Coinbase Global Inc (COIN) 2023 Q4 法說會逐字稿

Good afternoon. My name is Sarah, 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 2023 Earnings Call. (Operator Instructions) Anil Gupta, Vice President, Investor Relations, you may begin your conference.

午安.我叫莎拉，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 Coinbase 第四季和 2023 年全年財報電話會議。 （操作員指示）Anil Gupta，投資者關係副總裁，您可以開始會議了。

Good afternoon, and welcome to the Coinbase Fourth Quarter and Full Year 2023 Earnings Call. Joining me on today's call are Brian Armstrong, Co-Founder and CEO; Emilie Choi, President and COO; Alesia Haas, CFO; and Paul Grewal, Chief Legal Officer. I hope you've all had the opportunity to read our shareholder letter, which was published on our Investor Relations website earlier today.

下午好，歡迎參加 Coinbase 2023 年第四季和全年財報電話會議。與我一起參加今天電話會議的還有共同創辦人兼執行長布萊恩‧阿姆斯壯 (Brian Armstrong)；蔡艾米莉，總裁兼營運長；阿萊西亞·哈斯，財務長；和首席法律官 Paul Grewal。我希望你們都有機會閱讀我們的股東信，該信今天早些時候發佈在我們的投資者關係網站上。

Before we get started, I'd like to remind you that during today's call, we may make forward-looking statements. Actual results may vary materially from today's statements. Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings. Our discussion today will also include references to certain non-GAAP financial metrics. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our Investor Relations website. Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP measures. We are once again using safe technologies to enable our shareholders to ask questions. In addition, we will take some live questions from our research analysts.

在我們開始之前，我想提醒您，在今天的電話會議中，我們可能會做出前瞻性陳述。實際結果可能與今天的聲明有重大差異。有關風險、不確定性和其他可能導致這些結果出現差異的因素的資訊包含在我們向 SEC 提交的文件中。我們今天的討論也將涉及某些非公認會計準則財務指標。我們的投資者關係網站上的股東信中提供了與最直接可比較的公認會計準則財務指標的調節表。非公認會計原則財務指標應被視為公認會計原則指標的補充，而不是取代公認會計原則指標。我們再次使用安全技術讓我們的股東能夠提出問題。此外，我們還將回答研究分析師的一些即時問題。

And with that, I'll turn it over to Brian for opening comments.

至此，我將把它交給 Brian 來發表評論。

Thanks, Anil. I'm proud to say that in 2023, we cut costs by 45% year-over-year and managed to ship product faster with the lean team. This led to $95 million of positive net income for 2023, $964 million in positive adjusted EBITDA and total revenue of $3.1 billion. Coinbase has always taken a long-term approach focusing on building in a compliant manner even when it wasn't the popular choice. Many of our competitors cut corners and broke laws to get big fast, and we've seen how that strategy played out. By contrast, Coinbase has now established itself as the trusted leader in crypto.

謝謝，阿尼爾。我很自豪地說，到 2023 年，我們的成本比去年同期削減了 45%，並透過精實團隊更快地交付了產品。這使得 2023 年淨利潤為 9,500 萬美元，調整後 EBITDA 為 9.64 億美元，總收入為 31 億美元。 Coinbase 始終採取長期方法，專注於以合規的方式進行構建，即使它不是受歡迎的選擇。我們的許多競爭對手為了快速發展而走捷徑、違反法律，我們已經看到了這種策略的效果。相比之下，Coinbase 現在已成為加密領域值得信賴的領導者。

I've always said that crypto adoption will happen in 3 phases, and I want to touch on what we did in 2023 to help drive each of those. In Phase 1, crypto is a new asset class that people want to trade. Crypto trading has been a major revenue driver for the industry, and Coinbase is the leader in spot trading in the U.S. But in 2018, derivatives trading became the majority of crypto trading volume. It took us longer to do it in a compliant way, but I'm happy to report that in 2023, we have now launched derivatives trading globally. In Q2, we launched Coinbase International Exchange, which offers derivatives trading to non-U.S. customers. And in Q4, we launched Coinbase Financial Markets, which offers regulated futures trading in the U.S.

我一直說加密貨幣的採用將分三個階段進行，我想談談我們在 2023 年為幫助推動每個階段所做的事情。在第一階段，加密貨幣是人們想要交易的新資產類別。加密貨幣交易一直是該行業的主要收入驅動力，Coinbase 是美國現貨交易的領導者。但在 2018 年，衍生性商品交易成為加密貨幣交易量的大部分。我們花了更長的時間才以合規的方式做到這一點，但我很高興地向大家報告，在 2023 年，我們現已在全球範圍內推出了衍生品交易。第二季度，我們推出了 Coinbase 國際交易所，為非美國客戶提供衍生性商品交易。在第四季度，我們推出了 Coinbase Financial Markets，在美國提供受監管的期貨交易。

We also expanded our trading products around the world by getting new licenses. In 2023, we launched operations or received licenses or registrations in Bermuda, Brazil, Canada, France, Singapore and Spain. Most of the world's capital is held in institutions. And in 2023, we also meaningfully improved our institutional trading products with Coinbase Prime. We grew our institutional financing product. We launched Coinbase Asset Management.

我們還透過獲得新許可證在全球範圍內擴展了我們的交易產品。 2023年，我們在百慕達、巴西、加拿大、法國、新加坡和西班牙開展業務或獲得許可或註冊。世界上大部分資本都存放在機構中。 2023 年，我們也透過 Coinbase Prime 有意義地改進了我們的機構交易產品。我們擴大了機構融資產品。我們推出了 Coinbase 資產管理。

We even played a key role in the approval of the Bitcoin ETF as Coinbase was selected as the custodian in 8 of 11. This will unlock new pools of capital to flow into the crypto space with Coinbase playing a key role here. We're earning revenue not just on custody, but also on trading and financing. We've already seen great demand as Bitcoin is now the second largest ETF commodity in the U.S., surpassing silver. All of these improvements will continue to grow Phase 1, crypto as a new asset class.

我們甚至在比特幣ETF 的批准過程中發揮了關鍵作用，因為Coinbase 在11 次中的8 次中被選為託管人。這將釋放新的資金池流入加密貨幣領域，而Coinbase 在這裡發揮關鍵作用。我們不僅透過託管獲得收入，還透過交易和融資獲得收入。我們已經看到了巨大的需求，因為比特幣現在是美國第二大 ETF 商品，超過了白銀。所有這些改進將繼續發展第一階段，即加密貨幣作為一種新的資產類別。

The second, Coinbase is not just a new asset class, it's also powering new financial services. And in 2023, stablecoins began to be used in Global Payments. We launched the ability to send free instant global payments on USD Coin using Base. We're now in the process of integrating this into our products to make payments a first-class experience. And in August, we entered into an arrangement with Circle to help expand the utility of USD Coin, which is now launched on over a dozen blockchains and is the second largest stablecoin with the market cap of $28 billion.

其次，Coinbase 不僅僅是一種新的資產類別，它還為新的金融服務提供動力。 2023年，穩定幣開始應用於全球支付。我們推出了使用 Base 進行美元硬幣免費即時全球支付的功能。我們現在正在將其整合到我們的產品中，以使支付成為一流的體驗。今年 8 月，我們與 Circle 達成了一項協議，幫助擴大 USD Coin 的實用性，該幣現已在十多個區塊鏈上推出，是第二大穩定幣，市值達 280 億美元。

In the third phase and final phase, we believe crypto will also be a new application platform for the Internet. Over time, the Internet has become more and more centralized with big companies. The Internet also didn't start with a native form of money or payments or value built in. So we got credit cards bolted on as an afterthought. And the number of associated issues like fees, fraud, chargebacks, limited ability to send microtransactions or do cross-border commerce and -- that led to the rise of ad-based business models.

在第三階段和最後階段，我們相信加密貨幣也將成為網路的新應用平台。隨著時間的推移，網路變得越來越集中於大公司。網路也不是從原生的貨幣、付款或內建價值形式開始的。因此，我們事後才添加了信用卡。諸如費用、詐欺、退款、發送微交易或進行跨境商務的能力有限等相關問題的數量導致了基於廣告的商業模式的興起。

Crypto was redecentralizing the Internet with a new set of protocols for money, identity, messaging, social media, content, governance and even voting. Coinbase is trying to help accelerate this trend in a number of ways. In 2023, we launched our own layer 2 solution called Base. This will help blockchain scale to 1 billion or more users, bringing down transaction costs and confirmation times similar to the Internet going from dial-up to broadband. We also launched improvements in Coinbase Wallet. For instance, we made it easier to find and use decentralized applications or DApps.

加密貨幣正在透過一套新的貨幣、身分、訊息、社群媒體、內容、治理甚至投票協議來重新分散網路。 Coinbase 正試圖透過多種方式幫助加速這一趨勢。 2023 年，我們推出了自己的第 2 層解決方案，稱為 Base。這將有助於區塊鏈擴展到 10 億或更多用戶，降低交易成本和確認時間，類似於網路從撥接到寬頻的轉變。我們也對 Coinbase 錢包進行了改進。例如，我們讓尋找和使用去中心化應用程式或 DApp 變得更加容易。

For instance, with one tap, you can now open a DApp and you're already signed in and you have your wallet connected. There's no sign-up process for each app or having to type your credit card details into each app. It's still early days for crypto as an application platform and many of the early applications look like toys, but it has captured the imagination in hearts of developers, and Coinbase is one of the few companies who can bring together all the decentralized protocols into a compelling customer experience, which is what we're attempting to do with Coinbase Wallet.

例如，只需輕輕一按，您現在就可以打開 DApp，並且您已經登入並連接了錢包。每個應用程式都不需要註冊過程，也不需要在每個應用程式中輸入您的信用卡詳細資訊。加密貨幣作為應用平台還處於早期階段，許多早期應用程式看起來像玩具，但它已經抓住了開發人員心中的想像力，而Coinbase 是少數能夠將所有去中心化協議整合為一個引人注目的公司之一。客戶體驗，這就是我們試圖透過 Coinbase 錢包實現的目標。

So that's how we see crypto evolving. First, as a new asset class; second, as a new set of financial services; and third as a new application platform. In 2023, I also said regulatory clarity was a top priority, and I want to give you a quick update on this. The majority of G20 countries now have crypto legislation either already passed or being drafted. And this is really great progress.

這就是我們看到加密貨幣發展的方式。第一，作為新的資產類別；第二，作為一套新的金融服務；第三是新的應用平台。 2023 年，我還說過監管清晰度是重中之重，我想向您簡要介紹這方面的最新情況。大多數 G20 國家目前都已通過或正在起草加密貨幣立法。這確實是一個巨大的進步。

In the U.S., there are even 2 bills going through Congress now with strong bipartisan support. Coinbase, along with other players in the crypto space, contributed to an $85 million super PAC designed to elect procrypto candidates in this upcoming U.S. election. And we help create stand with crypto.org, a grassroots movement for crypto advocates in the U.S. Their goal is to get to 1 million voters who want to stand for crypto in the 2024 elections. They're at 30% of that goal today with about 300,000 members and it's growing every week. In the U.S., we're still working our way through the court system to get clarity there. But in the meantime, we're continuing to grow our business.

在美國，目前甚至有兩項法案正在國會審議，並得到了兩黨的大力支持。 Coinbase 與加密貨幣領域的其他參與者一起，向一個 8500 萬美元的超級政治行動委員會捐款，旨在在即將到來的美國大選中選舉加密貨幣候選人。我們幫助 Crypto.org 創建立場，這是美國加密貨幣倡導者的草根運動。他們的目標是吸引 100 萬希望在 2024 年選舉中支持加密貨幣的選民。如今，他們已完成該目標的 30%，擁有約 30 萬名會員，會員人數每週都在增加。在美國，我們仍在透過法院系統努力澄清問題。但同時，我們正在繼續發展我們的業務。

Anecdotally, it's something our customers come up and thank me for the most, leading the charge to get regulatory clarity in the U.S. We remain confident the U.S. will get this right. Whether it comes from the courts creating new case law, Congress passing new legislation or ultimately the 52 million Americans who've used crypto voting in this upcoming election.

有趣的是，這是我們的客戶提出來並最感謝我的事情，他們帶頭推動美國監管的明確化。我們仍然相信美國將做好這件事。無論是來自法院制定新判例法、國會通過新立法，還是最終來自在即將到來的選舉中使用加密貨幣投票的 5,200 萬美國人。

Looking ahead to 2024 for a moment, I'd like to share a few of our top priorities for the year in closing. Our first priority will be to drive revenue, especially growing our 2 largest revenue streams, trading fees and stablecoins. We'll do this with international expansion, growing derivatives and spot trading and more deeply integrating USD Coin into the crypto economy. By continuing to drive revenue growth, it allows us to fund some of our other priorities and the utility aspects of crypto.

展望 2024 年，我想在結束時分享我們今年的一些首要任務。我們的首要任務是增加收入，特別是增加我們的兩大收入來源：交易費用和穩定幣。我們將透過國際擴張、不斷增長的衍生性商品和現貨交易以及更深入地將美元硬幣融入加密經濟來實現這一目標。透過繼續推動收入成長，它使我們能夠為我們的一些其他優先事項和加密貨幣的實用方面提供資金。

Our second priority is going to be to keep driving utility in crypto. This year, we'll be experimenting with payments as a use case. We're starting to see adoption of USD stablecoins in emerging markets, especially those with high inflation -- and customers can now send USD Coin for free instantly anywhere in the world on Base. This has the potential to make global payments much lower friction, reducing fees. We'll also keep supporting developers building on Base. For instance, just recently, we've seen a surge of activity on the decentralized social media protocol, Farcaster, and the majority of developers are now building what are called Frames on Farcaster using Base.

我們的第二要務是繼續推動加密貨幣的實用性。今年，我們將嘗試將支付作為用例。我們開始看到新興市場，特別是那些通貨膨脹率較高的市場採用美元穩定幣——客戶現在可以在 Base 上立即免費向世界任何地方發送美元穩定幣。這有可能大大降低全球支付的摩擦，從而降低費用。我們也將繼續支援開發者在 Base 上進行建置。例如，就在最近，我們看到去中心化社群媒體協定 Farcaster 上的活動激增，大多數開發人員現在正在使用 Base 在 Farcaster 上建立所謂的框架。

We'll also be investing in Coinbase Wallet, our self-custodial app, where many of the early utility applications like decentralized social, identity or messaging are starting to take shape. Crypto still needs to have its iPhone moment where these decentralized protocols become easy to use for the average person, and we're hoping we can help make that happen.

我們還將投資 Coinbase Wallet，這是我們的自我託管應用程序，其中許多早期的實用應用程式（例如去中心化社交、身份或訊息傳遞）已開始成形。加密貨幣仍然需要有它的 iPhone 時刻，讓這些去中心化協議變得易於普通人使用，我們希望我們能夠幫助實現這一目標。

Lastly, we'll continue to drive regulatory clarity for the industry. We're supporting Stand with Crypto.org and its goal to activate 1 million advocates for crypto in this upcoming election and we'll continue to engage with Congress to work towards new crypto legislation in the U.S. Finally, we'll continue to the fight in the court room to get sensible case law passed.

最後，我們將繼續推動行業監管的清晰度。我們支持 Crypto.org 的立場，其目標是在即將到來的選舉中激活 100 萬加密貨幣擁護者，我們將繼續與國會合作，推動美國新的加密立法。最後，我們將繼續奮鬥在法庭上通過合理的判例法。

I'm very pleased with our financial position, operating efficiency and the competitive landscape, and I think we're incredibly well positioned for long-term growth. With that, I'll hand it over to Alesia.

我對我們的財務狀況、營運效率和競爭格局非常滿意，我認為我們已經為長期成長做好了充分的準備。這樣，我就將它交給阿萊西亞了。

Thanks, Brian, and good afternoon, everyone. In 2023, we focused on financial discipline and operational excellence. As a result, we're in a much stronger position today than we were 1 year ago. I want to share some highlights. So highlights from 2023 include significant growth in our subscription and services revenue through a down market, materially lower expenses, a return to profitability, a stronger balance sheet. We have more U.S. dollar resources and less debt as we enter 2024, and we did this all while accelerating our product velocity.

謝謝布萊恩，大家下午好。 2023 年，我們專注於財務紀律和卓越營運。因此，我們今天的地位比一年前強大得多。我想分享一些亮點。因此，2023 年的亮點包括我們的訂閱和服務收入在市場低迷時期大幅成長、費用大幅降低、獲利能力恢復以及資產負債表更強勁。進入 2024 年，我們擁有更多的美元資源和更少的債務，而且我們在加快產品速度的同時做到了這一切。

Let's dive deeper and start in the details of full year 2023. We generated $95 million in net income and nearly $1 billion in adjusted EBITDA. Our total revenue was $3.1 billion, down $86 million year-over-year. We saw a decline in transaction revenue, but this was largely offset by a 78% increase in subscription and services revenue. Our full year total operating expense declined $2.6 billion. Within this, sales and marketing, technology and development and general and administrative expenses declined $1.7 billion on a year-over-year basis.

讓我們更深入了解 2023 年全年的細節。我們實現了 9500 萬美元的淨利潤和近 10 億美元的調整後 EBITDA。我們的總收入為 31 億美元，年減 8,600 萬美元。我們看到交易收入下降，但這在很大程度上被訂閱和服務收入成長 78% 所抵消。我們全年的總營運費用下降了 26 億美元。其中，銷售和行銷、技術和開發以及一般和管理費用年減 17 億美元。

Turning to our Q4 results. All the comparisons I'm going to share are on a quarter-over-quarter basis, unless otherwise noted. Q4 began with lower levels of crypto prices and volatility, but we saw those increase by roughly 40% and 60%, respectively, by the end of the quarter. These increases were largely driven by excitement around Bitcoin ETF approvals and broader market expectations for an improved macroeconomic condition in 2024. The increase in volatility had a meaningful impact on our transaction revenue. We saw strong growth and reengagement from both simple and advanced traders.

轉向我們第四季的業績。除非另有說明，我將分享的所有比較都是按季度進行的。在第四季開始時，加密貨幣價格和波動性較低，但到本季末，我們看到價格和波動性分別增加了約 40% 和 60%。這些增長主要是由於對比特幣 ETF 批准的興奮以及更廣泛的市場對 2024 年宏觀經濟狀況改善的預期推動的。波動性的增加對我們的交易收入產生了重大影響。我們看到簡單和高級交易者的強勁成長和重新參與。

Notably, average trading volumes materially increased amongst our advanced traders. This resulted in Q4 transaction revenue of $529 million, up 83%. Both volatility and the mix of advanced and simple trading volume was similar to Q1 of 2023. And as a result, our Q4 blended average fee rate was similar to the Q1 levels. As a reminder, we continue to experiment with our pricing models for both consumer and institutional and price changes may impact future quarters. However, to be clear, we did not make any material change to our fee structure in Q4. And the blended average fee rate that you see reported is simply due to mix shift on our platform.

值得注意的是，我們的高級交易員的平均交易量大幅增加。這使得第四季交易收入達到 5.29 億美元，成長 83%。波動性以及高級交易量和簡單交易量的組合都與 2023 年第一季相似。因此，我們第四季的混合平均費率與第一季的水平相似。提醒一下，我們將繼續針對消費者和機構試驗我們的定價模型，價格變化可能會影響未來幾季。然而，需要明確的是，我們在第四季度並沒有對我們的費用結構做出任何重大改變。您看到報告的混合平均費率僅僅是由於我們平台上的混合轉移所致。

Now turning to subscription and services revenue. Q4 was $375 million, up 12%. The primary driver of the growth was blockchain rewards, which was influenced by higher crypto asset prices. In the fourth quarter, we experienced another quarter of native unit growth. We saw inflows in custody and increase in staked balances. We saw growth in USDC on our platform. We closed the year with just under $200 billion of assets on platform.

現在轉向訂閱和服務收入。第四季營收為 3.75 億美元，成長 12%。成長的主要驅動力是區塊鏈獎勵，這是受到加密資產價格上漲的影響。在第四季度，我們又經歷了一個季度的本地單位成長。我們看到託管資金流入和質押餘額增加。我們在我們的平台上看到了 USDC 的成長。今年結束時，我們的平台資產接近 2,000 億美元。

On to expenses. Q4 total operating expenses were $838 million, up 11%. Expenses were primarily driven by seasonal and performance marketing spend, increased legal spend and our decision to increase bonuses in 2023 as a result of our strong full year financial performance. Q4 net income was $273 million and adjusted EBITDA was $305 million. Q4 net income benefited from strong revenue growth and 2 items. First, we released a noncash tax valuation allowance of $121 million. Second, we repurchased $100 million of our 2026 convertible debt, which had a favorable P&L impact of $18 million.

關於費用。第四季總營運支出為 8.38 億美元，成長 11%。費用主要由季節性和績效行銷支出、法律支出增加以及由於我們強勁的全年財務業績而決定在 2023 年增加獎金所驅動。第四季淨利為 2.73 億美元，調整後 EBITDA 為 3.05 億美元。第四季淨利潤受益於強勁的收入成長和 2 個項目。首先，我們發放了 1.21 億美元的非現金稅收估價津貼。其次，我們回購了 1 億美元的 2026 年可轉換債券，這對損益產生了 1,800 萬美元的有利影響。

Now turning to our outlook for the first quarter of 2024. Overall, Q1 is off to a strong start. Through February 13, transaction revenue was approximately $320 million. This is about 6 weeks of the 12-week quarter. We are seeing strong trends across simple, advanced and institutional trading. Thematically, it looks similar to Q4. We expect Q1 subscription and services revenue to range between $410 million and $480 million, with crypto prices being the largest driver of where we perform within that range.

現在轉向我們對 2024 年第一季的展望。總體而言，第一季有一個強勁的開局。截至 2 月 13 日，交易收入約為 3.2 億美元。這大約是 12 週季度中的 6 週。我們看到簡單、高級和機構交易的強勁趨勢。從主題上看，它與 Q4 類似。我們預計第一季的訂閱和服務收入將在 4.1 億美元至 4.8 億美元之間，其中加密貨幣價格是我們在該範圍內表現的最大驅動力。

In terms of expenses, we expect technology and development and general and administrative expense to grow modestly to $600 million to $650 million, driven primarily by higher stock-based compensation. We provide additional context in the letter. We expect sales and marketing expense to decline modestly to $85 million to $100 million, driven by seasonally lower NBA spend. In closing, Q4 capped a strong year to our business, and we are excited for what 2024 brings.

在費用方面，我們預計技術和開發以及一般和管理費用將小幅增長至 6 億至 6.5 億美元，主要是由於股票薪酬上漲。我們在信中提供了更多背景資訊。由於 NBA 支出季節性下降，我們預計銷售和行銷費用將小幅下降至 8,500 萬至 1 億美元。最後，第四季為我們的業務帶來了強勁的一年，我們對 2024 年帶來的一切感到興奮。

Before we turn to questions, I'd like to hand it over to our Chief Legal Officer, Paul Grewal, to share an update on the status of our SEC case.

在我們開始提問之前，我想請我們的首席法務官 Paul Grewal 分享我們 SEC 案件的最新進展。

Thank you, Alesia. As Brian mentioned at the outset, regulatory clarity is one of our top priorities and one venue through which we are seeking that clarity is through the courts. We continue to see progress in the early stages of our enforcement litigation with the SEC. Just last month, on January 17, the judge in our case held oral argument on our motion for judgment against the SEC. This is still a very early stage of the case. It's always very hard for defendants to entirely dismiss any case at this stage, something that court statistics make clear. But we strongly believe that we are right as a matter of law, and we are grateful to see the court's careful attention to this matter and deep understanding of the issues at the oral argument.

謝謝你，阿萊西亞。正如布萊恩一開始提到的，監管清晰度是我們的首要任務之一，也是我們尋求清晰度的一個途徑，那就是透過法院。我們與 SEC 的執行訴訟的早期階段繼續取得進展。就在上個月，1 月 17 日，我們案件的法官就我們針對 SEC 的判決動議進行了口頭辯論。這仍處於案件的早期階段。在現階段，被告很難完全駁回任何案件，法庭統計數據清楚地表明了這一點。但我們堅信我們在法律上是正確的，我們很高興看到法院對此事的認真關注以及對口頭辯論中問題的深刻理解。

So what is next? The motion is under submission and the court did not specify any time line for decision. There are multiple potential outcomes, but we are ready for any of them. The court could dismiss the complaint in its entirety, dismiss some of the claims, but not others or dismiss none of the claims at this early stage. Any claim that is not dismissed will then be the subject of discovery, which is a process that can take time. We are ready for discovery, if that is the next step, which would include discovery for both sides.

那麼下一步是什麼？該動議正在提交中，法院沒有具體說明做出決定的時間表。潛在的結果有多種，但我們已經為其中任何一種做好了準備。法院可以全部駁回申訴，駁回部分索賠，但不駁回其他索賠，或在早期階段不駁回任何索賠。任何未被駁回的主張都將成為發現的主題，這是一個需要時間的過程。我們已經準備好進行發現，如果這是下一步的話，這將包括雙方的發現。

After discovery and before trial, we'll have the opportunity to file a motion for summary judgment, which is similar to our pending motion in that it can end the case before trial. That is the type of motion that disposed much of the Ripple case. Whether the case goes to trial or is dismissed, we will get the clarity we have long sought. We are confident in the outcome, whether it comes later or it comes sooner because we're right on the facts and right on the law.

在發現之後和審判之前，我們將有機會提出簡易判決動議，這與我們的待決動議類似，因為它可以在審判前結束案件。這就是解決瑞波案大部分問題的動議類型。無論案件進入審判還是被駁回，我們都會得到我們長期以來尋求的澄清。我們對結果充滿信心，無論結果會晚點還是早點，因為我們的事實和法律都是正確的。

Thank you all. With that, let's turn to shareholder questions. We are taking the most uploaded questions as determined by the number of shares. The first question, why do insiders continue to sell their shares daily. Alesia?

謝謝你們。接下來，讓我們轉向股東問題。我們將根據分享數量確定上傳最多的問題。第一個問題，為什麼內部人士每天都繼續拋售股票。阿萊西亞？

Thank you for the opportunity to share some context around this topic. First, all of our insiders, myself, Brian, Emilie, Paul, those on the phone and all of our insiders, we all have shared long-term conviction in Coinbase. Second point I want to make, equity is a significant component of the compensation that we offered insiders and employees alike. We believe this most closely aligns our incentives to business performance and the interest of our stockholders.

感謝您有機會分享有關該主題的一些背景資訊。首先，我們所有的內部人士，我自己、布萊恩、艾蜜莉、保羅、電話裡的人和我們所有的內部人士，我們都對 Coinbase 有著共同的長期信念。我想說的第二點是，股權是我們提供給內部人士和員工的薪酬的重要組成部分。我們相信，這使我們的激勵措施與業務績效和股東利益最緊密地結合在一起。

Third, it's important to note that these sales account for a small portion of insider's total holdings in Coinbase. Last, executives and the Board can only trade via trading plans that are governed by SEC rules. And we maintain corporate policies governing these plans that are commonplace amongst public companies. Nobody is trading based on real-time stock price movements, company news. All of our trading plans are required to be set up well in advance.

第三，值得注意的是，這些出售僅佔內部人士持有的 Coinbase 總股份的一小部分。最後，高階主管和董事會只能透過受 SEC 規則管轄的交易計劃進行交易。我們維持管理這些計劃的公司政策，這些政策在上市公司中很常見。沒有人根據即時股價走勢、公司新聞進行交易。我們所有的交易計畫都需要事先制定好。

Further, they're disclosed in our public financial filings, and they allow insiders the ability to sell a predetermined number of shares at a predetermined time or price. Our stock was up nearly 400% in 2023. And as a result, some of those thresholds were met and sales were executed. But I just want to close, we are all holding long-term conviction in the opportunities at Coinbase.

此外，它們在我們的公開財務文件中披露，並允許內部人員在預定時間或價格出售預定數量的股票。 2023 年，我們的股票上漲了近 400%。因此，我們滿足了其中一些門檻並執行了銷售。但我想說的是，我們都對 Coinbase 的機會抱持長期信念。

Let's go to our next question. What is the plan to expand revenue drivers outside of the ETF custodian plans? The market shifts quickly and Coinbase needs to be nimble, both within the U.S. and abroad. We've seen your shift into the European markets. How will this evolve going forward? Brian?

讓我們進入下一個問題。在 ETF 託管計劃之外擴大收入驅動因素的計劃是什麼？市場瞬息萬變，Coinbase 需要保持彈性，無論是在美國或國外。我們已經看到你們轉向歐洲市場。未來這將如何演變？布萊恩？

Yes. So I'll focus on the ETF question since there's been a lot of buzz around it. And we've always said that ETFs would be a win-win for Coinbase and we're starting to see that play out on our platform. So in preparation for this launch, we won 8 of 11 spot Bitcoin custody mandates from issuers. And today Coinbase custody is about 90% of the $36 billion in Bitcoin ETF assets as a result. So across the entire industry, we've seen over $4 billion of net inflows into spot Bitcoin ETFs.

是的。因此，我將重點關注 ETF 問題，因為圍繞這個問題有很多討論。我們一直說 ETF 對 Coinbase 來說是雙贏的，我們開始看到這一點在我們的平台上發揮作用。因此，為了準備此次發布，我們從發行人那裡贏得了 11 項現貨比特幣託管授權中的 8 項。如今，Coinbase 託管了 360 億美元比特幣 ETF 資產中的約 90%。因此，在整個產業中，我們已經看到超過 40 億美元的資金淨流入現貨比特幣 ETF。

The Bitcoin ETFs are breaking records. And when gold launched in November 2004, it took 1 year to get to $3 billion. These ETFs did that in a few weeks. And so this is a really an incredible start. This is really just the beginning. We're now starting to see some of these issuers file for Ethereum ETFs, for example. We've been named as the custodian in 5 of the 8 ETF -- sorry, ETH ETF applications. And custody isn't really the only way that we're monetizing this. We're also helping with trading via Prime. We're helping with financing for trade settlement. So there's other opportunities to generate revenue here.

比特幣 ETF 正在打破記錄。當黃金在 2004 年 11 月推出時，花了一年的時間才達到 30 億美元。這些 ETF 在幾週內就做到了這一點。所以這確實是一個令人難以置信的開始。這確實只是一個開始。例如，我們現在開始看到其中一些發行人申請以太坊 ETF。我們已被指定為 8 個 ETF 中的 5 個的託管人——抱歉，是 ETH ETF 申請。託管並不是我們貨幣化的唯一方式。我們也幫助透過 Prime 進行交易。我們正在幫助貿易結算融資。因此，這裡還有其他創收機會。

For anybody worried about cannibalization, ETFs have been positive for the industry, which has been additive for Coinbase. We're seeing elevated engagement and net inflows across both retail and institutional Q1 to date. What's even more important is that every institution is now starting to hold crypto, the asset class will be a standard part of every diversified portfolio. The financial system is officially adopting crypto. This is really good, and Coinbase is the most trusted partner here.

對於任何擔心蠶食市場的人來說，ETF 對該行業來說是積極的，這對 Coinbase 來說是一個附加因素。迄今為止，我們看到零售和機構第一季的參與度和淨流入有所增加。更重要的是，每個機構現在都開始持有加密貨幣，該資產類別將成為每個多元化投資組合的標準組成部分。金融體係正在正式採用加密貨幣。這真的很好，Coinbase 是這裡最值得信賴的合作夥伴。

Our next question, Coinbase's venture portfolio is a hidden gem that Wall Street doesn't seem to be taking into consideration in their valuation of Coinbase as a company. During the earnings call and potentially in your materials, can you highlight this portfolio and its long-term opportunity. Emilie?

我們的下一個問題是，Coinbase 的風險投資組合是一顆隱藏的寶石，華爾街在對 Coinbase 作為一家公司進行估值時似乎沒有考慮到這一點。在財報電話會議期間以及可能在您的資料中，您能否強調這個投資組合及其長期機會？艾米麗？

Yes. Well, I definitely agree, it's an undervalued long-term opportunity, and I think we have a strong disproportionate advantage in the market. By the way, I should mention that the value of our portfolio is held on our balance sheet at cost is not reported at fair value. So we (inaudible) ventures 6 years ago when I first joined and one of the things that Brian and I talked about was what is in the early days of companies such as Google and Facebook and others. Those companies have been able to make investments in the most exciting emerging Internet companies of the time like a Stripe or Shopify.

是的。嗯，我絕對同意，這是一個被低估的長期機會，而且我認為我們在市場上擁有強大的不成比例的優勢。順便說一句，我應該要提到的是，我們的投資組合的價值是按成本記錄在資產負債表上的，而不是以公允價值報告的。因此，我們（聽不清楚）是在 6 年前，當我第一次加入時，我們就開始了創業，布萊恩和我談論的事情之一就是Google、Facebook 等公司的早期情況。這些公司已經能夠投資當時最令人興奮的新興網路公司，例如 Stripe 或 Shopify。

So that is what we view our opportunity in the crypto ecosystem. We started it very scrappily with no dedicated team or resources. We just started investing in great startups, and we are now one of the most active investors in the space with more than 400 investments in our portfolio. I view our competitive advantages as having great relationships with Coinbase (inaudible) and the ecosystem. One example is Farcaster that Brian mentioned before, that's one of the Coinbase (inaudible) who founded that.

這就是我們在加密生態系統中看到的機會。我們開始時非常草率，沒有專門的團隊或資源。我們剛開始投資優秀的新創公司，現在是該領域最活躍的投資者之一，我們的投資組合中有 400 多項投資。我認為我們的競爭優勢在於與 Coinbase（聽不清楚）和生態系統有著良好的關係。布賴恩之前提到的 Farcaster 就是一個例子，他是 Coinbase（聽不清楚）的創辦人之一。

We also take a very long-term view. We don't panic when the market sells off. It's kind of the opposite of a herd mentality. We double down when others are fearful. And we love it because it helps us stay connected to the crypto frontier and to invest in the ecosystem. One area we're seeing tremendous energy around right now is the creator economy. So companies such as Paragraph, XMPT, Farcaster, all of these are looking to decentralize existing social platforms. And then looking ahead, we're really excited about onchain consumer applications such as gaming, social messaging and media and then there's a lot of new protocol developments like restacking that we're excited about.

我們也有非常長遠的眼光。當市場拋售時我們不會驚慌。這有點與從眾心理相反。當別人感到恐懼時，我們會加倍努力。我們喜歡它，因為它幫助我們與加密貨幣前沿保持聯繫並投資於生態系統。我們現在看到巨大能量的一個領域是創作者經濟。因此，Paragraph、XMPT、Farcaster 等公司都在尋求去中心化現有的社群平台。展望未來，我們對遊戲、社交訊息和媒體等鏈上消費者應用程式感到非常興奮，而且還有很多新的協議開發，例如重新堆疊，我們對此感到興奮。

We're also seeing a huge growing opportunity outside the U.S., and our portfolio has a strong footprint in the global crypto ecosystem. One other thing I should mention is that because of the U.S.'s lack of clear regulation on crypto, we are pushing a lot of innovation outside of the U.S. The U.S. has been losing 2% of blockchain developer share annually since 2017. And this is following the same pattern as semiconductors and 5G moving offshore. It really just reinforces the need for us to have clear legislation, and we think it's a huge opportunity that the U.S. is currently squandering. It's also why on the venture side, we are investing globally. There's a lot of interesting regional exchange platforms across Latin America, India, Africa and other regions.

我們也看到美國以外的巨大成長機會，並且我們的投資組合在全球加密生態系統中佔有重要地位。我應該提到的另一件事是，由於美國對加密貨幣缺乏明確的監管，我們正在美國境外推動大量創新。自 2017 年以來，美國每年損失 2% 的區塊鏈開發商份額。這是遵循與半導體和5G 轉移到海外相同的模式。這確實加強了我們制定明確立法的必要性，我們認為這是美國目前正在浪費的巨大機會。這也是我們在創投方面進行全球投資的原因。拉丁美洲、印度、非洲和其他地區有許多有趣的區域交流平台。

Great. So with that, Sarah, let's switch and take questions from the analysts.

偉大的。那麼，莎拉，我們來回答分析師的問題。

(Operator Instructions) Your first question comes from the line of Ken Worthington with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Ken Worthington。

I wanted to dig a little more into payments. We noticed the recent partnership with Ledger and you announced the updates to Commerce earlier in 4Q. And clearly, there is the enhanced relationship with Circle. So maybe first, how do the different pieces kind of fit together to drive what you're trying to build.

我想更深入地了解支付。我們注意到最近與 Ledger 的合作關係，並且您在第四季度早些時候宣布了 Commerce 的更新。顯然，與 Circle 的關係得到了加強。因此，也許首先，不同的部分如何組合在一起來驅動你想要建造的東西。

Second, in terms of the use cases, is this basically cheaper remittances for retail and 365-day year transfer for institutional clients? Or is there a longer-term vision?

其次，就用例而言，這對零售客戶來說基本上是更便宜的匯款，對於機構客戶來說是全年365天的轉帳嗎？還是有更長遠的願景？

And then lastly, what does the revenue model look like for Coinbase in payments? Is it more asset-based? Or is it transaction-based?

最後，Coinbase 在支付領域的收入模式是什麼樣的呢？是否更加以資產為基礎？還是基於交易？

Yes, I can take that one. Thanks, Ken. So as you mentioned, payments is one of the areas that we're exploring in 2024 around utility, and I'm pretty excited about that as an opportunity. I mentioned in the opening comments that last year, we did announce that you can send USD Coin on Base and instantly anywhere in the world for free. So the cost and the transaction fees and the confirmation times are really starting to come down. And the more you reduce friction, the more payments you'll start to see.

是的，我可以接受那個。謝謝，肯。正如您所提到的，支付是我們在 2024 年圍繞公用事業探索的領域之一，我對此機會感到非常興奮。我在開場白中提到，去年，我們確實宣布您可以在 Base 上免費立即向世界任何地方發送美元硬幣。因此，成本、交易費用和確認時間確實開始下降。減少摩擦越多，您收到的付款就越多。

And so there's a variety of different use cases for payments. Payments is a huge industry. Some of this you could -- you can look at in emerging markets where people have local currencies where there's high inflation and so the dollar has a great brand there. People want access to the dollar. So they're able to do that now with stablecoins and USD Coin kind of gives them a trusted option that's regulated and the partner we have with Circle. They've been a great partner. They're a great issuer of that. So emerging markets demand for the dollars as an inflation hedge, I think, is a starting point.

因此，支付有多種不同的用例。支付是一個龐大的產業。其中一些你可以——你可以看看新興市場，那裡的人們擁有當地貨幣，那裡的通貨膨脹率很高，因此美元在那裡有一個很好的品牌。人們想要獲得美元。因此，他們現在能夠使用穩定幣來做到這一點，而美元硬幣為他們提供了一個受監管的值得信賴的選擇，也是我們與 Circle 的合作夥伴。他們一直是很棒的合作夥伴。他們是一個偉大的發行人。因此，我認為，新興市場對美元作為通膨對沖工具的需求是一個起點。

And then once people have those dollars, they're going to want to start to pay for things in their ordinary course of the day with those instead of the local currency where they're experiencing that inflation. So some of that is cross-border. Like you said, there's people in some of these markets they're ordering goods and services for their shops, from Asia or Europe to some of it's cross-border, some of it's for B2B, some of it's remittances. Some of it is also -- they just want to earn yield on their asset. Like as an inflation hedge is a great start, but if you can earn yield in some of these like with USD Coin, that's even better. So there's sort of that emerging market use case.

一旦人們有了這些美元，他們就會開始在日常生活中用這些美元而不是他們正在經歷通貨膨脹的當地貨幣來支付東西。所以其中一些是跨境的。就像你說的，在這些市場中，有人為他們的商店訂購商品和服務，從亞洲或歐洲到一些跨國的，有些是 B2B 的，有些是匯款的。其中一些也是——他們只是想從他們的資產中賺取收益。就像通貨膨脹對沖一樣，這是一個很好的開始，但如果您可以透過美元硬幣等其中一些產品賺取收益，那就更好了。所以有一種新​​興市場的用例。

And then we've also dabbled in payments kind of in other areas like you mentioned Coinbase Commerce launched this onchain payment protocol, which is really innovative. We're trying to make crypto the simplest, easiest way to pay on the Internet. Even Coinbase Card has allowed people to spend their crypto and USD Coin anywhere that Visa is accepted. So there's a lot of different use cases.

然後我們也涉足其他領域的支付，就像你提到的 Coinbase Commerce 推出了這個鏈上支付協議，這確實是創新的。我們正在努力使加密貨幣成為最簡單、最容易的網路支付方式。甚至 Coinbase 卡也允許人們在任何接受 Visa 的地方使用加密貨幣和美元硬幣。所以有很多不同的用例。

I mean, if you kind of want to zoom out, you asked about what's the longer-term vision here. I mean we really want to update the financial system, right? We want to have crypto play a larger and larger role in the global financial system, have it be a greater and greater percentage of GDP over time. And so crypto has really started off being as asset class people trade, but we now need to look at how it can improve these other areas. And payments is a huge one. And as we've seen layer 2 solutions come online like Base, I think the time is now to start to invest in that.

我的意思是，如果你想縮小範圍，你會問這裡的長期願景是什麼。我的意思是我們真的想更新金融體系，對吧？我們希望加密貨幣在全球金融體系中發揮越來越大的作用，隨著時間的推移，它在 GDP 中所佔的比例越來越大。因此，加密貨幣確實已經開始成為人們交易的資產類別，但我們現在需要看看它如何改善這些其他領域。而且付款是一筆龐大的支出。正如我們已經看到第 2 層解決方案像 Base 一樣上線，我認為現在是時候開始投資了。

You asked about monetization also. I mean, look, this is all really early stage. So we don't have any kind of forecast on it or anything like that.

您也詢問了貨幣化問題。我的意思是，看，這一切都還處於早期階段。所以我們沒有任何類型的預測或類似的東西。

But there's opportunities for us here to monetize via Base also via USD Coin, which you can see pieces of in our financials today. So that's all long term. I think if we can drive a deal use case with crypto, even if people don't even think of it as crypto, they just -- they're just -- fees are lower. Money arrives instantly instead of waiting 3 business days. They may not even know it's crypto underneath, but that's how we get 1 billion people eventually benefiting from this. And I think there'll be a lot of opportunities to monetize that over time.

但我們有機會透過 Base 和 USD Coin 貨幣化，您可以在我們今天的財務報告中看到其中的一些內容。所以這都是長期的。我認為，如果我們可以用加密貨幣推動交易用例，即使人們甚至不認為它是加密貨幣，他們只是——他們只是——費用會更低。資金立即到賬，無需等待 3 個工作天。他們甚至可能不知道它的底層是加密貨幣，但這就是我們最終讓 10 億人從中受益的方式。我認為隨著時間的推移，將會有許多機會將其貨幣化。

Your next question comes from the line of Chase White with Compass Point Research & Trading.

您的下一個問題來自 Chase White 與 Compass Point Research & Trading 的電話。

So OpEx came in a bit higher than guidance across the board, each line item which appears to, at least in part, be driven by the stronger market conditions. It seems pretty clear to us at least that we're heading into a bull cycle and we're just now getting into it. I mean, obviously, that should drive trading volumes and revenues higher and really most revenue line items potentially a lot higher. So how should we think about the various OpEx line items if the business were to return to prior cycle highs or even higher? Like is there a need for tech and dev marketing G&A to grow significantly from the current run rates in lockstep with revenue? Or should they kind of stay flat where they are? Just a little color on that would be great.

因此，營運支出總體上略高於指引，每個項目似乎至少部分是由更強勁的市場狀況所推動的。至少對我們來說，似乎很清楚我們正在進入牛市週期，而且我們現在才剛剛進入。我的意思是，顯然，這應該會推動交易量和收入更高，而且實際上大多數收入項目可能會更高。那麼，如果業務要回到之前週期的高點甚至更高，我們該如何考慮各種營運支出項目？例如，技術和開發行銷的一般費用是否需要從當前的運作率與收入同步大幅成長？還是他們應該保持原地不動？只需一點點顏色就可以了。

Thanks, Chase. Happy to answer that one. So broadly, we have some variable costs that will track with revenue growth, and those are largely our transaction expenses. As we've shared with you, that includes minor fees, that includes verification and just various costs with transaction and it also includes the payout of staking rewards. Those ones will drive 100% correlation with our revenue. We have a few other variable costs we will need to add, for example, more CX customer support costs. We will need to add some more network support if we see significant volume, but it will be very modest. We can absorb a lot of volume growth without adding expenses.

謝謝，蔡斯。很高興回答這個問題。從廣義上講，我們有一些變動成本將隨著收入成長而變化，而這些成本主要是我們的交易費用。正如我們與您分享的，這包括少量費用，包括驗證和交易的各種成本，還包括質押獎勵的支付。這些將與我們的收入實現 100% 的相關性。我們還有一些其他可變成本需要添加，例如，更多 CX 客戶支援的成本。如果我們看到大量的數量，我們將需要添加更多的網路支持，但數量將非常有限。我們可以在不增加費用的情況下吸收大量的銷售成長。

That said, we continue to look at our expense base and invest proactively in diversifying our revenue streams. And so if we see ourselves in a prolonged upmarket, we may choose to increase expenses, but we will be very transparent with the Street if we make that decision later on this year. We've given an expense outlook for Q1, where we expect some very modest changes to our Q4 results. And so at this point in time, you will communicate in that way with you and expect expenses to be pretty modest in the changing year for the next few months.

也就是說，我們將繼續關注我們的支出基礎，並積極投資以實現收入來源多元化。因此，如果我們看到自己長期處於高端市場，我們可能會選擇增加開支，但如果我們在今年稍後做出決定，我們將對華爾街非常透明。我們給出了第一季的費用前景，預計第四季度的業績將出現一些非常溫和的變化。因此，在這個時候，您將以這種方式與您溝通，並預計在接下來的幾個月裡，在變化的年份中，費用將相當適中。

Your next question comes from the line of Owen Lau with Oppenheimer.

你的下一個問題來自劉歐文和奧本海默的台詞。

At House Hearing yesterday, Undersecretary confirmed with Congressman Tom Emmer that a report about Hamas using digital assets to raise fund was inaccurate, and crypto was not even a popular tool for terrorists. Even though Chainalysis put a report to correct that record, it doesn't appear that it gets enough attention. So I have 2 questions here. Could you please talk about Coinbase's investments in anti-money laundering program to protect your customers and also your reaction to that conversation?

在昨天的眾議院聽證會上，副國務卿向國會議員 Tom Emmer 證實，有關哈馬斯利用數位資產籌集資金的報導不準確，加密貨幣甚至不是恐怖分子常用的工具。儘管 Chainaanalysis 發布了一份報告來糾正這一記錄，但它似乎並沒有得到足夠的重視。所以我這裡有兩個問題。您能否談談 Coinbase 為保護您的客戶而對反洗錢計劃進行的投資以及您對這次對話的反應？

Thanks, Owen, and thanks for noticing that. We were really pleased to see that House Hearing yesterday and really pleased with the correction of the record here. One, we have significant investments in AML. We have a large compliance team that has best-in-class compliance approaches the same as any other fintech or bank. We follow very standard rules in this space and are governed by our MTL licenses and our Bitcoin license with NYDFS. We're really proud to be one of the most compliant crypto companies, frankly, in the world with this regard. I will share how Paul's reaction to the hearing and maybe I'll pass it over to you, Paul.

謝謝，歐文，也謝謝你注意到這一點。我們很高興看到昨天的眾議院聽證會，並對這裡記錄的更正感到非常高興。第一，我們在反洗錢方面進行了大量投資。我們擁有一支龐大的合規團隊，擁有與其他金融科技或銀行相同的一流合規方法。我們在這個領域遵循非常標準的規則，並受到我們的 MTL 許可證和 NYDFS 的比特幣許可證的約束。坦白說，我們非常自豪能夠成為世界上在這方面最合規的加密貨幣公司之一。我將分享保羅對聽證會的反應，也許我會把它轉給你，保羅。

Thanks, Alesia. We were very pleased to see the Congress pay careful attention to this issue. French Hill, Chair of the Subcommittee, could not have been clear when he observed that the Treasury Undersecretary made explicit what we have been saying all along, which is that bad actors still prefer to use traditional finance rather than digital assets to fund their activities. That I think was an important validation of something that we've been saying for a very, very long time.

謝謝，阿萊西亞。我們很高興看到國會認真關注這個問題。小組委員會主席弗倫奇·希爾（French Hill）觀察到財政部副部長明確表達了我們一直以來所說的話，即不良行為者仍然更喜歡使用傳統金融而不是數字資產來為其活動提供資金，他對此表示不解。我認為這是對我們長期以來一直在說的事情的重要驗證。

And Mr. Nelson, the Under Secretary, also confirmed that prior reports that have been published that successful international collaboration with Israeli law enforcement had limited Hamas and its use of its digital assets ahead of the attack against Israel. So we think that the facts are clear. And we are pleased that when confronted with those facts, the Congress is underscoring that crypto is an answer to the problem of illicit finance. It is not solely the problem.

副國務卿納爾遜先生也證實，先前發布的報告顯示，與以色列執法部門的成功國際合作限制了哈馬斯及其在襲擊以色列之前對其數位資產的使用。所以我們認為事實已經很清楚了。我們很高興看到，面對這些事實，國會強調加密貨幣是解決非法金融問題的答案。這不僅僅是問題所在。

Your next question comes from the line of John Todaro with Needham & Company.

您的下一個問題來自 Needham & Company 的 John Todaro。

First off, congrats on the quarter, pretty great results here. I have 2 questions on the institutional business. So it looks like take rate there went up. Trying to understand what drove that or if there was some other revenue that went into that institutional revenue, whether that was Base chain or derivatives?

首先，恭喜本季度，取得了非常好的成績。我有兩個關於機構業務的問題。所以看來那裡的接受率有上升。試圖了解是什麼推動了這一點，或者是否有其他收入進入了該機構收入，無論是 Base 鏈還是衍生品？

And then second, as we think about Q1 '24, had the Bitcoin ETF has that driven more institutional activity on the platform where moving forward, we should think of institution as a greater makeup share of the total volume?

其次，當我們思考 24 年第一季時，比特幣 ETF 是否已經推動了平台上更多的機構活動，未來我們應該將機構視為總交易量中更大的組成部分？

Thanks for the question, John. So embedded in our institutional product revenues are really 2 products. One is the markets business, which is our exchange, where we have market makers and liquidity providers transacting directly on the exchange and the other is Coinbase Prime. Coinbase Prime has a higher fee rate than the exchange. And so similar to the consumer side, we see mix shift driving the blended average fee rate on institutional. And we're seeing strong growth of Coinbase Prime, and it had a larger share of volume in Q4, which drove the increase in that fee rate in the fourth quarter.

謝謝你的提問，約翰。因此，我們機構產品收入中實際上包含兩種產品。一是市場業務，也就是我們的交易所，我們有做市商和流動性提供者直接在交易所進行交易，另一個是Coinbase Prime。 Coinbase Prime 的費率高於交易所。與消費者方麵類似，我們看到混合轉變推動了機構的混合平均費率。我們看到 Coinbase Prime 的強勁成長，它在第四季度的交易量份額更大，這推動了第四季度費率的成長。

Going to your second question on have Bitcoin ETFs driven more into activity? As we shared earlier and Brian shared in his response, ETFs have just been net positive for the industry and additive to Coinbase. And we're seeing elevated engagement and net inflows on institutional as well as retail Q1 to date.

第二個問題是比特幣 ETF 是否推動了更多活動？正如我們之前分享的以及 Brian 在他的回應中分享的那樣，ETF 剛剛對該行業產生了淨積極影響，並且對 Coinbase 起到了補充作用。迄今為止，我們看到機構和零售機構的參與度和淨流入增加。

Your next question comes from the line of Devin Ryan with JMP Securities.

您的下一個問題來自 JMP 證券的 Devin Ryan。

Great. From what I can track, you guys have seen a very sizable acceleration in derivatives volumes even in recent weeks, it seems like it's been accelerating quite a bit on the international exchange. So nice to see the momentum there. And obviously, we know that derivatives market is larger than the spot market. So, I guess, first off, how would you frame the scaling that you're experiencing already relative to how you're thinking about the broader potential longer term?

偉大的。據我所知，即使在最近幾週，你們也看到了衍生性商品交易量的大幅成長，國際交易所的交易量似乎也在加速成長。很高興看到那裡的勢頭。顯然，我們知道衍生性商品市場比現貨市場更大。所以，我想，首先，你會如何框架你已經經歷的規模相對於你如何思考更廣泛的長期潛力？

And then second, what is the user profile on take rate look like there now? And then where do you see that user mix and take rate moving over time as it matures?

其次，現在的使用者概況如何？那麼隨著時間的推移，您在哪裡看到使用者組合和使用率隨時間的成熟而變化？

Yes, I can start off on derivatives and then Alesia, maybe I'll turn it to you on some of the take rate question. So thanks for tracking. We have been hitting daily all-time highs on our International Exchange which has been really great. It's still early days, just to be clear, but the market, I think, has really demonstrated -- they want to see a trusted counterparty here built in a compliant way. And Coinbase is really the first company they've seen come along that fits that definition.

是的，我可以從衍生性商品開始，然後阿萊西亞，也許我會向您提出一些採取率問題。所以感謝您的跟蹤。我們的國際交易所每天都創下歷史新高，這真是太棒了。需要明確的是，現在還處於早期階段，但我認為市場已經真正證明了——他們希望看到一個以合規方式建立的值得信賴的交易對手。 Coinbase 確實是他們見過的第一家符合這項定義的公司。

So we've been making a lot of progress on our international derives exchange. We added 11 new markets in Q4. We're now up to about 70% of global TAM. We announced that we're acquiring a MiFID license that will help us unlock derivates in about 20 additional EU member states. We've been adding new product features like 10x leverage, did that in Q4. I think we had about -- it's about $16 billion in notional volume traded on International Exchange in Q4. So it's been really good progress on that.

因此，我們在國際衍生性商品交易方面取得了巨大進展。我們在第四季新增了 11 個市場。我們現在佔全球 TAM 的 70% 左右。我們宣布即將獲得 MiFID 許可證，這將有助於我們在另外約 20 個歐盟成員國解鎖衍生性商品。我們一直在添加新的產品功能，例如 10 倍槓桿，在第四季度就做到了。我認為第四季國際交易所的名目交易量約為 160 億美元。所以這方面確實取得了很好的進展。

Same thing, by the way, for Coinbase Financial Markets in the U.S., we got license to trade U.S. futures, which has been really great. And so, yes, I think our daily milestone that we just surpassed actually today, it was $700 million in a 24-hour period that was on International Exchange. So really great early start. I think that clients are going to continue to want to prefer a trusted counterparty that's following the rules. Coinbase is the brand that can help them do that. And derivatives trading is actually about 75% of all crypto trading by volume at least. The take rate is lower on it, but it is the majority of volume. And so I'm just really glad that we're now starting to build our business in that area.

順便說一句，同樣的事情，對於美國的 Coinbase Financial Markets，我們獲得了交易美國期貨的許可，這真的很棒。所以，是的，我認為我們今天剛剛超越的每日里程碑實際上是，在國際交易所 24 小時內達到了 7 億美元。這麼早開始真的很棒。我認為客戶將繼續希望選擇一個遵守規則、值得信賴的交易對手。 Coinbase 是可以幫助他們做到這一點的品牌。以交易量計算，衍生性商品交易實際上至少佔所有加密貨幣交易的 75% 左右。其成交率較低，但佔成交量的大部分。所以我真的很高興我們現在開始在該領域建立我們的業務。

Alesia, anything you want to add on take rates?

阿萊西亞（Alesia），您想對拍攝率添加什麼內容嗎？

Sure. As Brian said, we are early days in derivatives. We're excited about the progress that we are just getting started. As such, our current goal is to really gain market share. We are offering tiered pricing over time. But right now, it's going to be competitive to build liquidity and attract users and we'll experiment and adjust as we scale.

當然。正如布萊恩所說，我們正處於衍生性商品領域的早期階段。我們對剛開始的進展感到興奮。因此，我們目前的目標是真正獲得市場份額。隨著時間的推移，我們將提供分級定價。但現在，建立流動性和吸引用戶將具有競爭力，我們將隨著規模的擴大進行試驗和調整。

Your next question comes from the line of Benjamin Budish with Barclays.

你的下一個問題來自巴克萊銀行的班傑明‧布迪什。

I wanted to follow up on one of the earlier questions on the Prime business. Can you maybe do a little bit of a dive into what specifically you're doing there? Obviously, I would assume there's some kind of execution. But what are the sort of services you provide? How are you monetizing them? And can you just confirm that any revenues through Prime are also reported? Or confirm or not confirm that they are reported within the institutional volume metric that you give?

我想跟進之前有關 Prime 業務的問題之一。您能否深入了解您在那裡具體做了什麼？顯然，我假設有某種執行。但你們提供什麼類型的服務呢？您如何透過它們獲利？您能否確認是否也報告了透過 Prime 獲得的任何收入？或確認或不確認它們是否在您給出的機構數量指標內進行報告？

Why don't I start with this? So Coinbase Prime is our one-stop shop for institutions. It comprises a suite of products, including custody, trading, financing, those are the large 3 that are in that umbrella. When you look at our institutional transaction revenue, that is largely the trading business. We separately disclose custodial fee revenue. And the financing business is largely in other subscription and services right now because it is still nascent and growing. We haven't broken it out as a separately disclosed line item.

我為什麼不從這個開始呢？因此，Coinbase Prime 是我們為機構提供的一站式服務。它由一系列產品組成，包括託管、交易、融資，這是該保護傘中的三大產品。當你看我們的機構交易收入時，你會發現這主要是交易業務。我們單獨揭露託管費收入。融資業務目前主要集中在其他訂閱和服務中，因為它仍處於新生階段並不斷成長。我們尚未將其分解為單獨披露的行項目。

Your next question comes from the line of Pete Christiansen with Citi.

你的下一個問題來自花旗銀行的 Pete Christiansen。

Alesia, I'm a little surprised the sales and marketing is expected to be flattish, I guess, into Q1. I would think the status of the asset class, international business picking up, Coinbase would want to lean in a little bit more there. I was just wondering if you could talk to those dynamics. Maybe you're seeing different mix shift that's impacting it between institutional or retail or maybe you're seeing better marketing efficiencies. Just wondering if you can walk us through that progression and how you're seeing the setup for this year.

阿萊西亞，我覺得第一季的銷售和行銷預計將持平，這讓我有點驚訝。我認為資產類別的地位、國際業務的復甦，Coinbase 會希望在這方面多投入一點。我只是想知道你是否可以談談這些動態。也許您會看到不同的組合轉變正在機構或零售之間產生影響，或者您可能會看到更好的行銷效率。只是想知道您是否可以向我們介紹一下這一進展以及您如何看待今年的設置。

Thanks, Pete. So a large part of our sales and marketing spend is actually in brand spend and we have seasonality with an NBA contract. And so what you see is a shift in spend between Q4 and Q1, where we will spend materially less on that NBA contract where we direct that spend to other areas, which is leading to a slightly down guide for Q1 versus Q4, but we are reinvesting. We are really proud of our marketing efforts, and I might call Emilie to answer some of those questions. We really feel like we hit our stride with marketing over the last year and are continuing to lean in and invest where we see strong ROI and strong return on those investments.

謝謝，皮特。因此，我們銷售和行銷支出的很大一部分實際上是品牌支出，而且我們的 NBA 合約具有季節性。所以你看到的是第四季和第一季之間支出的變化，我們在NBA 合約上的支出將大幅減少，我們將這些支出用於其他領域，這導致第一季相對於第四季的指導略有下降，但我們再投資。我們對我們的行銷工作感到非常自豪，我可能會打電話給艾米莉來回答其中一些問題。我們確實覺得去年我們在行銷方面取得了長足進步，並將繼續在我們看到強勁投資回報率和強勁投資回報的領域進行投資。

Thankfully, the marketing investments have been very high ROI and that's one of the things that we've demanded since we've implemented the program. And I think that we're going to continue to test the boundaries of it, especially as we expand more and more into policy marketing to get our messages across to policymakers.

值得慶幸的是，行銷投資的投資回報率非常高，這是我們實施該計劃以來所要求的事情之一。我認為我們將繼續測試它的界限，特別是當我們越來越多地擴展到政策行銷以將我們的訊息傳達給政策制定者時。

Your next question comes from the line of Bo Pei with U.S. Tiger Securities.

你的下一個問題來自美國老虎證券的裴波專線。

Management. So some question on the take rate -- retail take rate. So with the recent approval of spot Bitcoin ETFs, most people believe crypto is now becoming a more mature asset class. And typically, as a new asset class becomes more mature, one should expect trading this asset to become cheaper. So do you think crypto investors have become more sophisticated now? And do you see more traders migrating to the Coinbase Advanced platform? And do you expect the trading take rate to gradually decline to below 1% in this crypto cycle like in the last 1.5 years or 2 years? If this happens, do you believe the volume increase can more than offset the take rate decline?

管理。那麼關於接受率的一些問題——零售接受率。因此，隨著最近現貨比特幣 ETF 的批准，大多數人認為加密貨幣現在正在成為一種更成熟的資產類別。通常，隨著新資產類別變得更加成熟，人們應該預期該資產的交易會變得更便宜。那麼您認為加密貨幣投資者現在變得更加成熟了嗎？您是否看到更多交易者遷移到 Coinbase Advanced 平台？您預計在這個加密週期中，交易率會像過去 1.5 年或 2 年那樣逐漸下降到 1% 以下嗎？如果發生這種情況，您認為交易量的增加足以抵銷採用率的下降嗎？

Thanks, Bo. I'll share. Since we went public, we've received a question on fee rate and fee rate compression or cannibalization every quarter. And we have yet to see that phenomenon on our platform, and we have yet to see that as a result of the ETFs as well.

謝謝，博。我會分享。自從我們上市以來，我們每季都會收到有關費率和費率壓縮或蠶食的問題。我們還沒有在我們的平台上看到這種現象，我們也還沒有看到 ETF 帶來的結果。

As we shared, even in quarter-to-date Q1, we've seen net inflows across both retail and institutional, and we have not seen any shift in our customer behavior as a result of the ETFs. We've always seen as ETFs being a net add to the industry -- net positive for Coinbase, net positive for the industry overall with more engagement across the board with both our retail and institutional clients. We've shared over time, we agree with you with the thesis that as you see commoditization, you should see fees come down. But we do not see that today, and we continue to see customers choose Coinbase for the breadth of our product offering, the security of our platform, and we think that, that will continue to persist for some time.

正如我們所分享的，即使在第一季迄今，我們也看到零售和機構的淨流入，並且我們沒有看到 ETF 導致客戶行為發生任何變化。我們一直認為 ETF 是行業的淨成長——對 Coinbase 來說是淨利好，對整個行業來說是淨利好，因為我們與零售和機構客戶的全面接觸更多。隨著時間的推移，我們同意您的觀點，當您看到商品化時，您應該會看到費用下降。但今天我們並沒有看到這一點，我們繼續看到客戶選擇 Coinbase 是因為我們產品的廣度和平台的安全性，我們認為這種情況將繼續持續一段時間。

Yes. Sorry, I just want to add. I mean, just a reminder, in the entire industry, we've seen about $4 billion of net inflows since the Bitcoin ETFs launched. I think that's really additive. The thing to remember here is we want crypto to really update the global financial system. So that means we need to get it integrated into more and more parts of the financial system. Every time that, that happens, we're sitting here cheering for it. We want fees to come down and make it lower friction for people to get into crypto through all kinds of different vehicles. ETFs are a massive way to get more capital to come in. So far, we have not seen any cannibalization.

是的。抱歉，我只是想補充一下。我的意思是，提醒一下，自從比特幣 ETF 推出以來，在整個行業中，我們已經看到了約 40 億美元的淨流入。我認為這確實是附加的。這裡要記住的是，我們希望加密貨幣能真正更新全球金融體系。因此，這意味著我們需要將其融入金融體系的越來越多的部分。每當這種情況發生時，我們都會坐在這裡為此歡呼。我們希望費用下降，並減少人們透過各種不同工具進入加密貨幣的阻力。 ETF 是吸引更多資本進入的重要方式。到目前為止，我們還沒有看到任何蠶食。

As Alesia said, it's been additive for coin base, and we're seeing elevated engagement and net inflows on both retail and institutional Q1 to date. So in my view, the ETFs are just a totally positive thing. And the more institutions that kind of get their feet wet with crypto, whether it's through an ETF or any other way, the better because they're eventually going to be using it in other ways, holding on their balance sheet, paying their vendors, doing payroll. We want crypto to power more and more of global GDP. And we've got to get this happening through every opportunity we can. So ETFs are incredibly positive, I think, for our business.

正如阿萊西亞所說，它對代幣基礎起到了補充作用，迄今為止，我們看到零售和機構第一季的參與度和淨流入都在增加。所以在我看來，ETF 完全是一件正面的事情。越多的機構涉足加密貨幣，無論是透過 ETF 或任何其他方式，就越好，因為他們最終將以其他方式使用加密貨幣，保留資產負債表，向供應商付款，做工資單。我們希望加密貨幣為全球 GDP 提供越來越多的動力。我們必須利用一切可能的機會來實現這一目標。因此，我認為 ETF 對我們的業務非常積極。

Your next question comes from the line of Joseph Vafi with Canaccord Genuity.

您的下一個問題來自 Canaccord Genuity 的 Joseph Vafi。

Nice results. I've got a few, but maybe I'll just focus my question on a follow-up to the previous one. I mean owning the underlying spot versus owning an ETF may seem the same for some investors, but I'm sure you thought a lot about owning the underlying spot versus an ETF and your differentiation in that. And so it would be great to hear what you see perhaps is the benefits of owning a Bitcoin outright versus owning an ETF.

不錯的結果。我有一些問題，但也許我會將我的問題集中在前一個問題的後續問題上。我的意思是，對於某些投資者來說，擁有標的現貨與擁有 ETF 似乎是一樣的，但我確信您對擁有標的現貨與 ETF 以及兩者之間的差異進行了很多思考。因此，很高興聽到您所看到的完全擁有比特幣與擁有 ETF 相比的好處。

I guess, I'll start and Alesia, maybe you can just pop in. One of the things we wanted to do in this ecosystem was to play the role where we have the kind of strongest competitive advantages. And because we've invested so much in the custody solution and the Prime services, it felt like a really good area for us to play, and that's why we garnered the majority share when we were working with these ETFs. Separately, we also want to make sure that we are able to invest in solutions where clients can invest in different crypto assets, and we have CBAM, Coinbase Asset Management, as something separate from that. But I think we're trying to play the role that it's best for us in each different part of the value chain. Alesia, anything to add on that?

我想，我要開始了，Alesia，也許你可以插話一下。我們在這個生態系統中想做的事情之一就是扮演我們擁有最強競爭優勢的角色。因為我們在託管解決方案和 Prime 服務上投入了大量資金，所以這對我們來說是一個非常好的領域，這就是為什麼我們在與這些 ETF 合作時獲得了多數份額。另外，我們也希望確保我們能夠投資於客戶可以投資不同加密資產的解決方案，並且我們有 CBAM、Coinbase 資產管理公司，作為與此不同的東西。但我認為我們正在努力在價值鏈的每個不同部分扮演最適合我們的角色。阿萊西亞，還有什麼要補充的嗎？

One thing I'll share is that the majority of customers on our platform do more than just on Bitcoin. Most customers own more than 2 crypto assets. If you look at our trading volume for Q4 42% of our trading volume was in other crypto assets, not Bitcoin, not Ethereum, not USDT. So I think that what we believe is that the Bitcoin ETF is introducing new capital, folks that were not coming to the spot market, folks that may want to invest to their 401(k), invest in a fund, and that's where we're seeing more adoption, more growth, more awareness of this asset class.

我要分享的一件事是，我們平台上的大多數客戶不僅僅只使用比特幣。大多數客戶擁有 2 種以上的加密資產。如果你看我們第四季的交易量，我們的交易量的 42% 是其他加密資產，而不是比特幣、以太坊、USDT。因此，我認為我們相信比特幣 ETF 正在引入新的資本，那些沒有進入現貨市場的人，那些可能想要投資 401(k) 的人，投資於基金，這就是我們的目標我們看到這一資產類別有更多的採用、更多的成長和更多的認識。

But what we've seen is that when people start to learn about Bitcoin, they often then become excited about another asset, and they want to use that asset. They want a stake. They want to explore the crypto ecosystem in the decentralized applications. And so we're delighted to see the expansion of users and investors in this asset class. We believe this is going to be just net additive to the space.

但我們看到的是，當人們開始了解比特幣時，他們往往會對另一種資產感到興奮，並且他們想要使用該資產。他們想要股份。他們想要探索去中心化應用程式中的加密生態系統。因此，我們很高興看到該資產類別的用戶和投資者不斷擴大。我們相信這將只是對該領域的淨補充。

Sarah, we have time for one more question, please.

莎拉，我們還有時間再問一個問題。

Our final question will come from the line of Alex Markgraff with KBCM.

我們的最後一個問題將來自 KBCM 的 Alex Markgraff。

Maybe 2, first one for Paul, if I could. Just on the challenging on SEC's decision not to engage in rulemaking. Just could you give us an overview of the process here and sort of the range of outcomes that you're looking to?

如果可以的話，也許是 2 個，第一個給保羅。只是對美國證券交易委員會不參與規則制定的決定提出質疑。您能給我們概述一下這裡的流程以及您想要的結果範圍嗎？

I'm happy to do that. You're referring, of course, to our petition that we filed in the Third Circuit Court of Appeals, challenging the decision of the SEC to reject or deny our request for formal rulemaking. That challenge is moving ahead. We were gratified to see the court set a briefing schedule. A briefing will begin next month and continue on into the spring. On this question of whether the SEC acted within its discretion in denying those -- that request for rulemaking or acted arbitrarily and capriciously in denying our request. We're confident that Third Circuit will see it our way, and we look forward to the opportunity presenting our arguments at the appropriate time.

我很高興這樣做。當然，您指的是我們向第三巡迴上訴法院提交的請願書，該請願書對 SEC 拒絕或拒絕我們正式規則制定請求的決定提出質疑。這項挑戰正在向前推進。我們很高興看到法庭制定了簡報時間表。簡報會將於下個月開始，並持續到春季。關於美國證券交易委員會是否在其酌情決定權範圍內拒絕制定規則的請求，或者是否任意、反复無常地拒絕我們的請求的問題。我們相信第三巡迴法院會以我們的方式看待這件事，我們期待有機會在適當的時候提出我們的論點。

Great. Well, that's it for today. Thank you all for joining us, and we look forward to speaking with you again next quarter.

偉大的。好了，今天就到此為止。感謝大家加入我們，我們期待下個季度再次與您交談。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。