter, capture multi-billion to size

of these all be time invest so things have to a like would a be some love of so the we Having grow to business when best we better that on catch quickly, to our right? so, quite upcoming our chance honestly opportunities focus chance it, get weren’t things breath, almost quickly. If And it, growing more would would scaling in outcome. because

little gives think hopefully of of sense a about it. how we So bit you that a

thanks. Great, perspective. Helpful

the opening our some you. off start over let’s call comments So with about results. back Brian, to

Yes.

and the a then turn I’ll more give summary give detail. letter Alesia it I’ll to So, to over quick of

XXXX all the an just incredible hit So, business of that. year we total lifetime, was Bitcoin did your rarely ease see kind obviously very talk cap, you thing We do in well, of Coinbase, market trillion and $X a time for can a highs. Not and only career. hit in about obviously that crypto

four according to households, own in crypto. some U.S. third-party research one Now, now

becoming is U.S. this of just and mainstream, Coinbase course, in the So is not

did I well all think to people And go Alesia of even details. well. drive to just think making by really you But world did I incredibly crypto better. crypto helping also use for metric, we’re one will the maybe the give safer easier more into Coinbase, adoption, So this and

really high million, So, XX.X is pretty to assets of we all hit our which an quickly. incredible. time continuing year-over-year, transacting users add in monthly we’re And Xx XXX%

look diligent that go what assets there. from to of a legal We out security add can’t are we add one for the Bitcoin at that all custody, ones we than can trading, other that’s volume the have ones of for process Ethereum. through we We cyber point can a and more a year XX XX% on we and But trading add, than added new is this all XX our view.

and opportunity Coinbase just that last on year really to think, help really, we and capitalized I saw So, flourish lead this industry it.

ahead bigger, invest the we’re if in for not of opportunity just I products. big, continuing So is as to think XXXX, suite our looking

these of moonshot ambitious we’re a strategic XX% XX XX, our moonshot So, and bigger efforts. more on multi-product with on on allocation and kind these XX, efforts do We XX% bets, XX% or a resource venture company. bets, core,

not applications it’s be system, be a it’s strategy, products the thinking going tied they of and think And just about and suite that, crypto, be together just so is that we service a the fundamental second pillar not although going And to That’s to be internet. how to people on default the going building financial massive products all application investment, strategy. just I the what financial pillar use applications have of platform. It’s new can all that really kinds to make is an calling going which And helping X, powerful. that’s belief building be they’re of lots way first of our Web are and It’s our build case not of happen. people new that applications. also our new that the is

that and customer infrastructure and best brand safe account X, nicely crypto this can and have our and company and Coinbase believe the the And Web where world help we crypto change. we and all is the to trusted, really economy goal integrates, drive to So, we that primary use. be position access to is people base make really great in easy,

it you to over our detail bit So XXXX with let that turn on give results and the more XXXX. Alesia, to a outlook me for

Brian. Thanks,

So, of our shareholder we letter. put into detail lot a

I encourage read it, but a to highlights. all you so out And to few I want call

As a Brian lot in shared, we had wins of great XXXX.

platform. want asset This which I trading X.X out, our versus one, share, grew X.X expanded virtually increased our we every market that trading spot times than was market increased call times. share volume at our our trading means volume XXXX. crypto that markets, volumes as support higher this on First we in growth And

significantly diversifying our progress Second, revenues. we our we revenues significant and made at increased

up subscription transaction billion, significant. revenue emerging $X.X $XXX QX. services our in this XXXX including And streams, $X.X services importantly, times times our revenues the compromise we now subscription increase and billion increased X% revenues generated our million more X% fourth Our revenue to from million comprised $XXX and call a was became XXXX. more which this from including net than of of XXXX, We six and in XX year, in year-over-year XXXX, in than quarter. more revenue This –

growth over the And XXXX long the We’re anticipating plan. backdrop this really our investment term. informs massive of continue industry to

QX. So, outlook. switching more gears to with start turning towards going and I’m our

is correlated is by trending letter So, volatility lower in million. prices than crypto last we billion. of we’ve retail saw have software volumes. in with $XXX noted volume seen transacting quarter. users Quarter-to-date, our and QX, roughly our our Both trading quarter-to-date trading lower this are driven our monthly that significantly and asset $XX approximately On and our we MTUs QX averaged which

volume so XXXX. of lower QX And MTUs QX expect lower trading we to and have than

In QX grow terms the we’ll the to price anticipate of this prospect drive we revenue compared in to services and unit excited platform. our and crypto effects as prices lower on lower nonetheless, revenue products stream do i.e., revenues, and continue of QX, new about our subscription but we’re build native

the low $X.X operating about expenses, will by the On this the, be excluding revenue and to billion anticipating driven billion. primarily of range more in there’s blockchain our other $X.X the to transaction to in to expenses in expenses we’re and mid-XXs detail letter of expense rewards be the side, growth

start just to want I XXXX. it. year full to Turning with

with We make are said difficult our this business even it last very would’ve more we’re which I to difficult entering forecast unknowns, to and more year. forecast than what year

it the million $XX range, end any for so say our are too And of but outcomes to transparent provided we’ve either for business informs million importantly, precise between. MTU where take would range this year through a in to of that stands you average is we permutations an retail from the And we through prepared $X view. we manage with XXXX. This and all, approach our in very be annual early to

through drive excited and build Our investments marketing increased really growth options an to in to expansion. plan as expense us. of outlook world to reflects the user higher And XXXX experiences ambitious Brian about are the adoption we headcount earlier, the alluded ahead throughout product international infrastructure

can our our cash is middle range we EBITDA wide million, revenue more we than with, wanted end we of our of million of the more long-term expect we in days range, color a Given of of $XXX this thing If loss we this we the adjusted if turn such choose outcomes. no plan be to for Against that million. wide range it to loss could manage the would the expect. MTUs early you to this ended $XX profitable. a the on range, take because high what might think to investment manageable on we’re or to $X If of some the be end business is to very perform in crypto. provide this drive we important year most of low the the billion performed because we $X which I that do,

progress that, of our we’re Anil lack term, to about can I’ll out predictability, further and in take this short year. withstanding turn plans for the so made building not and excited questions. we we So it some XXXX With

Sounds good.

into getting Q&A, session clearly out similar to before So I Q&A some our today lay principles for to last wanted quarter.

answer same the themes. that on shares. questions, may some group the touch the will by together we we determined most number And of uploaded First, questions

answering questions answering of don’t we’ve in new listing we And no Second, are we done on avoid so potential that there plan if the updates. to questions will past assets. third, the related

plan still example, For we do not a dividend. to issue

with go first that, to we’ll So the question.

expressed including date? The first users, some share share who and from to recently comes price public. went about performance Akash question ask How concern investors price our performance we about since can several for our Coinbase context S,

for I Akash the a questions is of about. lot you, And Thank question. have investors this think something

So, to glad us the I’m to two I’m answer opportunity going respond. you it gave ways.

There factors a to right a So answer. with price that now. regards play let’s COIN textbook with the of start stock number are

unfortunately geopolitical for a Coinbase this selloff factors by tension significant inflation, driven no at many has since in play we market interest meeting is the FOMC and macroeconomic there’s been And This high morning. that companies. in growth the exception. broad headlines rate November First saw concerns the

new not So our has as honestly which new stock market our We truly also account crypto business let the beyond are been this our expand roughly in into share product observed understand highly into diversification correlated and we alone prices, spoke the potential and macro previously, don’t growth take factors, as this of stream. the with year-to-date. about investing, of does future XX% beyond I that that correlation business we’ve our down assets

non-textbook were I focused reflect market building a impacting the will of capital times look back answer cannot at the lifetime. on risk we The now, prior little best of out help, think my this stock where I assets. but saw honestly is overtime, what’s investors We’re And in risk on markets, towards decouple bit we but windows trend when that invest and those our revenue today, this move off will historic diversification, at moment.

there’s at just look I we diversification, to the when So, be I’m today asset really enter sectors, the the levels. and crypto optimistic opportunities innovation, the much about market to And about. investments growth see at the price so these crypto excited

last the corporate crypto increased In million weeks. to few add I $XXX fact, go nearly here our investments on? own we by anything Brian, just in want you before

multiples, look, my a think I’m little I great the answer. to a at future. I scratch revenue bit mean, some that think I have the in looking Yes, about boat. bullish very of and was same I head the we’re

it’s see the of front trifecta growth TAM in of to If to that think look for I potential next it. really high and that it. a rare industry front has in has kind really I company massive its of and a profitability growth an decade. hard imagine at the more That’s me

And psychology. look, this so a of I is think human I lot just

there does course, would even by lamenting feel they opportunity sooner crypto arise, stroke think chance or pessimistic like, buy a wish on ever people, at was they sooner may it. I luck, something think that saw prices something or they ago, these oh, that, coin I of stock like get then now when a some had just few I months of And to didn’t they again. and I bought

Like just this I people try this fearful. honestly made, to think So, others it’s when some But human kind when said, fortunes is ignore think are if we greedy of Alesia psychology. I stuff. are are

And is I our a just macro going are term, world. customers think on grow that years that just think effects XX% great help are of happening the there building in and things great. should lot products help XX I and effort this out be of it next industry be our short the

it not long have and too to we just a So, really view. about term try think much

reinforce to want I point. that just

think one the of what this? questions are I think good are doing company. just about And we is we first, a I

focus to And companies think use the are volatility. many Brian us, has for as themselves over And that I to and innovation products focus question safe, we’ve our the trusted, said, principles of articulate success now, these last drive building customers, months, but story As and in is asking us of declines watching our investors. our itself. what well this our easy investing business to believe we for if we crypto stock learned and employees prom stock right few our And to means price and on prepared price care clearly will on our business control. it for and long in term that trying will continue the our to basic value to take

right. All

we diversification our with are M question revenue for who from avenues of and and we of And beyond comes trading? to the revenue share C, price any next Our exploring Milton crypto Jeff assets? mix. price NFTs, What both focused do are help decouple will ambitions revenue the of on from have businesses help example,

little Milton here. and questions, Great a to unpack Jeff,

taking my also of has streams. diversify share So, we’re you revenue revenue transaction the I transaction may right earlier, comments our that historically But revenue. our are to non line shared in have and revenue steps as this to grow

beyond about of saw investing the this subscription flex One crypto economy services utility last spoke of the the earlier. the the of we that and We I year-over-year. amount takeaways and big XXX growth increasing year of in was growth

million X.X number A users end, their assets at these lot users taking five of on that have which than senior. times year on was a are doing We XXXX. yield their in more them many assets, the we’re earning of

state plan like later assets, plan institutions for participate assets in. so to chains proof this year. for And more also to open to we And ease more new we to for up users add of

now, different and Beyond this NFT who simpler less crypto are addressable still what we with little really claiming when a And NFT We to large that existing for absorbing is as users excited market experience, to a It that, bit we’re we’re other price complex. market with our platform. a NFT tends very be launch total new NFT and volume right correlated the appear a liked experience. assets. view

up transaction goes, stream to you’re just that so more diversification, going revenue different new to general that trends to less I as NFTs with sticky seeing correlation time. you’re will have lead revenue of crypto as see we we crypto our that prices. to And And or difficult overall projects a that falls see theme diversified whether price see recognize far not, this to from start we hope price back our decoupled you. to investors the it’s predict future, are earlier, that share And but to Anil, on that but do commented as platform.

Great.

Next asked question comes the Tom from who W timing ability ETHX. about of to trade the

the expect ETHX, at that advance this and merge. And ETH we to working blockchain, such with solutions out assets, support Ethereum we year. is has trading once unique their Great, and community, list timing later really thanks of think work is is drive exciting but this provide going the case, ETHX merge, for the this of ETHX comment proof for this going to stake. question, we’re chain, don’t Tom. allow some to a of is which a We are taking be by listing as merge crypto ETHX see customers the working ETHX liquidity raft for is combine we of Generally the available, customers driven community Ethereum and we new this ETHX because original event dependent believe on and already but ease it token it the then staking. in for to point it on more we which is merge. in of after and the And the control our is which to that demand will proof of are on recognize a liquidity the The seeking is we before on our

later time first year. clients to this to We’re also the working extend capability this institutional for

Thank you, Emilie.

Coinbase security, such as stocks. asks a Next Gerardo D question roadmap who to comes traditional for there’s support if from

time. Not at

everything will to is migrate blockchain the long technology. that term Over eventually our view

example, support as the future. security an tokens we’ll we’re So, excited and those see to in

you roadmap thing near invest in move but see We’re as to infrastructure the item? future, that power a not would term that

Yes.

think, to X, just much add I so of all trying our frankly, to in us that, opportunities there’s I with hands we’ve got emerging various front and to up think Just and Web greenfield there. the crypto opportunity economy with the full, keep

a backwards it to something a maybe bit to that. traditional or of brokerage So like try me a step would to be launch little

good many use there’s case. serving that out think there I already companies

going. would I future of build So, things lean are where rather the kind into and to

Great.

about market Next question asked the R seat comes share. beat NFT who from for Kyle open to we how plan

is important this question. an Yes,

a growing so zero sum and volume lot that is game. a the still for clearly across significant this a of marketplaces is there’s of amount So opportunity that NFT but don’t today, see believe industry definitely We we Mason innovation.

fans we’re win as as fact, And these to in of the us doubled always of got as, place OpenSea. use we’re huge ease And which on based We’re been are ultimately value safety. in Coinbase to in on today, investors trust going that members down and of we’ve platform their ventures. props the

For our own NFT marketplace.

focused building on We’re a social a also experience community.

architecting, the content came and has and roots, then from and social partnerships, distribution. person who is Instagram this So exclusive

wallet into think on clicks, a use can, with transfer then anything we feeds go quite can people buy to win. we’re today marketplace. do the in and app on ease And that? at. Brian, Coinbase of few it one good that’s that So add they a to to If all that the a

beating really I XXX%, OpenSea. agree that about not like think it’s Yes. I with

if new niches a out their There’s in some lot I think another early over to product this own product be market. days, time you point. after Oftentimes, and tend to diverge of looks at going winners. similar put a find the and they is a

in really much NFTs. that in assets just going something, kinds generally game name and ENS created there. it metaverse be and are name of like lot governance digital being to thinking novel various all of out just the of citizenship there’s there’s fundraising and be to domain items mechanisms. bullish going are like, or larger I than type people which There’s as a think on So, we’re artwork It’s

and really So big early. – so to be this segment going is we’re it’s

any I about of a other small smaller player we’re too. players not today or really think it’s any the beating

building about So, I with exercise the think opportunity? all How we do the hundred future. it’s

who similarly, up infrastructure Our D building and crypto. N comes next asked And when stack alchemy and like from question for will and Ashwin to services asks release John market AWS share offering buildings, impure tooling like for how Coinbase our [ph]? for

question. Great

we to So at for built own this offering we’re that competing ways products. many that are can just our for And APIs context, by and we offering operate initially of tools in the many use AWS. And tools mimics scale. in path cases, significant

infrastructure is billions of which our own crypto companies to Coinbase our X tools tens Web products. other we strong So provide and see product accelerate services, for reached of to cloud and builders building seeking has adoption suite their query prime commerce other transact in nodes now XX,XXX services assets and staked augments a more we products. in launched staking And across XX unifies participate, and support protocols. and which We QX, existing API, exchange And for products. than for delegate,

in in of definitely expand on investor Like ventures our competition products. early And NFTs, I alchemy. we to this game, in suite with believe offerings. an a fact, zero the opportunities see when in is our talked the earlier, then to product We’re early developer shared we don’t we sum Coinbase about And meaningful days. comment focused

again on kind Brian, ripe is are at development anything of the and that? growth. the area add So, we an of this And to think that’s of beginning that. for that trajectory

that’s what of more the mean, to these infrastructure think the those we and and I add I is when live tools. there’s question are some we’re a in I you’re developer No, really will lot hearing asked right. future. think today already release about And going

any thoughts about called that Next question internationally. Coinbase our is to who asked D is here share? that progress feels specifically, He Japan from Singapore and like it behind noting John

the John, for question. Thanks,

we do not it’s same right. in the movers but strategy the launch our first to it weren’t market, At in observation. these time, every first think valid to necessarily first the we and a to be I is to want markets be

built International this where expansion. international which for past the he Historically, go transitioning is model hire global and a to up big we’ve lighting Now products Operations are after us a and first, products quarter expansion week, is U.S. now that mindset blog post second, a a a global is as for new we a by We two-pronged to are top Business default. shipped globally approach Last we of company. made priority new and Development. by hiring the VP we map, Nana did going how Murugesan we and about said

is going one So broad.

going going We’re X launch And to crypto are deep. in we’re foundational then to that products also Web country. gateway and

So localized suite we’re going infrastructure and launch to public full facing services. products with of a

respect Specifically, based and to hired directors we with country to local your and on Japan, started Japan. build teams. Singapore our We’ve have Singapore question local in

in the We retail We our we’ve hubs phase. products and product, bank, nation’s in license. now have help institutional player reel foundation. we’re crypto Singapore, the adoption. an version to progress with in We to regulators testing our working in set have on substantial localize launched the And built a And up secured our with we’re a and good We largest APAC seeing region. provide in early are early for MUFG. and the strong banking made already engineering focusing of Japan, interest only were

team opportunity broader Southeast the in developing Indonesia, focused Singapore large retail also Our region. Philippines, and the on Asia is

strategy takes place and a we time. winning So, have long in term markets

and leading European businesses. to in APAC, add? take, and we’ve position a We expect anything going market years across EMEA the to our done Brian, to Americas, market several U.S. just in the build it’s like

It’s really about Yes. international about. something I you passionate glad expansion. I’m I’m definitely mean, asked

challenges our crypto of of this outside the more back go feel that we in the to system like about can more free, this for And economic economic certainly that’s major incredible places more just lot mission creating you that freedom. around something financial invention global, have be increasing If new, is U.S. the fair world, world. A freedom.

So international is us. a for expansion big priority

it’s pronged slower And to see product. land There’s that move software it like you’re when kind – can licenses custodial really, lot self more regulated want that of partners localizing that’s financial see to wallet have to a really doing going if a and but You’re a large distributed country. can markets want right country be service the going business, of that by a slower if going a two you – for right we’re getting it’s to Japan, as go and you When have you’re don’t It’s the because in approach product. the or country because bank globally about approach, to great more go it’s a quicker, to you you by country of product us. it.

so product do well seeing we’re And emerging markets. some that in

think And regulated products in we’re do have, our to custodial so I markets. well going

have markets. going We’re major like to

in that approach. have do to coverage And of global our going of get wallet We’re self custodial better lot a bunch out that, a think emerging we’ll markets. I of two-pronged

when of people and to that. things people And we’re lot barriers in view, So glad try of on platform point that and like more do remittance it, the happen more crypto getting freedom globally. FX I think from and a economic an

kind is fair more decentralized the world more the global And That’s transnational have free. so vision in more That’s dream. crypto and of one, how can generally that’s the system. this behind financial efficient,

Great.

the offering are The K analysts. attractive and John competing platforms next Jason take both before on assets to through up who we’ll staking D more from comes observe one questions opening many or So, yields two lending. that

So yield now? facing just simply scrutiny what Coinbase around not priority more a is plans products and it features? Or are is generating these Coinbase’s to regulatory offer right

I’ll this Thank take you this one. for question.

which compelling do largely root of we by products drove than generation offer customers. is So We yes, in which more are yield products of in staking requested are today products our yield blockchain $XXX year, really our staking million opportunities. top the And one revenues. this rewards

hope for our notably assets, be rewards number And customers of take proof that support proof many revenue users large a to mid-XXXX. to to we’ll make stream. assets As generate we area of added a our state ETHX in year. this of We and more growth from looking more

You’re right to also a regulators. note focused that by yield products are significant area

always was taken enabler. thoughtful we’ve done. of a had product you’ve lend about this regulation year is on calls. that to a as and talked in market the we embrace It there we it think earlier noise prior a have business So way some that about And approach

So, and certain offer result both federal market the taken to we’ve as of enforcement of path recent be seen to products recent that actions in registration curtail yield. level of the a the there have a appears some state actions. now to But

And that will institutions remaining offer and our we consumers regulations to how objective in so each to as we play to out, can that is market and we operate possibly choice with but continue while compliant more see in. more

All right.

before take to W today, from roadmap how and question from about Scott a he’s retail So analyst say DAOs users? will great who the the product figure institutional the into is going DAOs, curious for last Coinbase we do question, asked

Thanks Scott. for question, the

norms and working organizational innovation is potential and create DAOs could assets the DAOs that social ways Corps business start that me the DAOs a from VSC powered is used A by crypto more Autonomous communities, that Decentralized they the a being DAOs established are describes exciting as that of of disrupt new the their defining manage quickly range ideas to emerging And range weren’t previously Organization, long to it’s now, core. catchall currently improve right organizing term economy. at one a It’s organizations Let crypto that efficiency. protocol DAO. the This the possible, and to investment infrastructure of LLCs. that these broad offer in of of DAO community crypto buy that by the [ph] unlock

So taking are across And a we’re transacting to trusted, this users to their back creating for entire customers or journey. step create experiences crypto DAOs. use crypto developers who easy would include Coinbase, DAOs a building platform with for

And explore early some add? prime segment. expand them products making Overtime, you focus here we this for that and and to hope customers. to investments unlocking DAOs meet needs to and to better of our days. initial want can help innovations Brian, new picks serve our is building these succeed. Cloud, products, evolving it’s to very our DAOs Coinbase the on early But existing like anything that the shovels We’re in

Yes. I very are mean, we think exciting. DAOs

with and and retail products it the same mean, do make institutional think follow of products, approach I I of we trusted Corp to how we users. it’s, which potentially crypto of economy. think for offer can Delaware is Right. C that do it’s our most terms Yes. I the easiest the use. the the all in our what we would And we

name retail that. wants And a it. in payroll DAO, or DAO. them go institution proposals and We the people the could so participants around a to like maybe you business how could a Taxes, happens votes help submit them scenarios and help do on where how to conduct services ancillary DAO. to many how imagine create like provide you could user We

to there’s a to So, I people help out. them. going And, be to opportunities we’d create DAOs lot manage that of and love build to think yes,

Great.

Okay.

questions will So analysts. from a please. for with switch take to our few question, the first and you it I live Mel, that, we’ll turn over

sir. you, Thank

line Your of first question comes from JPMorgan. the Ken of Worthington

Your line open. is now

your You may ask question.

guess, years. you’re that I your fourth XX in versus that Hi run revenue XXXX be actually products, the the quarter technology can new good to compared are my the in increase new plans investments five the question. of unprofitable so are pace the higher result Could today. making evening. Thank comfortable of going at you services and the feel G&A the Coinbase’s business, how in driving years next to and investment? us much with higher. more Coinbase in the And confident and the much is XXXX making to rate. over benefit you’re us investments costs drive geographies you’re XXXX, That’s help in the making spending in to new comments could investments ambitious feel help for fact investment guidance you significant taking

I’m to on. this free Emilie then add feel going start and at take and to Brian a

a to little that year. So investment yes, bit, an just is XXXX unpack Ken,

early As million in we think which we outlook, revenue to with it’s gave we too $XX million. is call our range land, why shared of to or precision where the MTUs a will XXXX of $X the

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our that, thinking. that hopefully context good on gives So

Great. very much. Thank you

question the Will of next comes of The you. Nance on line Sachs. Thank Goldman

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Hey Thank for spending. wanted the you ask, guys. another I guess taking I on question investment to the question

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Brian, the this and please question. tackle Thanks, Will to on. Alesia, try I’ll for add

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Sure. Thanks for the question. Rich.

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please. one Mel, I think question, we last have time for

MoffettNathanson. All comes And Ellis final question you. Thank our of on of right. the Lisa line

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You may ask your questions.

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even actually, to for pro think everybody. traders a people easy product make trying I interfaces prefer And that and use. We’re technical are to

And add? way want easiest That’s to we’ve time. Emilie, anything the trusted use. you so to just would being most the differentiated over being Alesia

does our look everybody call. call to you Okay, with and for for today on it forward next on you Thank well, our that joining we today. us speaking

you conference you that ladies Thank for call. gentlemen, today’s participating. all Thank and concludes

now may You disconnect.