(COIN) 2024 Q1 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 First Quarter 2024 Earnings Call.

午安.我叫莎拉，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Coinbase 2024 年第一季財報電話會議。

(Operator Instructions)

（操作員說明）

Anil Gupta, Vice President, Investor Relations, you may begin your conference.

阿尼爾古普塔（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 First Quarter 2024 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 2024 年第一季財報電話會議。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 measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our Investor Relations website.

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。

Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP measures. We are once again using the Say Technologies platform to enable our shareholders to ask questions, and in addition, we will take some live questions from our research analysts.

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 Say Technologies 平台讓我們的股東能夠提問，此外，我們還將回答研究分析師的一些即時問題。

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

這樣，我將把它交給 Brian 來發表評論。

Thanks, Anil. Q1 was a very strong quarter. We generated more adjusted EBITDA than we did all of last year. Keeping our cost structure low while continuing to innovate is really paying off. To kick off today's call, I wanted to provide a progress update on the 2024 priorities that I shared on our Q4 call. As a refresher, they are first, driving revenue. We're doing this through improvements to our core simple trading experience; growth in stablecoins; winning in the derivatives space, both in the U.S. and abroad; and driving international growth by investing in key markets.

謝謝，阿尼爾。第一季是一個非常強勁的季度。我們產生的調整後 EBITDA 比去年全年更高。在持續創新的同時保持較低的成本結構確實得到了回報。為了開始今天的電話會議，我想提供我在第四季度電話會議上分享的 2024 年優先事項的最新進展。回顧一下，他們首先是推動收入。我們正在透過改進我們核心的簡單交易體驗來實現這一目標；穩定幣的成長；在美國和國外的衍生性商品領域取得勝利；透過投資關鍵市場來推動國際成長。

Second, we're driving utility in crypto. We're doing this through Base, our low-cost Layer 2 solution and building a better payments experience on crypto rails. And third, we're driving regulatory clarity. We're doing this through the courts, through collaboration with policymakers around the world to pass sensible rules and most importantly, through activating the crypto voter base to elect procrypto candidates in this upcoming election.

其次，我們正在推動加密貨幣的實用性。我們正在透過低成本的第 2 層解決方案 Base 來實現這一目標，並在加密軌道上建立更好的支付體驗。第三，我們正在推動監管的清晰度。我們正在透過法院來做到這一點，透過與世界各地的政策制定者合作通過合理的規則，最重要的是，透過激活加密貨幣選民基礎，在即將到來的選舉中選出加密貨幣候選人。

Let's start with driving revenue. In Q1, we capitalized on strong market conditions, and we saw many of our investments through this last downturn begin to pay off. Our institutional business continued to see meaningful growth in part driven by the excitement around Bitcoin ETFs, which drove new customer adoption across our product suite. Coinbase Prime reached all-time highs in trading volume and active clients and nearly 40% of our clients engaged with 3 or more products in Q1.

讓我們從增加收入開始。在第一季度，我們利用了強勁的市場狀況，我們看到我們在上次經濟低迷時期的許多投資開始獲得回報。我們的機構業務繼續實現有意義的成長，部分原因是比特幣 ETF 的興奮，這推動了新客戶對我們產品套件的採用。 Coinbase Prime 的交易量和活躍客戶數量創下歷史新高，近 40% 的客戶在第一季使用了 3 種或更多產品。

Turning to derivatives. Both coin-based Financial Markets and Coinbase International Exchange have shown promising growth in their early stages. In Q1, Coinbase International Exchange added 15 new perpetual future listings. We've also increased the position limits across both products. USDC market cap increased over 30% year-to-date and is growing faster than major competitors. We see higher engagement from customers who hold USDC balances on our platform. So we've been investing in growing those platforms balances by unifying order books on advanced trading and offering competitive rewards. And while it's still early days, we're also seeing great traction with Coinbase One, our consumer subscription product, which surpassed 400,000 paid subscribers in Q1.

轉向衍生性商品。基於硬幣的金融市場和 Coinbase 國際交易所在早期階段都表現出了可喜的成長。第一季度，Coinbase 國際交易所增加了 15 個新的永久期貨上市。我們也提高了這兩種產品的部位限制。今年迄今為止，USDC 市值成長了 30% 以上，成長速度快於主要競爭對手。我們發現在我們平台上持有 USDC 餘額的客戶的參與度更高。因此，我們一直在透過統一高級交易的訂單簿並提供有競爭力的獎勵來投資增加這些平台的餘額。雖然現在還處於早期階段，但我們也看到了我們的消費者訂閱產品 Coinbase One 的巨大吸引力，第一季的付費訂閱者數量超過了 40 萬。

Next, let's move on to utility. I'd like to spotlight our Layer 2 solution Base. As a reminder, Layer 2 solutions help blockchain scale, similar to when the Internet move from dial-up to broadband. And we believe this scaling will drive many new use cases in the crypto economy. Base has helped dramatically reduce transaction fees and confirmation times, getting us closer to our goal of having the average crypto transaction take less than 1 second and cost less than $0.01 anywhere in the world.

接下來，讓我們繼續討論實用程式。我想重點介紹一下我們的第 2 層解決方案基礎。提醒一下，第 2 層解決方案有助於區塊鏈擴展，類似於網路從撥接轉向寬頻。我們相信這種擴展將推動加密經濟中的許多新用例。 Base 幫助大幅降低了交易費用和確認時間，使我們更接近我們的目標：在世界任何地方，平均加密貨幣交易時間不超過 1 秒，成本低於 0.01 美元。

Developer activity on Base increased eightfold in Q1. In the last 30 days, Base has processed over 2x as any transactions as the entire Ethereum network on Layer 1. Base is now the #1 Layer 2 solution by number of transactions processed, a huge accomplishment. We've made Base faster and cheaper to use with fee reduction by about 80% through protocol upgrades and our fees are now often below $0.01. We're also integrating USDC on Base across Coinbase products, creating nearly free instant global payments in a USD-denominated asset. This is a really, really big deal as we now have direct line of sight to update the global financial system by reducing the billions in payment fees paid by consumers and businesses each year.

第一季 Base 上的開發者活動增加了八倍。在過去30 天裡，Base 在第1 層處理的交易量是整個以太坊網路處理交易量的2 倍以上。一項巨大的成就。透過協議升級，我們使 Base 的使用速度更快、成本更低，費用降低了約 80%，現在我們的費用通常低於 0.01 美元。我們還在 Coinbase 產品中整合了 USDC on Base，以美元計價的資產創建幾乎免費的即時全球支付。這是一件非常非常大的事情，因為我們現在可以透過減少消費者和企業每年支付的數十億美元的支付費用來更新全球金融體系。

Finally, let's discuss regulatory clarity. Coinbase continues to invest heavily in driving clear rules and regulations around the world for crypto, and we're actively contributing to advancing procrypto candidates during this major election year. We're a large contributor to procrypto organizations like Fairshake, Super PAC, which already had a great impact in the market primaries in California, Texas and Alabama.

最後，我們來討論一下監管的清晰度。 Coinbase 繼續大力投資在全球範圍內推動明確的加密貨幣規則和法規，並且我們正在積極為在這個重大選舉年推進加密貨幣候選人做出貢獻。我們是 Fairshake、Super PAC 等原加密貨幣組織的重要貢獻者，這些組織已經在加州、德州和阿拉巴馬州的市場初選中產生了巨大影響。

We also continue to work with grassroots advocacy organizations like standwithcrypto.org, which now has over 400,000 crypto advocates who raised their hand indicating they want to elect procrypto candidates in November. We're also making steady progress in getting clarity through the courts in our litigation with the SEC. In Q1, the court ruled on our motion to dismiss, dismissing the SEC's claim regarding Coinbase wallet, which was a significant win for self-custodial wallets across the industry. This win provided clarity for us and developers to continue to drive our on-chain product growth, which we believe is an important element to fulfilling our mission of increasing economic freedom. The court denied the rest of the motion at this very early stage meaning the rest of our case is proceeding to discovery but we're fully prepared for an intensive discovery phase through the remainder of the year and remain confident in the strength of our legal arguments. 2024 is shaping up to be an important growth year for our industry and for our mission.

我們也繼續與像standwithcrypto.org這樣的草根倡導組織合作，該組織現在有超過400,000名加密貨幣倡導者舉手錶示他們希望在11月選舉procrypto候選人。我們在與 SEC 的訴訟中透過法庭澄清問題方面也取得了穩步進展。第一季度，法院對我們的駁回動議做出了裁決，駁回了 SEC 關於 Coinbase 錢包的索賠，這是整個行業自我託管錢包的重大勝利。這場勝利為我們和開發者提供了繼續推動我們的鏈上產品成長的明確性，我們相信這是實現我們增加經濟自由的使命的重要因素。法院在早期階段否決了動議的其餘部分，這意味著我們案件的其餘部分正在進入證據開示階段，但我們已為今年剩餘時間的密集證據開示階段做好了充分準備，並對我們的法律論點的強度仍然充滿信心。 2024 年將成為我們產業和我們使命的重要成長年。

Now I'll pass it over to Alesia, who will provide detailed insights into our financials.

現在我將把它交給阿萊西亞，她將提供有關我們財務狀況的詳細見解。

Thanks, Brian, and good afternoon, everyone. Today, I'm going to cover 3 topics. First, comments on our Q1 financial performance; second, a review of the key transaction in an accounting change; and third, I'll touch on our Q2 outlook. You can find more details on all of these topics in our shareholder letter and our 10-Q.

謝謝布萊恩，大家下午好。今天，我將討論 3 個主題。首先，評論一下我們第一季的財務表現；二是會計變更中的關鍵交易進行審核；第三，我將談談我們對第二季的展望。您可以在我們的股東信函和 10-Q 中找到有關所有這些主題的更多詳細資訊。

Let's start with Q1 financial performance. Q1 total revenue grew 72% quarter-over-quarter to $1.6 billion. We generated $1.2 billion in net income and adjusted EBITDA was $1 billion, as Brian said, more than we generated in all of 2023. We ended Q1 with a strong liquidity position, including $7.1 billion in USD resources and equally, if not more importantly, our customer safeguarded assets grew to $330 billion.

讓我們從第一季的財務表現開始。第一季總營收季增 72%，達到 16 億美元。正如布萊恩所說，我們創造了12 億美元的淨利潤，調整後的EBITDA 為10 億美元，比我們2023 年全年的收入還要多。 ，包括71 億美元的美元資源，同樣重要的是，我們的客戶受保護資產增至 3,300 億美元。

We are proud to safely store over 12% of total crypto market cap on our platform. These results reflect our focused execution on product expansion, our ongoing operational discipline and strong crypto market conditions.

我們很自豪能夠在我們的平台上安全儲存超過 12% 的加密貨幣總市值。這些結果反映了我們對產品擴展的專注執行、我們持續的營運紀律和強勁的加密貨幣市場狀況。

Looking at transaction revenue. Transaction revenue grew 103% quarter-over-quarter to $1.1 billion. This is driven by higher crypto asset volatility as well as crypto asset prices, which both increased sharply in March. On the consumer side, trading volume growth was strong across both simple and advance, resulting in our consumer blended average fee being roughly flat quarter-over-quarter.

看看交易收入。交易收入季增 103% 至 11 億美元。這是由加密資產波動性上升以及加密資產價格在 3 月大幅上漲所推動的。在消費者方面，簡單交易和進階交易量成長強勁，導致我們的消費者混合平均費用較上季大致持平。

We saw higher engagement from users acquired in 2023 and prior as well as new user growth. We also gained market share in spot trading on both the consumer and institutional trading platforms. Brian shared earlier in his opening comments that Coinbase Prime trading saw their all-time highs in the first quarter.

我們看到 2023 年及之前獲得的用戶參與度更高，而且新用戶也在成長。我們還在消費者和機構交易平台上的現貨交易中獲得了市場份額。 Brian 早些時候在開場評論中表示，Coinbase Prime 交易量在第一季創下了歷史新高。

I want to share that in the first quarter, we broke out Other transaction revenue, which consists of revenue from Base sequencer fees and payment-related revenue. These revenues were previously included in consumer transaction revenue. Our goal is to drive utility and experiment with payments, and this new revenue transparency helps provide investors insight into that addition.

我想分享的是，在第一季度，我們爆發了其他交易收入，其中包括基本排序器費用的收入和支付相關的收入。這些收入先前已包含在消費者交易收入中。我們的目標是推動效用並嘗試支付，而這種新的收入透明度有助於讓投資者深入了解這項新增內容。

Our subscription and services revenue grew 36% quarter-over-quarter to $511 million. This growth was driven by higher crypto asset prices and native unit growth. I'd like to call out that the price of Ethereum was 60% higher when comparing March 31 to December 31, and was a key driver of the blockchain rewards revenue growth.

我們的訂閱和服務收入較上季成長 36%，達到 5.11 億美元。這一成長是由加密資產價格上漲和本機單位成長所推動的。我想指出的是，與 3 月 31 日和 12 月 31 日相比，以太坊的價格上漲了 60%，這是區塊鏈獎勵收入成長的關鍵驅動力。

On the native unit front, we did see inflows into both custody and staking. USDC market cap grew 32% to close Q1 at over $32 billion. I'd also like to note that in Q1, we renamed interest income to interest and finance fee income, and we reclassified Prime financing fees to this line, which was previously recorded in other subscription and services revenue. On the expense side, total expenses increased 5% sequentially to $877 million, and as we shared on our last call, the primary driver of quarter-over-quarter expense increase was higher stock-based compensation.

在原生單位方面，我們確實看到了託管和質押方面的資金流入。 USDC 市值成長 32%，第一季收於超過 320 億美元。我還想指出的是，在第一季度，我們將利息收入重新命名為利息和融資費用收入，並將 Prime 融資費用重新分類到此行，該費用之前記錄在其他訂閱和服務收入中。在費用方面，總費用環比增長 5%，達到 8.77 億美元，正如我們在上次電話會議中分享的那樣，季度費用增長的主要驅動因素是基於股票的薪酬上漲。

All right. Second topic. There are 2 items to note today. One, in the first quarter, we issued a convertible note. This was an opportunistic capital raise that raised $1.1 billion in net proceeds and added to our cash balance. We plan to use proceeds from that capital raise to repay our outstanding debt at or prior to maturity depending on market prices. Second update, notable accounting change. We early adopted accounting standard 2023-08. As a result, we now account for all crypto assets that we hold on our platform at fair value as compared to historically, where we accounted for these assets that cost less impairments.

好的。第二個話題。今天有2點要注意。第一，我們在第一季發行了可轉換票據。這是一場機會主義的融資，籌集了 11 億美元的淨收益，並增加了我們的現金餘額。我們計劃根據市場價格，在到期時或到期前使用本次融資所得款項償還未償債務。第二次更新，顯著的會計變化。我們提前採用了會計準則2023-08。因此，我們現在以公允價值對平台上持有的所有加密資產進行核算，而歷史上我們對這些資產的減損損失較少。

In Q1, since crypto asset prices were higher on March 31 as compared to December 31, we recorded $737 million in pretax crypto asset mark-to-market gains. The majority of this was unrealized at quarter end, i.e., we had not sold the assets and realized this gain. You can see that in 2 new financial statement line items. First, $86 million in gains on crypto assets held for operations net and operating expense, which pertains to crypto held and used in our operations; second, $650 million recorded in gains on crypto assets held for investments net, which is below the line and pertains to our long-term investment portfolio. We will be adding back gains or losses on the crypto investments to adjusted EBITDA as we do not consider those assets to be part of our day-to-day operations.

在第一季度，由於 3 月 31 日加密資產價格高於 12 月 31 日，我們錄得 7.37 億美元的稅前加密資產按市值計價收益。其中大部分在季度末尚未實現，即我們尚未出售資產並實現了這一收益。您可以在 2 個新的財務報表行項目中看到這一點。首先，為營運淨額和營運費用而持有的加密資產收益為 8,600 萬美元，這與我們營運中持有和使用的加密貨幣有關；其次，為投資淨值而持有的加密資產收益記錄為 6.5 億美元，該收益低於該線，屬於我們的長期投資組合。我們將把加密貨幣投資的收益或損失加回調整後的 EBITDA 中，因為我們不認為這些資產是我們日常營運的一部分。

Last, I'd like to touch on our outlook. We shared in the letter that April transaction revenue was over $300 million, and that we anticipate subscription and services revenue to be in the range of $525 million to $600 million. This assumes crypto asset prices stay in the range we have seen year-to-date 2024. On the expense side, we expect technology and development, and general and administrative expenses to increase sequentially to $660 million to $710 million. This increase is primarily driven by higher variable expenses, notably customer support and certain infrastructure expenses related to higher trading volumes. I want to point out that on the customer support side, expenses typically lag revenue growth and trading volume growth as it takes us time to ramp up the resources to meet higher volumes.

最後，我想談談我們的展望。我們在信中表示，4 月份的交易收入超過 3 億美元，我們預計訂閱和服務收入將在 5.25 億美元至 6 億美元之間。假設加密資產價格維持在 2024 年迄今的範圍內。這一增長主要是由於可變費用增加，特別是客戶支援和與交易量增加相關的某些基礎設施費用。我想指出的是，在客戶支援方面，費用通常落後於收入成長和交易量成長，因為我們需要時間來增加資源以滿足更高的交易量。

Last item I'll note on the outlook. We are investing in additional sales and marketing expense and expect these to increase to $150 million to $180 million. The primary driver in this growth is USDC rewards due to USDC on-platform growth. We ended Q1 with $5.5 billion in USDC on-platform, nearly double compared to our Q4 ending balance. And therefore, the reward payouts on these incremental balances will increase in Q2. We are pleased to see this growth in USDC and our incentive programs driving the broader adoption of our platform products and services.

我要注意的最後一項是關於前景的。我們正在投資額外的銷售和行銷費用，預計這些費用將增加到 1.5 億至 1.8 億美元。這一成長的主要驅動力是 USDC 平台成長帶來的 USDC 獎勵。第一季末，我們平台上的 USDC 達到 55 億美元，幾乎是第四季末餘額的兩倍。因此，這些增量餘額的獎勵支出將在第二季增加。我們很高興看到 USDC 的成長以及我們的激勵計劃推動我們的平台產品和服務得到更廣泛的採用。

With that, Anil, back to you for questions.

那麼，阿尼爾，回到你的問題。

Thanks. So let's turn to shareholder questions. We're taking the most up-voted questions as determined by the number of shares.

謝謝。那麼讓我們轉向股東問題。我們將根據股數決定投票最多的問題。

Our first question is how profitable has the Base network been? And how will this drive value to shareholders? Alesia?

我們的第一個問題是 Base 網路的獲利能力如何？這將如何為股東帶來價值？阿萊西亞？

Thanks. As Brian shared earlier in his comments, we're seeing some really encouraging traction on Base. And I just mentioned that we have a new revenue line item called Other transaction revenue, it's a combination of the Base sequencer fees and payment-related revenues. Quarter-over-quarter in Q1, the growth that we saw was primarily driven by growth in Base sequencer fees. It's early days, however, and our primary focus is on growing developer activity, driving adoption, driving those transactions that we noted earlier. I want to point out that Base has really strong unit economics. So as we grow transaction volume, which is the key growth metric we are focused on, we believe that Base can become a material contributor to our revenue and profits over the long term.

謝謝。正如 Brian 之前在評論中分享的那樣，我們看到 Base 上有一些非常令人鼓舞的吸引力。我剛剛提到，我們有一個新的收入項目，稱為其他交易收入，它是基本排序器費用和支付相關收入的組合。第一季環比來看，我們看到的成長主要是由基本定序儀費用的成長所推動的。然而，現在還處於早期階段，我們的主要重點是增加開發人員活動、推動採用、推動我們先前提到的那些交易。我想指出的是，Base 具有非常強大的單位經濟效益。因此，隨著我們關注的關鍵成長指標——交易量的成長，我們相信 Base 可以成為我們長期收入和利潤的重要貢獻者。

So our second question is, have you done an analysis to determine the net revenue impact from the spot ETFs? Emilie?

所以我們的第二個問題是，你們是否進行過分析以確定現貨 ETF 對淨收入的影響？艾米麗？

Sure. As Brian mentioned, the ETFs unlocked a flywheel of customer engagement across our Coinbase Prime product suite, and we were excited to see 40% of institutional clients engage with 3 or more products in Q1. We saw both direct and indirect revenue impacts from the ETFs. The direct impact is clear in our financials. We saw native unit inflows as the custodian for 8 of 11 issuers. This supported growth in our assets under custody of 69% quarter-over-quarter to $171 billion as well as growth in our custodial fee revenue of 64% quarter-over-quarter to $32 million.

當然。正如 Brian 所提到的，ETF 在我們的 Coinbase Prime 產品套件中開啟了客戶參與的飛輪，我們很高興看到 40% 的機構客戶在第一季使用 3 種或更多產品。我們看到了 ETF 對收入的直接和間接影響。對我們的財務狀況的直接影響是顯而易見的。我們看到本地單位流入作為 11 家發行人中 8 家的託管人。這支持我們託管資產環比增長 69% 至 1,710 億美元，以及託管費收入環比增長 64% 至 3,200 萬美元。

We also saw strong growth in Prime Finance revenue, which contributed to interest and finance fee income being up 36% quarter-over-quarter. On an indirect basis, in addition to Coinbase Prime reaching all-time highs in trading volume and number of active clients, we saw elevated trading activity across the board in Q1. We saw broad-based consumer growth in advanced and simple with consumer trading volume up 93% quarter-over-quarter, outperforming the U.S. spot market. We've long said that the ETFs would benefit the entire ecosystem and we're thrilled to see that play out on our platform.

我們也看到 Prime Finance 收入強勁成長，導致利息和財務費用收入較上季成長 36%。從間接角度來看，除了 Coinbase Prime 的交易量和活躍客戶數量達到歷史新高外，我們還看到第一季的交易活動全面增加。我們看到高階和簡單消費者的廣泛成長，消費者交易量較上季成長 93%，表現優於美國現貨市場。我們長期以來一直表示 ETF 將使整個生態系統受益，我們很高興看到這一點在我們的平台上發揮作用。

All right. And the final question we'll take from Say is, does Coinbase plan to offer any other products in the near term like banking or insurance products? Brian?

好的。 Say 提出的最後一個問題是，Coinbase 是否計劃在短期內提供任何其他產品，例如銀行或保險產品？布萊恩？

Yes. So we're not planning to build anything in the banking or insurance space at the moment. We feel like we have plenty to do in the crypto space, and we want to really focus on how crypto rails can be used to update the global financial system and make things faster, cheaper, more global. And things in crypto tend to have a 100% reserve ratio. You'd only need a banking license if you wanted to kind of do a fractional reserve or something like that, which we don't have any plans to do at the moment.

是的。因此，我們目前不打算在銀行或保險領域建立任何東西。我們覺得我們在加密貨幣領域還有很多事情要做，我們希望真正專注於如何使用加密貨幣軌道來更新全球金融體系，並使事情變得更快、更便宜、更全球化。加密貨幣中的東西往往有 100% 的準備率。如果您想做部分準備金或類似的事情，您只需要銀行執照，但我們目前沒有任何計劃這樣做。

We're also try not to preannounce anything on these calls. I kind of believe in, let's not announce vaporware, let's actually go build things. And if once they're live, we kind of announced them to everybody, including on these calls. But you can imagine that we're always looking at how we can provide more services for retail/insto and also on our developer platform. There's all kinds of things that crypto is really enabling at this point. And with Base coming online, there will be a lot of opportunities there. We're doing a lot of international expansion. We've got a whole on-chain economy to build. So good ideas can come from anywhere within Coinbase. Even bottoms up, we've had groups come pitch us on ideas and some of those have turned out to be the products that you see that are live today. So I suspect we will continue to do that and create a lot of innovative products over time.

我們也盡量不對這些電話會議預先宣布任何內容。我有點相信，我們不要宣布蒸汽軟體，讓我們真正去建造東西。一旦它們上線，我們就會向所有人宣布，包括透過電話會議。但您可以想像，我們一直在研究如何為零售/插入以及我們的開發者平台提供更多服務。目前，加密技術確實可以實現各種各樣的功能。隨著Base的上線，那裡將會有很多機會。我們正在進行大量的國際擴張。我們需要建立一個完整的鏈上經濟。所以好的想法可以來自 Coinbase 的任何地方。即使自下而上，我們也有一些團體向我們提出想法，其中一些已經成為您今天看到的產品。因此，我懷疑我們將繼續這樣做，並隨著時間的推移創造出許多創新產品。

All right. Great. Well with that, Sarah, let's switch and take live questions from the analysts, please.

好的。偉大的。好吧，莎拉，讓我們換個角度，回答分析師的即時問題。

Your first question comes from the line of Devin Ryan with Citizens JMP.

您的第一個問題來自 Citizens JMP 的 Devin Ryan。

Great. First question, just 1 follow-up here on Base. And I appreciate the growth there is not going to be linear. But as we think about the rollout of, I think, the smart wallets later this quarter, which I believe are on testnet now, it would seem that it represent a pretty material catalyst for both a step function of activity on Base and also USDC growth and adoption. So I'd love to just maybe get your expectations there just based on the interest you're seeing around integration with smart wallets and particularly as you're kind of thinking about taking a step deeper into connectivity with Web3?

偉大的。第一個問題，僅在 Base 上進行 1 次跟進。我很欣賞那裡的成長不會是線性的。但當我們考慮到本季稍後推出的智慧錢包（我相信現在已經在測試網路上）時，它似乎對 Base 活動的階躍函數和 USDC 的成長都代表了相當重要的催化劑和收養。因此，我很想根據您對智慧錢包整合的興趣，尤其是當您考慮進一步與 Web3 連接時，了解您的期望？

Yes, sure. I can take that. So thanks for calling out the smart wallet, and that's been a really exciting innovative product that we're working on. And it's very early days, so we have to kind of caveat everything we say here. We don't know exactly what the impact will be. But one thing we've been always thinking about at Coinbase is how do we make these tools easier to use. And onboarding to crypto-wallet has been a really big challenge in the past. You have to sometimes there's a 12-word phrase and you have to save it in a safe spot or use some kind of chrome extension. And how do -- we always think about how do we get this to 1 billion people, so they can benefit from the technology. Those kind of onboarding experiences are a little bit too technical for probably that size of an audience.

是的，當然。我可以接受。感謝您提出智慧錢包，這是我們正在開發的非常令人興奮的創新產品。現在還處於早期階段，所以我們必須對我們在這裡所說的一切做出警告。我們不知道具體會產生什麼影響。但我們 Coinbase 一直在思考的一件事是如何讓這些工具更容易使用。過去，使用加密錢包確實是一個巨大的挑戰。有時你必須有一個 12 個單字的短語，你必須將其保存在安全的地方或使用某種 chrome 擴充功能。我們一直在思考如何讓 10 億人受益，這樣他們就可以從這項技術中受益。對於如此規模的受眾來說，這種入門體驗有點太技術了。

So with the smart wallet, we've been utilizing this kind of creation of the pass keys, which is an interesting technology in its own right. You may have seen it kind of if you've done a biometric, push your fingerprint in various scenarios and different kinds of apps, this is allowing us to onboard people into the crypto economy in a much faster, simpler and actually more secure way where they're less likely to lose funds.

因此，對於智慧錢包，我們一直在利用這種密鑰創建方式，這本身就是一項有趣的技術。如果您已經完成了生物識別，您可能已經看到過這種情況，在各種場景和不同類型的應用程式中推送您的指紋，這使我們能夠以更快、更簡單且實際上更安全的方式讓人們進入加密經濟，其中他們損失資金的可能性較小。

So we have a developer preview out right now. It's only on testnet. We've got an incredible developer interest in it. And that's a really exciting thing because all that leads to basically more applications getting built. And goes back to that analogy I mentioned where Base is, I think, kind of going to be like the Internet moving from dial-up to broadband. If we can build better developer tools, we'll get more applications, and that's how we eventually get it to 1 billion people.

所以我們現在就推出了開發者預覽版。僅在測試網上。開發人員對此有著令人難以置信的興趣。這是一件非常令人興奮的事情，因為所有這些基本上都會導致更多的應用程式被建構。回到我提到的那個類比，我認為 Base 有點像網路從撥接轉向寬頻。如果我們能夠建立更好的開發工具，我們將獲得更多應用程序，這就是我們最終將其提供給 10 億人的方式。

Okay. Terrific color. Just a follow-up, obviously, a big step-up in USDC resources from $5.5 billion to $7 billion. I know you benefited from the convert, as you guys mentioned, but also strong cash generation in the business. So if we think about just the level of growth you're seeing right now in all the areas that you're focusing on and the areas that need capital to grow and support their businesses versus ones that don't. I mean how are you thinking about kind of the capital needs, I guess, of the business now? And where does that leave you just with, what I would think it's just kind of building capital for capacity to do other things like more aggressive M&A or even potentially return capital to shareholders, just love an update there as well.

好的。很棒的顏色。顯然，這只是後續行動，USDC 資源從 55 億美元大幅增加到 70 億美元。正如你們所提到的，我知道你們從轉變中受益，而且還受益於業務的強勁現金產生。因此，如果我們考慮您現在所關注的所有領域以及需要資本來發展和支持其業務的領域與不需要資本的領域所看到的增長水平。我的意思是，我想，您現在如何考慮企業的資本需求？這會給你留下什麼，我認為這只是一種資本建設，用於做其他事情的能力，例如更積極的併購，甚至可能向股東返還資本，也喜歡那裡的更新。

Thank. I'll take this one. So we are plowing a fair amount of capital into our Prime financing business. We ended the quarter with just over $700 million in loans, which is the majority of them came from assets on our owned balance sheet, whether that was fiat, USDC. We have a new footnote that discloses a lot of detail around that lending portfolio. So that business is using liquidity. I wouldn't say that it's using a lot of our capital today but we are bridging that product as we grow and develop the 2-sided marketplace for institutional lending.

感謝。我要這個。因此，我們正在向我們的優質融資業務投入大量資金。本季結束時，我們的貸款略多於 7 億美元，其中大部分來自我們擁有的資產負債表上的資產，無論是法定資產還是 USDC。我們有一個新的腳註，披露了有關貸款組合的許多細節。所以該企業正在使用流動性。我不會說它今天使用了我們的大量資金，但隨著我們發展和發展機構貸款的雙邊市場，我們正在為該產品架起橋樑。

We also use capital for international expansion as we set up new licensed legal entities around the world. But overall, I would say, we have a very capital-efficient business where we have positive unit economics in our products, and we don't require significant capital, either in the form of CapEx or balance sheet to support them. So our balance sheet is intended to be bridge capital for a lot of these bootstrapping the products as well as opportunistic so that we can pursue M&A.

當我們在世界各地建立新的授權法人實體時，我們也利用資本進行國際擴張。但總的來說，我想說，我們的業務資本效率非常高，我們的產品具有積極的單位經濟效益，而且我們不需要大量資本（無論是資本支出還是資產負債表形式）來支持它們。因此，我們的資產負債表旨在成為許多引導產品的橋樑資本，並提供機會，以便我們可以進行併購。

And I'll pass over to Emilie to share what we're looking at on that front.

我將請艾米莉分享我們在這方面的看法。

Sure. Well, we always look at a spectrum of buy, build, partner, invest activities. And so for example, sometimes we'll see really interesting opportunities that are kind of further out for us, that would be well suited for venture, whereas if we have something on the product road map that we think is incredibly important to the future of Coinbase, we're going to probably build or buy that. And we have done historically very well with M&A to bolster the product portfolio. You can think of things like Tagomi and Xapo, for example, that helps us build our institutional product platform.

當然。嗯，我們總是專注於一系列購買、建造、合作、投資活動。例如，有時我們會看到真正有趣的機會，這些機會對我們來說有點遙遠，非常適合風險投資，而如果我們的產品路線圖上有一些我們認為對未來非常重要的東西， Coinbase，我們可能會建造或購買它。從歷史上看，我們在加強產品組合的併購方面做得非常好。例如，您可以想到 Tagomi 和 Xapo 等幫助我們建立機構產品平台的東西。

Right now, we happen to be shipping very well organically. We've got -- we launched in Canada, Brazil, Singapore, we have the international exchange. And so we're leaning a little bit more into our ventures arm but we're watching M&A opportunities all the time. We closed ORDAM in 2023, that's now Coinbase Asset Management. We are acquiring a MiFID license for the EU. We announced that in Q1, that should unlock derivatives in 20-plus EU markets. And we're just going to continue to use the strong balance sheet to drive growth where we see high-quality opportunities.

現在，我們的有機運輸恰好非常好。我們在加拿大、巴西、新加坡推出了國際交流平台。因此，我們更傾向於我們的創投部門，但我們一直在關注併購機會。我們在 2023 年關閉了 ORDAM，也就是現在的 Coinbase 資產管理公司。我們正在取得歐盟 MiFID 許可證。我們在第一季宣布，這將在 20 多個歐盟市場解鎖衍生性商品。我們將繼續利用強勁的資產負債表來推動我們看到高品質機會的成長。

Your next question comes from the line of Ken Worthington with JPMorgan.

您的下一個問題來自摩根大通的肯沃辛頓。

So 1Q '24 total revenue up 72%. 1Q '24 total expenses up 5%, that's amazing operating leverage. And your 2Q guidance suggests some higher costs but still a very high level of profitability. How are you thinking about the right level of investment in the context of what is a good cryptocurrency environment but acknowledging they can't sort of turn on and turn off investments as quickly as revenue might move around? Is there sort of a logical margin range that in these better cryptocurrency conditions, you feel is right over a longer time frame, balancing the need for future growth and current profitability.

因此，2024 年第一季總營收成長了 72%。 2024 年第一季總費用成長了 5%，這是驚人的營運槓桿。你們的第二季指引顯示成本上升，但獲利水準仍然非常高。在良好的加密貨幣環境的背景下，您如何考慮正確的投資水平，但又承認它們無法像收入移動那樣快速地開啟和關閉投資？在這些更好的加密貨幣條件下，是否存在一個合理的利潤範圍，您認為在較長的時間範圍內是正確的，以平衡未來成長和當前獲利能力的需求。

Thanks, Ken, for your question. So I think it's important to note that our focus is on positive adjusted EBITDA. And our overarching goal is to generate positive adjusted EBITDA in all market conditions. You saw that in 2023, those adjusted EBITDA margins were in the 30%. Obviously, when we see strong crypto market conditions, we were able to deliver the Q1 performance that you see today in the 60% range. But the focus here is on learning the lessons from the past, and we learned in 2021 that we grew too quickly. So as we look at 2024, we are going to be making investments. We are planning to be prudent and modest to support the strong performance we've seen year-to-date and especially some of the early traction that we're seeing, for example, in Base, in USDC and some of these other products that are not as correlated with crypto market prices and volatility.

謝謝肯的提問。因此，我認為值得注意的是，我們的重點是正調整後的 EBITDA。我們的首要目標是在所有市場條件下產生正的調整後 EBITDA。您看到，2023 年，調整後的 EBITDA 利潤率為 30%。顯然，當我們看到強勁的加密貨幣市場狀況時，我們能夠實現您今天看到的 60% 範圍內的第一季表現。但這裡的重點是吸取過去的教訓，我們在 2021 年意識到我們成長得太快了。因此，展望 2024 年，我們將進行投資。我們計劃採取謹慎和謙虛的態度來支持我們今年迄今看到的強勁表現，尤其是我們看到的一些早期牽引力，例如 Base、USDC 以及其他一些產品與加密貨幣市場價格和波動性相關性不大。

For the outlook we provided for Q2, the majority of the increase, though, is coming from variable spends. As I noted in my comments, we see CX customer support and compliance operations typically lag trading volume. And so the spike that we saw in March, the expenses are really hitting in Q2. And then we also have some infra-related spend associated with scaling our infra to meet demand. So we are going to be prudent. We expect to see some modest headcount growth in Q2, but we plan to be able in strong marketing conditions to deliver to the bottom line.

不過，就我們對第二季的展望而言，大部分成長來自於可變支出。正如我在評論中指出的，我們看到 CX 客戶支援和合規操作通常落後於交易量。因此，我們在三月看到的峰值，第二季的支出確實受到了影響。然後，我們還有一些與基礎設施相關的支出，用於擴展基礎設施以滿足需求。所以我們要謹慎行事。我們預計第二季員工人數將出現小幅成長，但我們計劃能夠在強勁的營銷條件下實現盈利。

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。

Maybe just a couple of sort of model-related questions. First, on the payment related revenues and the sequencer fees. On the payment side, could you talk a little bit more about what those are exactly? How should we think about modeling them? What are the key drivers?

也許只是一些與模型相關的問題。首先，關於支付相關收入和定序器費用。在支付方面，您能多談談這些具體是什麼嗎？我們應該如何考慮對它們進行建模？關鍵驅動因素是什麼？

Sure. so it's a broad category for everything on the platform that is payments related. It includes instant withdrawal fees, debit card fees, commerce fees and some of the more venture-type products that we have in the portfolio that are payments related. So I would say that Base, as I mentioned earlier, has been the biggest contributor to growth quarter-over-quarter, and that is the largest of these revenue streams at this time but the payment related are the ones that I named.

當然。因此，它是平台上與支付相關的所有內容的廣泛類別。它包括即時提款費用、借記卡費用、商務費用以及我們投資組合中與支付相關的一些更具風險類型的產品。所以我想說，正如我之前提到的，Base 一直是季度環比增長的最大貢獻者，這是目前這些收入流中最大的收入流，但與支付相關的是我提到的收入流。

Got it. Helpful. And then just on the institutional client engagement, you talked about, I think, 40% of institutions seeing engagement with 3-plus products. Can you talk about where that is? And is it sort of -- you've got a client who started with trading and they add Prime and borrowing and, they're doing stuff with ETFs, can you maybe unpack that a little bit? Anywhere you're seeing particularly strong traction in particular types of products?

知道了。有幫助。然後就機構客戶參與度而言，我認為您談到了 40% 的機構參與了 3 種以上的產品。你能談談那是哪裡嗎？是不是——你有一個客戶從交易開始，他們添加了 Prime 和借貸，他們正在用 ETF 做一些事情，你能稍微解釋一下嗎？您是否在任何地方發現特定類型的產品具有特別強大的吸引力？

Sure, happy to. So I think it's really important to kind of zoom back and look at the last bull run, where our institutional offering in 2021 was really limited to like the custody platform. And over the last few years, we've built out a full Prime suite sleep. And -- so the Prime suite offers custody, trading to the Prime brokerage product. It offers financing now. We have staking. And so we're seeing customers engage across that product spectrum.

當然，很高興。因此，我認為回顧上一次牛市非常重要，我們在 2021 年的機構產品實際上僅限於託管平台。在過去的幾年裡，我們打造了全套優質睡眠套房。而且，Prime 套件為 Prime 經紀產品提供託管和交易服務。它現在提供融資。我們有質押。因此，我們看到客戶參與該產品範圍。

I would say custody trading go hand-in-hand. And then you see depending on the type of client, whether they need financing business or whether they're in staking, tends to be a mix depending on the type of clients but we're seeing good adoption across each of those, which has led to the growth that you saw in the quarter.

我想說託管交易是齊頭並進的。然後你會看到，根據客戶的類型，他們是否需要融資業務或是否參與質押，往往是一種混合，這取決於客戶的類型，但我們看到每一種都得到了很好的採用，這導致了您在本季看到的成長。

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

你的下一個問題來自 Owen Lau 和 Oppenheimer 的對話。

Could you please add more color on your strategy for Lightning Network and payment? What is the traction on encouraging more merchants to use Lightning network? And what are the major pushback from them?

您能否為您的閃電網路和付款策略添加更多色彩？鼓勵更多商家使用閃電網路的動力是什麼？他們的主要阻力是什麼？

Yes, I can take that one. So as I mentioned in the opening remarks, one of our goals is to drive down the cost and the confirmation times of all payments in crypto, really all transactions in crypto, I should say. And Bitcoin is the largest network out there. And so Lightning was a big effort that we went on in partnership with Lightspark, by the way, to enable the Lightning Network on Coinbase. So -- this actually decreased the transaction times by over 99%. They essentially became instance on the Lightning network versus roughly a 10-minute block confirmation time on the Bitcoin Layer 1 and it also lowered fees, down about less than 0.01% from the previous fees. So this was a huge step toward getting to that sub-1-second $0.01.

是的，我可以接受那個。正如我在開場白中提到的，我們的目標之一是降低所有加密支付的成本和確認時間，我應該說，實際上是所有加密交易。比特幣是目前最大的網路。順便說一句，閃電網路是我們與 Lightspark 合作進行的一項巨大努力，目的是在 Coinbase 上啟用閃電網路。因此，這實際上減少了​​ 99% 以上的交易時間。它們本質上成為了閃電網路上的實例，而比特幣第 1 層的區塊確認時間約為 10 分鐘，而且還降低了費用，比之前的費用下降了約不到 0.01%。因此，這是向 1 秒內 0.01 美元目標邁出的一大步。

If we can do that across all the major chains and sort of make Layer 2 like Lightning Network a default within our apps and products, then I think the average transaction happening in crypto or at least on our products, will get under that 1 second, $0.01. And my excitement about that is that it allows us to really start to fulfill some of the long-term goals of crypto, which is how do we update the global financial system, how do we make it more fair and efficient and global? And really kind of reduce those payment fees, which are a shocking burden for a lot of consumers and businesses. I mean, it still boggles my mind that every time you swipe your credit card, the merchant is losing 2%. It's really just moving bits of data, kind of like sending a WhatsApp message, which is free. And so there's why does that still exist as a 2% tax on every transaction in the economy. I think we've seen in other technologies out there that as you reduce friction, you get more and more activity.

如果我們能夠在所有主要鏈上做到這一點，並使像閃電網路這樣的第2 層成為我們的應用程式和產品中的預設設置，那麼我認為加密貨幣或至少在我們的產品上發生的平均交易將低於1 秒， 0.01 美元。我對此感到興奮的是，它使我們能夠真正開始實現加密貨幣的一些長期目標，這就是我們如何更新全球金融體系，我們如何使其更加公平、高效和全球化？確實可以減少這些支付費用，這對許多消費者和企業來說是一個令人震驚的負擔。我的意思是，每次你刷信用卡，商家都會損失 2%，這仍然讓我難以置信。它實際上只是移動一些數據，有點像是發送 WhatsApp 訊息，而且是免費的。這就是為什麼經濟中的每筆交易仍然存在 2% 的稅收。我認為我們在其他技術中已經看到，當你減少摩擦時，你就會獲得越來越多的活動。

And so I think it could lead to economic growth and all kinds of things, just lower fees that people are paying. So anyway, we're excited about having launched the Lightning integration with Lightspark. They were a great partner. And hopefully, we can do that across all the major chains that people are using.

所以我認為這可能會帶來經濟成長和各種事情，只是降低人們支付的費用。不管怎樣，我們對推出 Lightning 與 Lightspark 的整合感到很興奮。他們是很棒的合作夥伴。希望我們能夠在人們使用的所有主要連鎖店中做到這一點。

Your next question comes from the line of Kyle Voigt with KBW.

您的下一個問題來自 KBW 的 Kyle Voigt。

Maybe just going back to the institutional business, just on the trading side, the fee rate came in better than expected and has increased the last 2 quarters despite volumes growing significantly over that time. I guess what's been driving that? And then I'm also just wondering whether the strong market share on the ETF custody side and more broadly, the competitive positioning across the U.S. institutional crypto ecosystem has given you some pricing power in the institutional business more broadly, so not just on trading. And should we think about maybe pricing or fee capture to increase over the medium term in that institutional business because of that?

也許回到機構業務，就交易方面而言，儘管交易量在這段時間內大幅增長，但過去兩個季度的費率好於預期，並且有所增加。我猜是什麼推動了這一點？然後我還想知道 ETF 託管方面的強勁市場份額以及更廣泛的美國機構加密生態系統的競爭地位是否讓您在更廣泛的機構業務中擁有一定的定價權，而不僅僅是在交易方面。因此，我們是否應該考慮在中期內增加該機構業務的定價或費用取得？

Thanks, Kyle. So I want to start and just remind you that there's 2 products underneath the hood of the institutional transaction fee revenue. The first is the exchange where we have market makers trading directly on the exchange. And the second is our Coinbase Prime, which is the trading through the Prime brokerage platform. Fees on Coinbase Prime are higher than the fees on Exchange, largely due to the Exchange has been very high volume where our tiered pricing enables most of the clients participating in that to achieve very low fee levels.

謝謝，凱爾。所以我想先提醒您，機構交易費收入的背後有兩種產品。第一個是交易所，我們有做市商直接在交易所進行交易。第二個是我們的Coinbase Prime，就是透過Prime經紀平台進行交易。 Coinbase Prime 的費用高於交易所的費用，主要是因為交易所的交易量非常大，我們的分級定價使大多數參與其中的客戶能夠實現非常低的費用水平。

So when you see the fee go up, it's really driven by a mix shift and we're seeing more growth on Coinbase Prime than we saw on the Exchange. And as we grow Coinbase Prime, which I mentioned in my previous remarks or Brian did, that we saw all-time highs in engagement on Coinbase Prime, both in trading volume as well as number of active clients. And that is what drove that fee for the last 2 quarters. It's just continued engagement with the Coinbase Prime suite of products.

因此，當你看到費用上漲時，這實際上是由混合轉變推動的，我們看到 Coinbase Prime 的成長比交易所的成長還要快。隨著 Coinbase Prime 的發展（我在之前的評論中或 Brian 中提到過），我們看到 Coinbase Prime 的參與度創下歷史新高，無論是交易量還是活躍客戶數量。這就是過去兩個季度費用上漲的原因。這只是繼續參與 Coinbase Prime 產品套件。

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. Maybe we could just drill down into some of the user base metrics. Obviously, I'm sure you saw a lot more trading from existing users but just wondering how much perhaps new users contributed to the strong quarter. And then I have a quick follow-up.

不錯的結果。也許我們可以深入研究一些用戶群指標。顯然，我確信您看到了現有用戶的更多交易，但只是想知道新用戶可能為強勁的季度做出了多少貢獻。然後我會進行快速跟進。

We haven't broken it out but we saw growth, yes, from existing users, users that were acquired prior to 2023 that we engaged this quarter. We saw new users, and we also saw higher trading volume per user. So both of these -- or all 3 of these metrics really contributed to the growth but we have not attributed and provided that level of detail.

我們還沒有詳細說明，但我們看到了成長，是的，來自現有用戶，也就是我們本季吸引的 2023 年之前獲得的用戶。我們看到了新用戶，每個用戶的交易量也有所增加。因此，這兩個指標——或者所有三個指標確實對成長做出了貢獻，但我們沒有歸因或提供這種程度的詳細資訊。

Got it. And then just secondly, I mean, the ETFs got a ton of press attention in the quarter. And I think that perhaps maybe underlying bitcoin spot trading was kind of, I guess, not mentioned as much in the press. Just wondering if you've got a feel kind of where if perhaps there was like a multiplier effect in the ETFs driving more Bitcoin trading, obviously, it was other color you'd have there is kind of a guiding metric relative to ETF activity.

知道了。其次，我的意思是，ETF 在本季度受到了媒體的大量關注。我認為，也許潛在的比特幣現貨交易在媒體上並沒有被提及太多。只是想知道您是否有一種感覺，如果 ETF 中可能存在乘數效應，推動更多的比特幣交易，顯然，您會看到另一種顏色，有一種相對於 ETF 活動的指導指標。

I can take it if you want. I mean, yes, look, I think the ETFs got a lot of attention. But what we're seeing is that when there's a tension on crypto in general, I think it creates energy and interest across all kinds of products in the industry. So we mentioned in the opening comments that this excitement around Bitcoin ETF actually drove new customer adoption across our product suite, and we saw all-time highs in trading volume and active clients, for instance, in our institutional business. So I think it's a rising tide that lifts all boats.

如果你想要的話我可以拿走。我的意思是，是的，我認為 ETF 受到了很多關注。但我們看到的是，當加密貨幣總體上存在緊張局勢時，我認為它會為該行業的各種產品創造能量和興趣。因此，我們在開場白中提到，圍繞比特幣ETF 的這種興奮實際上推動了我們產品套件的新客戶採用，並且我們看到了交易量和活躍客戶的歷史新高，例如，在我們的機構業務中。所以我認為，水漲船高。

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。

Congrats on the strong results. I have 2 questions, if I may. So what is your view on the recent Wells notice received by Uniswap Labs. Do you think this will potentially impact the U.S. crypto industry and ultimately make crypto less accessible to U.S. users. And second question also on regulatory front. It seems that the USDC wants to classify Ether as a security. If Ether is classified as a security in the U.S., how does that impact Coinbase trading service and staking business. Does that mean Coinbase had to stop offering trading for Ether and other crypto currencies classified as securities.

祝賀取得強勁的成果。如果可以的話，我有兩個問題。那麼您對Uniswap Labs 最近收到的 Wells 通知有何看法？您認為這可能會影響美國加密貨幣產業並最終使美國用戶更難使用加密貨幣嗎？第二個問題也是關於監理方面的。 USDC 似乎想將以太幣歸類為證券。如果以太幣在美國被歸類為證券，這對 Coinbase 交易服務和質押業務有何影響。這是否意味著 Coinbase 必須停止提供以太幣和其他被歸類為證券的加密貨幣交易。

This is Paul Grewal. I'm happy to address each of those questions. On the Uniswap-Wells notice, I think it's noteworthy that Uniswap responded publicly, transparently and made very clear their view that none of the claims that have been suggested or present to them have any merit whatsoever. I do think that is reflective of an emerging trend not just in this industry but more generally, companies taking their disagreements with the SEC publicly, always in a respectful tone, always in a constructive manner, but sharing with the wider public and certainly the wider market, why they believe their products and services are consistent with federal securities laws and why they ultimately will prevail any action that the SEC may bring.

這是保羅·格雷沃爾。我很高興回答這些問題。關於 Uniswap-Wells 的通知，我認為值得注意的是，Uniswap 公開、透明地做出了回應，並非常明確地表明了他們的觀點，即向他們提出或提出的任何主張都沒有任何價值。我確實認為這不僅反映了這個行業的新興趨勢，更普遍的是，公司公開表達與SEC 的分歧，始終以尊重的語氣，始終以建設性的方式，但與更廣泛的公眾，當然更廣泛的人們分享市場，為什麼他們相信自己的產品和服務符合聯邦證券法，以及為什麼他們最終會勝過 SEC 可能採取的任何行動。

As for the Eth issue that has been presented in the consensus declaratory judgment action that was recently filed. What I think consensus has done in that particular case is, again, in a very transparent, productive, constructive manner, lay bare initiated has been somewhat confused if you look at SEC statements and positions of the commission over the last several years. The SEC has made very clear in the past that it is not a security. In fact, not only was that the position of senior officials at the SEC, the current chair of the SEC said that same exact thing prior to his appointment in the years that followed.

至於最近提交的共識宣告性判決行動中提出的以太坊問題。我認為在這種特殊情況下達成的共識是，以一種非常透明、富有成效、建設性的方式，如果你看看過去幾年美國證券交易委員會的聲明和委員會的立場，就已經有些困惑了。 SEC 過去曾明確表示它不是證券。事實上，不僅是 SEC 高級官員的立場如此，現任 SEC 主席在隨後的幾年裡在被任命之前也說過同樣的話。

So we're fully supportive of both Uniswap and consensus in their view. The court process, of course, will have to play out but we're confident that as Brian has always emphasized, one way or the other through these court processes we are going to get clarity for the market and certainly for Coinbase but unfortunately, the SEC has not been willing to provide in its own right.

所以我們完全支持 Uniswap 和他們的共識。當然，法庭程序必須完成，但我們相信，正如 Brian 一直強調的那樣，透過這些法庭程序，我們將為市場、當然還有 Coinbase 澄清事實，但不幸的是， SEC 一直不願意自行提供。

Your next question comes from the line of Mike Colonnese with H.C. W.

你的下一個問題來自 Mike Colonnese 和 H.C. W.

Really great quarter here. So my question is around USDC. So the market cap has grown by over $8 billion since the start of the year. What do you consider the primary drivers supporting this rebound? And how are you thinking about growth over the coming quarters? And then as a quick follow-up to that, I saw that you mentioned in your shareholder letter that you've seen a step change from legislators in recent months. So I know these things are difficult to time. But when can we reasonably expect to see stablecoin legislation passed in the U.S.? And what would be the potential impacts for your USDC.

這裡真的很棒。所以我的問題是關於 USDC 的。自今年年初以來，市值已成長超過 80 億美元。您認為支持這項反彈的主要驅動因素是什麼？您如何看待未來幾季的成長？然後，作為對此的快速跟進，我看到您在股東信中提到，最近幾個月您看到了立法者的一步變化。所以我知道這些事情很難把握時間。但我們什麼時候才能合理預期穩定幣立法在美國通過呢？對您的 USDC 有何潛在影響。

Why don't I take the first part and then Paul, I'll hand it over to you for the second part. So we're really pleased to see the broader USDC growth. As we mentioned, we saw USDC growth on our own platform where our own on-platform balance nearly doubled in the quarter, and we also saw growth in the overall ecosystem. I think there's been recognition that USDC is a highly trusted transparent stablecoin by many market participants, and that has been leading to broader adoption, largely through efforts of ourselves and other market participants. So we'll continue to offer incentives. We'll continue to work with the global ecosystem and make it an adopted product.

為什麼我不先接第一部分，然後保羅，我會把第二部分交給你。因此，我們非常高興看到 USDC 的更廣泛增長。正如我們所提到的，我們看到了 USDC 在我們自己的平台上的成長，我們自己的平台餘額在本季度幾乎翻了一番，而且我們也看到了整個生態系統的成長。我認為許多市場參與者已經認識到 USDC 是一種高度信任的透明穩定幣，這在很大程度上是透過我們自己和其他市場參與者的努力而得到更廣泛的採用。因此，我們將繼續提供激勵措施。我們將繼續與全球生態系統合作，使其成為被採用的產品。

And Paul, maybe you can offer comments on legislation.

保羅，也許你可以對立法提出意見。

Sure. On the legislation front. Look, we're pleased and encouraged that Congress is paying attention to this important issue, and there are now a number of proposals for legislation that are working their way through the Congress. While certain proposals, I think, could and ultimately will be improved, the fact that we're seeing Congress engage, I think, is the important thing. Coinbase has been pushing for sensible legislation as to stablecoins for some time. We think it is an important complement of or 2 regulation that we've been pushing for before the SEC and elsewhere.

當然。在立法方面。看，我們很高興並受到鼓舞，國會正在關注這個重要議題，現在有許多立法提案正在國會審議。我認為，雖然某些提案可以而且最終將會得到改進，但我認為，我們看到國會參與這一事實才是重要的。一段時間以來，Coinbase 一直在推動有關穩定幣的合理立法。我們認為這是我們一直在 SEC 和其他地方推動的 2 級監管的重要補充。

So regardless of sort of when we -- when any such legislation might pass, it's always difficult to predict how quickly Congress can be able to engage and muster the necessary support in order to move this from mere legislation is proposed to legislation that's enacted. We're encouraged by the fact that it does seem to be a priority, and we do expect to see legislation ultimately enacted that will [prime] standards for transparency, standards for reserves and other important requirements around stablecoins, so we think we'll continue to make the U.S. an attractive market.

因此，無論我們何時——當任何此類立法可能通過時，總是很難預測國會能夠以多快的速度參與並聚集必要的支持，以便將其從單純的立法提議轉變為頒布的立法。我們感到鼓舞的是，這似乎確實是一個優先事項，而且我們確實希望看到立法最終頒布，這將[首要]透明度標準、儲備金標準和穩定幣的其他重要要求，所以我們認為我們會繼續使美國成為一個有吸引力的市場。

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。

Congrats on the quarter of good results here. I guess I have 2 here. One, on the $300 million outlook for the April transaction revenue, does that include the other transaction revenue base? And if so, how much is that? And then second, management has talked a lot about managing through the cycle here. I know you guys spent a lot of time thinking about that. So just kind of curious your thoughts on maybe where we are in the crypto cycle or any kind of thoughts you put around that?

在此祝賀本季取得的良好成果。我想我這裡有2個。第一，關於 4 月交易收入 3 億美元的預期，這是否包括其他交易收入基礎？如果是這樣，那是多少？其次，管理層在這裡談論了很多關於整個週期的管理。我知道你們花了很多時間思考這個問題。所以只是好奇你對我們在加密貨幣週期中所處的位置的想法，或者你對此有何想法？

So I'll answer the first part. The answer is yes, $300 million is the April total transaction revenue, which includes both consumer, institutional and other. And we haven't broken out the detail at this time to share with you. With regards to where we are in the cycle, it's one of our favorite questions, Brian, do you want to take the first shot at that?

那我就回答第一部分。答案是肯定的，3億美元是4月的總交易收入，其中包括消費者、機構和其他。目前我們還沒有透露詳細資訊與您分享。關於我們在周期中的位置，這是我們最喜歡的問題之一，布萊恩，你想先嘗試嗎？

Yes, sure. So look, I'll leave the predictions to you all investors out there. We just mostly want to focus on building great products and tools and everything like that. But I can share just a few thoughts with you from past cycles and things that we've observed. So the crypto market cap is up about 60% in Q1, and the volatility, though, is still below 2021 levels. So a couple of things have happened. Obviously, we had the ETFs in Bitcoin, there's a possibility for other ETFs like an Ethereum and things like that down the road in the future. We had the Bitcoin having as well, which kind of reduces the amount of supply being introduced into the market, every block really that's mined in Bitcoin. And so if you have the same amount of inflows but half as much supply being generated every day, then you can imagine what that does. And so people anticipated that and people speculate around those.

是的，當然。所以，我會把預測留給所有投資人。我們只是想專注於建立出色的產品和工具以及類似的東西。但我可以與您分享一些來自過去週期和我們觀察到的事情的想法。因此，第一季加密貨幣市值上漲了約 60%，但波動性仍低於 2021 年的水準。所以發生了一些事情。顯然，我們有比特幣 ETF，未來也有可能推出其他 ETF，例如以太坊等。我們也有比特幣，這在某種程度上減少了引入市場的供應量，實際上是用比特幣開採的每個區塊。因此，如果流入量相同，但每天產生的供應量只有一半，那麼你可以想像這會帶來什麼後果。因此，人們對此有所預期，並圍繞這些進行猜測。

But an interesting way to look at it is kind of in past cycles, what happens post halvings. And historically, it's taken about 12 to 18 months for Bitcoin to peak after halvings. So who knows if that will happen again, but it's just an interesting data point. Yes. So those are all kind of the things that we think about. And I actually think Layer 2 is probably the biggest piece that's coming down the pipe next. We talked about Base getting those transaction fees under 1 second and $0.01. And just -- not only is it really interesting for Global Payments, but it's interesting for lots of different applications that can be built on blockchains.

但看待它的一個有趣的方式是在過去的周期中，減半後會發生什麼。從歷史上看，比特幣在減半後大約需要 12 至 18 個月才能達到頂峰。所以誰知道這種情況是否會再次發生，但這只是一個有趣的數據點。是的。這些都是我們考慮的事情。事實上，我認為第 2 層可能是接下來即將推出的最大部分。我們討論過 Base 將交易費用控制在 1 秒以內並降低 0.01 美元。只是——它不僅對全球支付非常有趣，而且對許多可以在區塊鏈上構建的不同應用程式也很有趣。

In past cycles, people started building things like DeFi and NFTs, these are things which you might periodically do a transaction and it's okay -- you're okay paying kind of a higher fee for that because how often are you going to do a trade or a purchase and maybe the fee is about $10, $25 or whatever. For other types of applications, like if you want to make a decentralized social network and every upvote or like button is happening on-chain or you're in some sort of a game or like something that's more of a daily, hourly, by the minute use case, the cost and confirmation times have to come way down, and that's what we're seeing now with Layer 2. So that's really hard to predict exactly what's going to happen but I think it's pretty exciting.

在過去的周期中，人們開始建立諸如 DeFi 和 NFT 之類的東西，這些東西你可能會定期進行交易，這沒關係——你可以為此支付更高的費用，因為你多久進行一次交易或購買，費用可能約為10 美元、25 美元或其他。對於其他類型的應用程序，例如，如果您想建立一個去中心化的社交網絡，並且每個點讚或點讚按鈕都發生在鏈上，或者您正在玩某種遊戲或喜歡更多每天、每小時的事情分鐘的用例，成本和確認時間必須大幅下降，這就是我們現在在第 2 層看到的情況。

We have 1 more question in the queue. It comes from the line of Pete Christiansen with Citi.

我們還有 1 個問題正在等待處理。它來自皮特克里斯蒂安森 (Pete Christiansen) 與花旗 (Citi) 的血統。

Congrats on the great results here. I am curious, so press reports are indicating potentially that Lummis, Gillibrand could hit before at some point next week. And part of that, bill, as you lucky probably know, is the dual banking system today and whether or not states can issue their own stablecoins independently of the government -- federal government. I'm just curious how you see state issued stablecoins kind of playing in the market. Is that potentially an opportunity for Coinbase? I'm just curious your thoughts around that dynamic.

在這裡祝賀取得的優異成績。我很好奇，所以媒體報道表明魯米斯、吉利布蘭德可能會在下週的某個時候擊球。正如你可能知道的那樣，其中一部分是當今的雙重銀行體系，以及各州是否可以獨立於政府（聯邦政府）發行自己的穩定幣。我只是好奇你如何看待國家發行的穩定幣在市場上的表現。這對 Coinbase 來說是一個潛在的機會嗎？我只是好奇你對這種動態的想法。

I'm happy to take that one. I think the point that you're raising around the role of state governments, in particular, state chartered institutions in supporting the crypto ecosystem in a particular stablecoin is an important one. Whether that ultimately comes to pass in any final legislation that's enacted remains to be seen. But we do think it's very important that states continue to have an important role in supporting stablecoins and supporting crypto more generally. We do think the dual system serves consumer and investor interest reasonably well. And we're hopeful and confident that in any legislation that's finally passed, that will continue to be recognized.

我很高興接受那個。我認為您圍繞州政府，特別是州特許機構在支持特定穩定幣的加密生態系統方面的作用提出的觀點很重要。這是否最終在頒布的任何最終立法中獲得通過還有待觀察。但我們確實認為，各國在支持穩定幣和更廣泛地支持加密貨幣方面繼續發揮重要作用非常重要。我們確實認為雙軌制很好地服務了消費者和投資者的利益。我們充滿希望並相信，在任何最終通過的立法中，這一點都將繼續得到認可。

All right. Well, that does it for today. Thank you all for your questions, and we look forward to talking to you next quarter.

好的。好了，今天就到此為止。感謝大家提出問題，我們期待下個季度與您交談。

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。