Coinbase Global Inc (COIN) 2024 Q3 法說會逐字稿

Good afternoon.

午安.

My name is Sarah, and I will be your conference operator today.

我叫莎拉，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Coinbase third quarter 2024 earnings call.

此時此刻，我歡迎大家參加 Coinbase 2024 年第三季財報電話會議。

(Operator Instructions) Anil Gupta, Vice President, Investor Relations, you may begin your conference.

（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 third quarter 2024 earnings call.

下午好，歡迎參加 Coinbase 2024 年第三季財報電話會議。

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.

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。

I hope you've all had the opportunity to read our shareholder letter, which was published on our Investor Relations website earlier today.

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, which may vary materially from actual results.

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，這些陳述可能與實際結果有重大差異。

Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings.

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。

Our discussion today will also include certain non-GAAP financial measures.

我們今天的討論還將包括某些非公認會計準則財務指標。

Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our Investor Relations website.

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.

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。

We are once again using the Say Technologies platform to enable our shareholders to ask questions.

我們再次使用 Say Technologies 平台讓我們的股東能夠提問。

In addition, we'll take live questions from our research analysts.

此外，我們還將接受研究分析師的即時提問。

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.

謝謝，阿尼爾。

I'm excited to share our progress on our 2024 priorities.

我很高興分享我們在 2024 年優先事項方面取得的進展。

Just a reminder, our priorities for 2024 were, number one, driving revenue; number two, driving utility, which is really going beyond just trading as a use case for crypto and how do we make it a part of people's ordinary lives; and then number three, driving regulatory clarity.

請注意，我們 2024 年的首要任務是增加收入；第二，推動實用性，這實際上不僅僅是作為加密貨幣用例的交易，以及我們如何使其成為人們日常生活的一部分；第三，推動監理透明度。

So we'll touch on each of these in turn.

因此，我們將依次討論其中的每一個。

So starting with driving revenue.

所以從增加收入開始。

We had some softer market conditions in Q3, but overall, it was a really solid quarter for Coinbase.

第三季的市場狀況較為疲軟，但總體而言，對於 Coinbase 來說，這是一個非常穩定的季度。

It was our seventh consecutive quarter of positive adjusted EBITDA.

這是我們連續第七個季度實現正向調整 EBITDA。

It was our fourth consecutive quarter of positive net income.

這是我們連續第四個季度實現正淨利。

And as you've heard from us many times, we've made a big effort to diversify our revenue over the years away from transaction fee revenue, which is more volatile, it's not as predictable, it's more market dependent.

正如您多次從我們那裡聽到的那樣，多年來，我們付出了巨大努力，使我們的收入多元化，擺脫交易費收入，交易費收入波動更大，不可預測，更依賴於市場。

We've shifted more of that to subscription and services revenue over time.

隨著時間的推移，我們已將更多的收入轉向訂閱和服務收入。

And we've made incredible progress on that this year.

今年我們在這方面取得了令人難以置信的進展。

So we're now on pace to surpass $2 billion in subscription and services revenue in 2024.

因此，我們的訂閱和服務收入預計在 2024 年將超過 20 億美元。

That's up from just $1.4 billion in 2023.

這比 2023 年的 14 億美元有所增加。

And this has really given us the resources to invest in some of those next steps around utility and regulatory clarity.

這確實為我們提供了資源，可以投資於圍繞公用事業和監管清晰度的後續步驟。

Just a quick update on some of our international expansion efforts because this also helps drive our revenue.

只是快速更新我們的一些國際擴張努力，因為這也有助於增加我們的收入。

We did invest in four new markets.

我們確實投資了四個新市場。

And over the last few years -- the last two years that have now -- the revenues exceeded their direct operating costs.

在過去的幾年裡——現在的最後兩年——收入超過了直接營運成本。

And so that's kind of showing that we have a playbook there that's repeatable, and we can continue to do that in more countries.

這表明我們有一個可重複的劇本，我們可以繼續在更多國家這樣做。

So this has resulted in a stronger balance sheet, which is now at $8.2 billion, and that's given us a lot of financial flexibility.

因此，這導致了更強大的資產負債表，目前資產負債表達到 82 億美元，這給了我們很大的財務靈活性。

We can do lots of different things with that.

我們可以用它做很多不同的事情。

But our Board has also authorized a $1 billion stock buyback, which is something we can use at our discretion as well.

但我們的董事會也授權了 10 億美元的股票回購，這也是我們可以自行決定使用的。

Okay.

好的。

So moving on to the second priority was around driving utility.

因此，第二個優先事項是圍繞著提高實用性。

This is really important because crypto started off as an asset class that people wanted to trade.

這非常重要，因為加密貨幣最初是人們想要交易的資產類別。

But we actually want to increase economic freedom in the world.

但我們實際上希望增加世界的經濟自由。

We want to update the financial system.

我們想要更新金融體系。

We want to make it a part of people's daily lives.

我們想讓它成為人們日常生活的一部分。

And to benefit from it, not everybody in the world is someone with disposable income to actually do trading every day, they need to be doing things that are more frequent for regular people.

為了從中受益，世界上並不是每個人都有可支配收入，可以每天進行交易，他們需要做普通人更頻繁的事情。

And so some of these building blocks are now really just starting to come together this quarter and the last few quarters, that are going to allow us to bring on, hopefully, 1 billion or more people into the crypto space.

因此，其中一些建構模組實際上在本季和過去幾個季度才剛開始整合，這將使我們有望吸引 10 億或更多的人進入加密貨幣領域。

And I'll just touch on a few of those quickly.

我將快速談及其中的一些。

One of them is stablecoins.

其中之一是穩定幣。

These are useful for people in high inflation markets.

這些對於高通膨市場的人們很有用。

They're useful for people who want to make money move faster around the world, do fast, cheap payments, remittances.

對於那些想要讓資金在世界各地更快地流動、進行快速、廉價的支付和匯款的人來說，它們非常有用。

Smart wallets is the second one.

智慧錢包是第二個。

This is a technology that we really pioneered and it's made onboarding to crypto-based apps much lower friction and reduce the fees, and it has a bunch of benefits, which I'll talk about.

這是我們真正開創的一項技術，它使基於加密的應用程式的使用大大降低了摩擦並降低了費用，並且它有很多好處，我將討論這些好處。

And then the last one is a Layer two solution called Base.

最後一個是稱為 Base 的第二層解決方案。

This is allowing blockchains to really scale, and it's enabling every transaction to happen under one second, $0.01 anywhere in the world.

這使得區塊鏈能夠真正擴展，並且使得每筆交易在一秒鐘內發生，世界上任何地方的費用為 0.01 美元。

I think crypto is probably the only rail -- payment rail in the world that can claim that.

我認為加密貨幣可能是世界上唯一可以做到這一點的鐵路——支付鐵路。

It's both fast, cheap and global.

它既快速、便宜又全球化。

So let's touch on each of these and just think about how they're coming together to enable new use cases.

因此，讓我們逐一討論它們，並思考它們如何組合在一起以實現新的用例。

One of those use cases is payments.

這些用例之一是付款。

And payments is having a bit of a moment right now in crypto.

目前，支付在加密貨幣領域正處於風口浪尖。

I'd say it's a really important trend that's underappreciated.

我想說這是一個非常重要的趨勢，但卻被低估了。

So last year, stablecoin payments or transactions, we saw about $10 trillion of volume.

去年，穩定幣支付或交易的交易量約為 10 兆美元。

And we're actually -- we've already 2 times that in 2024.

事實上，到 2024 年我們已經是這個數字的兩倍了。

So it surpassed $20 trillion already.

所以它已經超過了20兆美元。

It will be larger, of course, by the end of this year.

當然，到今年年底，規模將會更大。

And so one of the things that's really making that possible is now having a trusted stablecoin with USDC.

因此，真正使這一切成為可能的事情之一就是現在擁有 USDC 值得信賴的穩定幣。

It's one of those important building blocks.

這是重要的組成部分之一。

We've made a really big effort at Coinbase to integrate stablecoins into all of our different products.

我們在 Coinbase 做出了巨大的努力，將穩定幣整合到我們所有不同的產品中。

And that's actually driven USDC growth in a major way.

這實際上在很大程度上推動了 USDC 的成長。

The market cap of USDC is up 45% year-to-date to $36 billion in Q3.

第三季 USDC 的市值迄今成長了 45%，達到 360 億美元。

That's up from $25 billion at the start of this year.

這比今年年初的 250 億美元有所增加。

And I believe it's actually now the fastest growing US dollar-backed stablecoin, at least major one out there.

我相信它實際上是現在增長最快的美元支持的穩定幣，至少是主要的穩定幣。

We also launched support for EURC, which is a Euro-backed stablecoin on Base.

我們還推出了對 EURC 的支持，這是 Base 上的歐元支持的穩定幣。

We were able to help double its market cap in Q3, and that's now become the largest euro-backed stablecoin.

我們在第三季幫助其市值翻了一番，現在它已成為最大的歐元支持的穩定幣。

So this is no longer just a dollar phenomenon.

所以這不再只是美元現象。

We're going to see stablecoins in many different fiat currencies.

我們將看到許多不同法定貨幣的穩定幣。

So that's an important building block with stablecoins.

所以這是穩定幣的重要組成部分。

The second one, I mentioned was smart wallets.

我提到的第二個是智慧錢包。

And last quarter, we actually launched support for smart wallets.

上個季度，我們實際上推出了對智慧錢包的支援。

This really revolutionizes the user interface that people go through, especially with self-custodial wallets to onboard to crypto.

這確實徹底改變了人們使用的使用者介面，尤其是使用自我託管錢包來加密貨幣。

So they no longer have to remember this recovery phrase or write it down.

因此，他們不再需要記住或寫下這個恢復短語。

People were always worried about losing these recovery phrases, and they no longer need to do that.

人們總是擔心失去這些恢復短語，但現在他們不再需要這樣做了。

They can use biometrics or something called pass keys to create the wallet in just a second or two.

他們可以使用生物識別技術或稱為密鑰的技術在一兩秒內創建錢包。

There's nothing to remember or write-down or to lose or forget.

沒有什麼可以記住或寫下來，也沒有什麼可以失去或忘記的。

And it also helps eliminate some of the network fees.

它還有助於消除一些網路費用。

We came up with a clever solution around that because there was often a sort of chicken-egg situation where people didn't have the crypto to pay the network fee and now they don't have to have that.

我們對此提出了一個聰明的解決方案，因為經常存在一種先有雞還是先有蛋的情況，人們沒有加密貨幣來支付網路費用，而現在他們不必擁有它。

So it's still early days, but we're seeing really positive signals there.

所以現在還處於早期階段，但我們已經看到了非常積極的信號。

Not all of our products have integrated this.

並非我們所有的產品都整合了這一點。

But in some of the ones where we have, we've seen the time-to-first transaction, which is a metric we track go down to about eight minutes instead of it being 2.5 hours using some of the more traditional wallets.

但在我們擁有的一些錢包中，我們發現首次交易時間（我們追蹤的指標）下降到大約 8 分鐘，而不是使用一些更傳統的錢包時的 2.5 小時。

So smart wallets have made the onboarding simpler.

因此，智慧錢包使入門變得更加簡單。

And then lastly, these Layer 2 solutions have been a huge contributor and Base, which is our Layer 2 solution that we helped pioneer and is now decentralizing is -- it's become the number one Layer 2 solution out there.

最後，這些第 2 層解決方案是一個巨大的貢獻者，而 Base，即我們幫助開創的第 2 層解決方案，現在正在去中心化——它已經成為第一個第 2 層解決方案。

It's been incredibly successful whether you measure that by the transaction count process or the total value that's on the platform.

無論是透過交易計數流程還是平台上的總價值來衡量，它都非常成功。

It's now the number one Layer 2 solution out there.

現在它是排名第一的第 2 層解決方案。

And so I think this is going to become the default way that people pay with Layer 2, on Base, USDC, it's less than $0.01, one second, anywhere in the world.

因此，我認為這將成為人們在 Base、USDC 上使用 Layer 2 進行支付的預設方式，在世界任何地方，一秒鐘的費用不到 0.01 美元。

It went from $10 trillion of volume last year to $20 trillion of volume this year.

它的交易量從去年的 10 兆美元增加到今年的 20 兆美元。

It's really starting to happen in front of our eyes.

這真的開始發生在我們眼前。

And Base has continued to really innovate quickly.

Base 持續快速創新。

So for instance, they added something called Base names, which is an onchain identity product.

例如，他們添加了稱為“基本名稱”的東西，這是一種鏈上身份產品。

This is just makes it -- it makes crypto easier to use if you can send to a human readable name instead of these wallet addresses, which look a little more complex.

這只是讓它變得更容易——如果你可以發送到一個人類可讀的名字而不是這些看起來更複雜的錢包地址，它會讓加密貨幣更容易使用。

They also launched something called cbBTC or Coinbase Bitcoin BTC.

他們還推出了名為 cbBTC 或 Coinbase Bitcoin BTC 的東西。

We launched that on Ethereum in Base.

我們在以太坊的 Base 上推出了它。

And this is essentially a coin-based wrapped version of Bitcoin that allows people to use all of the value that they've accumulated in Bitcoin, but use it for -- in DeFi applications, such as for borrowing and lending.

這本質上是比特幣的基於硬幣的包裝版本，它允許人們使用他們在比特幣中積累的所有價值，但將其用於 DeFi 應用程序，例如借貸。

So the Base team has just been innovating at a really important pace here.

因此，Base 團隊剛剛以非常重要的速度進行創新。

So all of these building blocks are coming together where you can really start to see consumer utility happening in crypto.

因此，所有這些建構模組都聚集在一起，您可以真正開始看到加密貨幣中發生的消費者效用。

And just to give you an analogy of how I think about it, sort of really how the Internet started, right.

只是為了給你一個我的想法的類比，就像網路是如何開始的一樣，對吧。

If you go back to the year 2000, only about half of 1% of global GDP was happening through e-commerce.

如果你回到 2000 年，全球 GDP 的 1% 中只有大約一半是透過電子商務實現的。

And today, it's about 20% of global GDP running through e-commerce.

如今，全球 GDP 的約 20% 透過電子商務實現。

And so I think crypto is going to follow a similar trend.

所以我認為加密貨幣也將遵循類似的趨勢。

We've done our own internal estimates of this, and we've -- it's a tough thing to estimate, but by -- our best guess is about 0.5 of 1% of global GDP is occurring on crypto rails.

我們對此進行了內部估計，而且我們——這是一件很難估計的事情，但我們最好的猜測是，全球 GDP 的 1% 中的 0.5 左右發生在加密貨幣軌道上。

We really want to get that to be 20% of global GDP running on crypto rails.

我們真的希望全球 GDP 的 20% 在加密貨幣軌道上運行。

We think that they're faster, they're cheaper.

我們認為它們更快、更便宜。

They're more global.

他們更加全球化。

They're more fair.

他們更公平。

They're more free.

他們更自由。

It's just -- payments are going to flow to the path of least resistance, kind of like water.

只是——付款將流向阻力最小的路徑，有點像水一樣。

And these are the best payment rails in the world.

這些是世界上最好的支付管道。

Many other benefits people want this globally as a refuge from inflation, economic freedom, good financial infrastructure.

人們希望在全球範圍內獲得許多其他好處，作為抵禦通貨膨脹、經濟自由和良好金融基礎設施的避難所。

It just -- it creates prosperity around the world.

它只是——它在世界各地創造繁榮。

And so we're going to -- I think we now have that foundation in place to see global GDP run more and more on crypto rails over the coming years.

因此，我認為我們現在已經具備了基礎，可以看到全球 GDP 在未來幾年越來越多地在加密貨幣軌道上運行。

Okay.

好的。

So that's driving utility.

這就是驅動實用性。

Let's talk about driving regulatory clarity as our final pillar here.

讓我們談談推動監管透明度作為我們的最後一個支柱。

I'm really proud of where we've gotten to as an industry, as a community over the last few years.

我對過去幾年我們作為一個行業、一個社區所取得的成就感到非常自豪。

I mean just a few years ago, we were -- we felt like crypto was under siege.

我的意思是，就在幾年前，我們感覺加密貨幣受到了圍攻。

There was a small handful of people that were very anti-crypto, really attacking the industry.

有一小部分人非常反加密貨幣，真正攻擊了這個行業。

And today, it really couldn't be a different story.

而今天，情況確實不同了。

Both presidential candidates are now courting the crypto voter in their statements.

兩位總統候選人現在都在聲明中討好加密貨幣選民。

Over 350 politicians running for federal office have now adopted pro-crypto stances.

超過 350 名競選聯邦職位的政治人物現已採取支持加密貨幣的立場。

If you look at StandWithCrypto.org's rating system, they have either an A or a B grade.

如果您查看 StandWithCrypto.org 的評級系統，您會發現它們要么是 A 級，要么是 B 級。

And so really no matter what happens in the election, it's going to be the most pro-crypto congress ever.

因此，無論選舉中發生什麼，這都將是有史以來最支持加密貨幣的大會。

We know that already.

我們已經知道了。

And then we had a big success this year with the House in the United States passing procrypto legislation with strong bipartisan support, that was the FIT 21 bill.

今年我們取得了巨大成功，美國眾議院在兩黨的大力支持下通過了原始加密立法，即 FIT 21 法案。

And so that's, of course, now being discussed in the Senate.

當然，現在參議院正在討論這個問題。

And so I just feel like crypto has shown up in a really massive way on the policy side, and it's a very powerful voice and constituencies.

所以我覺得加密貨幣在政策方面已經以非常大規模的方式出現，它是一個非常強大的聲音和支持者。

So we tried to really do our part here and supporting our customers, and we've been a major supporter for instance, to Fairshake.

因此，我們試圖真正盡自己的一份力量並支持我們的客戶，例如，我們一直是 Fairshake 的主要支持者。

They were one of the largest nonpartisan packs in this election, maybe the largest one, I'm not sure.

他們是這次選舉中最大的無黨派團體之一，也許是最大的一個，我不確定。

And we also supported StandWithCrypto.org. This grassroots advocacy group that I mentioned.

我們也支持 StandWithCrypto.org。我提到的這個草根倡議團體。

They're now up to 1.8 million crypto advocates who have raised their hand.

現在已有多達 180 萬加密貨幣擁護者舉手。

It's an incredible number.

這是一個令人難以置信的數字。

These are folks who have raised their hand and said they want to elect procrypto candidates in this election.

這些人舉手錶示他們希望在這次選舉中選出加密貨幣候選人。

So this is a huge number of voters.

所以這是一個龐大的選民數量。

By the way, all of you, I think, can help if you want to see this industry get built in America, I encourage you to go check out, StandWithCrypto.org and look up your state, see the scores of the different candidates running where you live.

順便說一句，我認為，如果你們想看到這個行業在美國建立起來，你們所有人都可以提供幫助，我鼓勵你們去看看StandWithCrypto.org 並查找你所在的州，看看不同候選人的競選分數你住的地方。

And so we'll how this election turns out in five days or so.

我們將在五天左右的時間內了解這次選舉的結果。

But I think regardless of what's happening -- what happens at this election, it's actually already been a huge positive success.

但我認為，無論發生什麼事——這次選舉發生什麼，它實際上已經取得了巨大的積極成功。

And one thing I want to make a really big point of talking about today is that we're not going to slow down post election, right?

今天我想重點討論的一件事是，我們不會在選舉後放慢腳步，對嗎？

In five, six days, we're going to get our results, but we know that this is going to be an ongoing focus.

五到六天內，我們將得到結果，但我們知道這將成為持續關注的焦點。

And we need to make sure we get procrypto legislation passed in this country to really unleash the floodgates of new sources of capital and innovation.

我們需要確保這個國家通過原始加密立法，以真正釋放新的資本和創新來源的閘門。

And we can't have this environment of regulation by enforcement that's kind of killing all these start-ups that are trying to innovate in the space.

我們不能擁有這樣的強制監管環境，這種環境會扼殺所有試圖在該領域進行創新的新創公司。

And so I think it's going to be a huge tailwind for this industry if we can get regulatory clarity.

因此，我認為，如果我們能夠明確監管，這將成為這個行業的巨大推動力。

So we're announcing today that we're going to be committing another $25 million to Fairshake, ahead of the election regardless of the results, and that's going to be used not in this current election but actually just to continue momentum going into the 2026, midterms.

因此，我們今天宣布，無論結果如何，我們將在選舉之前向 Fairshake 追加 2500 萬美元，這不會用於當前的選舉，而實際上只是為了繼續保持進入 2026 年的勢頭。

In addition to that, we're going to continue to support StandWithCrypto.org after this election.

除此之外，我們將在這次選舉後繼續支持 StandWithCrypto.org。

They have a stretch goal of getting to 4 million advocates by 2026 midterms.

他們的目標是到 2026 年中期選舉達到 400 萬擁護者。

And so we're going to support them in that result.

所以我們將支持他們的結果。

So these have been two of our highest ROI investments to date on the policy side.

因此，這是我們迄今為止在政策方面投資回報率最高的兩項投資。

I do think it's one of the biggest levers that we can pull to try to help this industry thrive, support our customers.

我確實認為這是我們可以幫助這個行業蓬勃發展、支持我們的客戶的最大槓桿之一。

When I go meet with big financial institutions or just regular people who are using crypto, the number one thing I hear and I ask them, why aren't you using it more and they tell me it's regulatory clarity, especially on the institutional side.

當我去見大型金融機構或使用加密貨幣的普通人時，我聽到的第一件事就是問他們，為什麼不更多地使用它，他們告訴我這是監管的明確性，特別是在機構方面。

I think that's going to be a massive source of inflow of capital if we can get that checkbox for many of them.

我認為，如果我們能夠為其中許多人勾選該複選框，這將成為資本流入的巨大來源。

So yeah.

所以是的。

That's our summary on driving revenue, utility and regulatory clarity.

這是我們關於提高收入、效用和監管透明度的總結。

Just to close here, I think we're really well positioned.

就到這裡為止，我認為我們的定位非常好。

We've got positive adjusted EBITDA in all macro environments for seven consecutive quarters now.

目前，我們在所有宏觀環境下已連續七個季度實現調整後的 EBITDA 為正值。

I think the business is in a really healthy place from a cost point of view, managing expenses, and that's given us the resources to go fund driving utility and this regulatory clarity, which can really be the next chapter of crypto to grow this, hopefully, to 1 billion users or more over time.

我認為從成本和管理費用的角度來看，該業務處於一個非常健康的位置，這為我們提供了資源來資助推動效用和監管的明確性，這確實可以成為加密貨幣發展的下一個篇章，希望如此，隨著時間的推移，用戶數量將達到 10 億或更多。

So I'll end there and pass it over to Alesia.

我就到此結束並將其交給阿萊西亞。

Thanks, Brian.

謝謝，布萊恩。

So just as Brian shared that we have three goals for the company this year.

正如布萊恩所說，我們今年為公司設定了三個目標。

We also have three financial goals, and we made progress on each of these in the third quarter.

我們還有三個財務目標，第三季我們在每個目標上都取得了進展。

The first is to continue to diversify our revenue; second, maintaining expense discipline; and third, generating positive adjusted EBITDA in all market conditions.

第一是持續實現收入多元化；第二，維持開支紀律；第三，在所有市場條件下產生正的調整後 EBITDA。

So why don't we introduce those but then dive deep into our results.

那我們為什麼不先介紹一下這些內容，然後再深入研究我們的結果呢。

Our Q3 total revenue was $1.2 billion, our expenses were within the outlook ranges we provided last quarter, and adjusted EBITDA was $449 million.

我們第三季的總收入為 12 億美元，我們的支出在我們上季度提供的展望範圍內，調整後的 EBITDA 為 4.49 億美元。

Our balance sheet strengthened and our total USD resources grew 5% quarter-over-quarter to end the quarter at $8.2 billion.

我們的資產負債表有所改善，美元資源總額較上季成長 5%，季末達到 82 億美元。

Now starting with transaction revenue.

現在從交易收入開始。

Our total trading volume was $185 billion, down 18% quarter-over-quarter.

我們的總交易量為 1,850 億美元，季減 18%。

This was driven by lower crypto asset volatility and average asset prices that we saw during the quarter.

這是由於我們在本季看到的加密資產波動性和平均資產價格較低所致。

In turn, our total transaction revenue was $573 million, down 27% quarter-over-quarter.

反過來，我們的總交易收入為 5.73 億美元，環比下降 27%。

You can see the observable difference in our trading volume and our transaction revenue growth rates in Q3.

您可以看到我們第三季的交易量和交易收入成長率有明顯差異。

So I wanted to highlight a few trends to partly explain these results.

因此，我想強調一些趨勢來部分解釋這些結果。

First, importantly, our share of fiat to crypto trading volume in the US where the majority of our consumer revenue was derived was steady quarter-over-quarter.

首先，重要的是，我們在美國的法幣到加密貨幣交易量份額保持穩定，我們的大部分消費者收入來自美國。

Second, what we did see though was consumer stablecoin pair trading volume grew significantly quarter-on-quarter.

其次，我們確實看到消費者穩定幣對交易量較上季大幅成長。

In part, we believe this growth was driven by a product update, which enabled an easier way for advanced traders to trade stablecoins on our platform.

在某種程度上，我們認為這種成長是由產品更新推動的，產品更新使高級交易者可以更輕鬆地在我們的平台上交易穩定幣。

And while we generate little-to-no fees on stablecoin pair trades, growing adoption of stablecoins and USDC specifically, is core to our strategy, and we monetize USDC via our commercial relationship with the issuer of USDC.

雖然我們對穩定幣配對交易產生的費用很少甚至不產生任何費用，但穩定幣和 USDC 的日益普及是我們策略的核心，我們透過與 USDC 發行人的商業關係將 USDC 貨幣化。

Third, we saw a decrease in nontrading consumer transaction revenue.

第三，非貿易消費者交易收入下降。

So non-trading consumer transaction revenue includes revenue from DEXs and minor fees.

因此，非交易消費者交易收入包括來自 DEX 的收入和少量費用。

Switching over to the institutional side.

切換到機構方面。

We did see a decline in institutional spot revenue quarter-over-quarter, but we saw relative outperformance of our prime broker and our Derivatives business.

我們確實看到機構現貨收入環比下降，但我們看到我們的主要經紀商和衍生品業務的表現相對出色。

And while not yet material, we're really pleased to see the beginnings of the derivatives revenue growth as our efforts to diversify the sources of our revenue continue to be a priority for us.

雖然還沒有實質進展，但我們非常高興看到衍生性商品收入開始成長，因為我們努力實現收入來源多元化仍然是我們的首要任務。

Turning to subscription and services revenue, which was $556 million, down 7% quarter-over-quarter.

訂閱和服務收入為 5.56 億美元，季減 7%。

We were really pleased to grow native units in staking and custody.

我們非常高興能夠在質押和託管方面發展本地單位。

However, this native unit growth was offset by lower average crypto asset prices, which impacted these revenues during the quarter.

然而，這種原生單位的成長被較低的平均加密資產價格所抵消，這影響了本季的收入。

Our Q3 stablecoin revenue grew 3%, as USDC market cap growth and our on-platform USDC balance growth exceeded the impact of lower interest rates.

我們第三季的穩定幣收入成長了 3%，因為 USDC 市值成長和平台上 USDC 餘額成長超過了利率下降的影響。

To finish out revenue, I wanted to share that the number of Coinbase One paid subscribers continue to grow, and we saw all new all-time highs in the third quarter.

為了完成收入，我想告訴大家的是，Coinbase One 付費用戶數量持續成長，我們在第三季創下了歷史新高。

Turning now to expenses.

現在轉向費用。

Total Q3 operating expenses were $1 billion, down 6% quarter-over-quarter.

第三季營運支出總額為 10 億美元，季減 6%。

Our adjusted EBITDA was $449 million and net income was $75 million.

我們調整後的 EBITDA 為 4.49 億美元，淨利為 7,500 萬美元。

Net income was impacted by $121 million in pre-tax losses on our crypto asset investment portfolio, the vast majority of which was unrealized.

我們的加密資產投資組合稅前損失達 1.21 億美元，影響了淨利潤，其中絕大多數未實現。

These losses were about $92 million after reflecting the tax impact.

考慮到稅收影響後，這些損失約為 9,200 萬美元。

We ended the third quarter with $8.2 billion in USD resources, up 5% quarter-over-quarter.

截至第三季末，我們的美元資源為 82 億美元，季增 5%。

As Brian shared earlier, we announced today that our Board of Directors has authorized our first stock repurchase program of up to $1 billion with no expiration.

正如布萊恩早些時候分享的那樣，我們今天宣布，董事會已批准我們的第一個股票回購計劃，金額高達 10 億美元，且無期限。

As we've now seen seven quarters of consecutive positive adjusted EBITDA and meeting our financial objectives and all market conditions, we are looking to be increasingly strategic with our capital allocation, and this program gives us another tool that we will look to use opportunistically.

由於我們現在已經連續七個季度實現正調整EBITDA 並滿足我們的財務目標和所有市場條件，因此我們希望在資本配置方面更具戰略性，而該計劃為我們提供了另一種工具，我們將尋求機會主義地使用它。

Finally, to close, I wanted to highlight a few things on our Q4 outlook.

最後，我想強調一下我們第四季前景的一些事情。

Zooming out, we're really pleased to see our long-term revenue diversification efforts paying off as subscription and services revenue is on pace to exceed $2 billion this year.

放眼望去，我們非常高興地看到我們的長期收入多元化努力得到了回報，訂閱和服務收入今年預計將超過 20 億美元。

Nevertheless, our Q4 subscription and services outlook reflects certain headwinds, including a 10% price decline in Ethereum in October compared to the Q3 average as well as lower interest rates.

儘管如此，我們對第四季度訂閱和服務的展望反映了某些不利因素，包括 10 月以太坊價格較第三季平均下降 10%，以及較低的利率。

Meanwhile, we will continue to work on growing product adoption and growing native units on platform to help offset these headwinds.

同時，我們將繼續致力於提高產品採用率和增加平台上的本地單位，以幫助抵消這些不利因素。

Second, on technology and development and general and administrative expenses, we continue to be disciplined in adding fixed expenses to our cost structure.

其次，在技術和開發以及一般和管理費用方面，我們繼續嚴格地在成本結構中增加固定費用。

We are expecting Q4 tech and dev and G&A expenses to be in the range of $690 million to $730 million.

我們預計第四季的技術、開發和一般管理費用將在 6.9 億美元至 7.3 億美元之間。

Third and finally, on sales and marketing, we have increased variable expenses over the last year, notably USDC Reward rates and performance marketing.

第三，也是最後一點，在銷售和行銷方面，我們去年增加了可變費用，特別是 USDC 獎勵率和績效行銷。

In Q4, we expect sales and marketing to be between $170 million and $220 million, driven by higher on-platform USDC balances and higher brand spend.

在平台上 USDC 餘額增加和品牌支出增加的推動下，我們預計第四季度的銷售額和行銷收入將在 1.7 億至 2.2 億美元之間。

With that, Anil, let's go to questions.

接下來，阿尼爾，讓我們開始提問。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

So we'll take the top three questions voted on from Say, and then we'll turn it over to some live questions from the analysts.

因此，我們將採取 Say 投票選出的前三個問題，然後將其轉交給分析師提出的一些即時問題。

So the first one, we had two questions -- two shareholders who asked a similar question with the same theme.

所以第一個問題，我們有兩個問題──兩位股東提出了相同主題的類似問題。

Would Coinbase consider a Bitcoin, Ethereum or other reserve strategy like micro strategy.

Coinbase 會考慮比特幣、以太幣或其他儲備策略（例如微觀策略）嗎？

Alesia?

阿萊西亞？

Good news.

好消息。

We do invest in crypto, and we have an investment portfolio on the balance sheet.

我們確實投資加密貨幣，並且我們在資產負債表上有一個投資組合。

The fair market value of our crypto investments was about $1.3 billion at the end of the third quarter.

截至第三季末，我們的加密貨幣投資的公平市場價值約為 13 億美元。

You can see more detail in our filings, but we hold Bitcoin in addition to Ethereum and a mix of other crypto assets.

您可以在我們的文件中看到更多詳細信息，但除了以太坊和其他加密資產之外，我們還持有比特幣。

These are intended to be long-term investments.

這些旨在作為長期投資。

One way to contextualize this is that our crypto investment portfolio of $1.3 billion is about 25% of our net cash balance.

說明這一點的一種方法是，我們 13 億美元的加密貨幣投資組合約占我們淨現金餘額的 25%。

That is total cash minus our debt.

這是現金總額減去我們的債務。

We do need to keep cash on hand for a variety of purposes.

我們確實需要保留現金用於多種目的。

First, capital requirements for our regulated legal entities.

首先，我們受監管的法人實體的資本要求。

We keep cash on hand for M&A opportunities and ventures and to hedge our operational activities.

我們保留手頭現金用於併購機會和風險投資，並對我們的營運活動進行對沖。

To be clear, we are an operating company and not an investment company.

需要明確的是，我們是一家營運公司，而不是一家投資公司。

But over time, we absolutely want to grow our operations such that we hold and transact with an increasing amount of crypto transactions, and we are going to look for opportunities to do so.

但隨著時間的推移，我們絕對希望擴大我們的業務，以便我們可以持有並進行越來越多的加密貨幣交易，並且我們將尋找機會這樣做。

All right.

好的。

Second question, how are Base, Smart Wallet and cbBTC driving revenue for Coinbase?

第二個問題，Base、智慧錢包和 cbBTC 如何為 Coinbase 帶來收入？

How is Base performance relative to other L2s or L1s?

相對於其他 L2 或 L1 的基本性能如何？

What are Coinbase's plans to onboard more users and drive adoption?

Coinbase 有哪些計劃來吸引更多用戶並推動採用？

Also, how do you see CDP evolving?

另外，您如何看待 CDP 的發展？

Could it become the AWS of crypto.

它會成為加密貨幣領域的AWS嗎？

Brian?

布萊恩？

Yeah.

是的。

So I'll try to take each of these one by one. to start with Base earnings revenue via sequencer fees or think of it as transaction fees, we're keeping those very low right now to help it scale.

因此，我將嘗試一一探討這些問題。首先透過排序器費用或將其視為交易費用來獲得基本收入收入，我們現在將其保持在非常低的水平以幫助其擴展。

But those could be meaningful over time.

但隨著時間的推移，這些可能會變得有意義。

And then Smart Wallet is really just about simplifying the onboarding process for especially self-custodial wallets, but maybe other products over time, not just going to accelerate growth, open up new user groups that could onboard less technical folks. cbBTC, that really, in part, it just drives usage of Base, but it also brings more assets on platform.

然後，智慧錢包實際上只是簡化了特別是自我託管錢包的入職流程，但隨著時間的推移，也許其他產品不僅會加速成長，還會開闢新的用戶群體，從而吸引技術含量較低的人員入職。 cbBTC，實際上，它在一定程度上只是推動了 Base 的使用，但它也為平台帶來了更多資產。

People have Bitcoin that they want to use in different DeFi applications like borrowing and lending.

人們擁有比特幣，希望將其用於不同的 DeFi 應用，例如借貸。

There are potential opportunities to monetize that.

有潛在的機會將其貨幣化。

So these are all somewhat early in their growth stage, but these are the building blocks, I would say, that are going to enable us to really drive the utility phase of crypto.

因此，這些都還處於成長階段的早期，但我想說，這些都是建立模組，將使我們能夠真正推動加密貨幣的實用階段。

You'd asked about how Base is doing, and I mentioned in the opening statement, it's number one -- the number one Layer 2 solution now by transactions processed and total value on the platform.

你問過 Base 的表現如何，我在開場白中提到，它是第一——現在按處理的交易和平台上的總價值排名第一的第 2 層解決方案。

Just to give a little more detail on that.

只是為了提供更多細節。

The transactions increased 55% on Base quarter-over-quarter.

Base 交易量較上季成長 55%。

It's a pretty incredible pace of growth right now.

目前的成長速度非常令人難以置信。

And actually, the number of -- well, that was all actually while the median transaction fee, we kept it below $0.01. So we're really trying to keep that low to help with growth.

實際上，數量——嗯，這實際上是交易費用中位數，我們將其保持在 0.01 美元以下。因此，我們確實在努力保持較低水平以幫助成長。

You asked about CDP.

你問過CDP。

That's Coinbase Developer Platform for anybody who's not familiar.

對於不熟悉的人來說，這都是 Coinbase 開發者平台。

I do think this could become the AWS of crypto.

我確實認為這可能成為加密貨幣的 AWS。

We're really trying to take a lot of the hard, technical challenges that we've built internally to create our own products and make them available to third parties.

我們確實在努力應對我們內部構建的許多艱鉅的技術挑戰，以創建我們自己的產品並將其提供給第三方。

It's kind of like selling picks and shovels in the gold rush or whatever analogy you want to use.

這有點像淘金熱中出售鎬和鏟子或任何你想使用的類比。

And I think that this could help hopefully thousands of crypto companies or even just non-crypto companies really start to integrate crypto in different ways over time.

我認為這有望幫助成千上萬的加密公司，甚至只是非加密公司隨著時間的推移真正開始以不同的方式整合加密。

Recently, we've seen a big surge of developers building AI agents that actually have an embedded crypto wallet, which I think is a very interesting trend.

最近，我們看到大量開發人員建立了實際上具有嵌入式加密錢包的人工智慧代理，我認為這是一個非常有趣的趨勢。

And we're seeing a lot of start-ups use CDP for that.

我們看到很多新創公司為此使用 CDP。

So that's pretty cool.

所以這很酷。

Yes.

是的。

So I don't know -- I think just in conclusion, I'd say that all of these pieces are coming together to help us drive utility and we'll monetize them in different ways over time.

所以我不知道——我想總而言之，我想說的是，所有這些部分都聚集在一起，以幫助我們推動效用，並且隨著時間的推移，我們將以不同的方式將它們貨幣化。

But if we can help 1 billion people get more economic freedom with good financial infrastructure, sound money, global rails, decentralized identity systems, there's all kinds of things that will be possible to monetize there.

但如果我們能夠透過良好的金融基礎設施、健全的貨幣、全球鐵路、去中心化的身份系統幫助 10 億人獲得更多的經濟自由，那麼各種各樣的東西都可以在那裡貨幣化。

And so yes, hopefully that answers your question.

是的，希望這能回答你的問題。

And then our final question from Say, any plans to provide dividends to shareholders in the future.

然後是薩伊提出的最後一個問題，未來是否有向股東提供股利的計畫。

Alesia?

阿萊西亞？

Thanks for the question.

謝謝你的提問。

So while not a dividend, we did announce today that we have an authorization to repurchase up to $1 billion in shares.

因此，雖然不是股息，但我們今天確實宣布我們有權回購最多 10 億美元的股票。

And this is a way of returning capital to shareholders.

這是一種向股東返還資本的方式。

I wanted to talk a little bit about our rationale and how we think about capital allocation.

我想談談我們的基本原理以及我們如何看待資本配置。

As we continue to strengthen our balance sheet over the past few years, we now have about $8.2 billion in USD resources in addition to the $1.3 billion in fair market value of crypto investment assets that I mentioned earlier.

隨著過去幾年我們不斷強化資產負債表，除了我之前提到的 13 億美元的加密投資資產的公平市場價值外，我們現在還擁有約 82 億美元的美元資源。

Our primary goal is to invest in our business.

我們的主要目標是投資我們的業務。

We want to fund new products.

我們想為新產品提供資金。

We want to expand internationally.

我們想要向國際擴張。

We want to do product development.

我們想做產品開發。

We also use our balance sheet to help scale our lending business, our prime financing business within the institutional product suite.

我們也利用資產負債表來幫助擴大我們的貸款業務、機構產品套件中的主要融資業務。

But beyond that, we see a number of other opportunities to utilize our available cash resources.

但除此之外，我們也看到了許多其他利用我們可用現金資源的機會。

M&A and ventures have always been a focus area for us.

併購和創投一直是我們的重點領域。

We made some opportunistic debt repurchases over the past few years, notably our 2026 converts.

過去幾年，我們進行了一些機會主義債務回購，特別是我們的 2026 年債券回購。

And today, we're now announcing that we opportunistically would like to start exploring returning capital to shareholders with the buyback authorization.

今天，我們宣布，我們將趁機開始探索透過回購授權向股東返還資本。

So no dividends, but we are being more strategic with our capital and look to create an opportunity to return this capital through repurchases.

因此，沒有股息，但我們對我們的資本更具策略性，並尋求創造機會透過回購來返還這些資本。

Thank you.

謝謝。

And so Sarah, with that, let's take our first question, please.

莎拉，接下來，讓我們來回答第一個問題。

Pete Christiansen, Citi.

皮特克里斯蒂安森，花旗銀行。

Brian, Alesia, I'm curious on your views on Coinbase's share of other crypto assets, I guess, all coins.

Brian、Alesia，我很好奇你對 Coinbase 在其他加密資產（我想是所有硬幣）中所佔份額的看法。

And I guess if we look at Q4, Q1 earlier this year, it was a much higher percentage of your overall volume.

我想如果我們看看今年早些時候的第四季度和第一季度，它佔總銷量的百分比要高得多。

It's come down quite a bit since then, maybe 10 points.

從那時起，它下降了很多，也許是10個點。

Just curious if you're seeing any meaningful shifts there in Coinbase's ability to drive share in some of the lesser-traded tokens?

只是好奇您是否看到 Coinbase 推動一些交易量較少的代幣份額的能力發生任何有意義的轉變？

Let me start with that one, Pete, and then Brian can or Emilie can add on thoughts.

讓我從那個開始，Pete，然後 Brian 或 Emilie 可以補充想法。

What we see with especially the long tail is oftentimes trading is correlated very much with volatility.

我們特別是在長尾中看到的是，交易通常與波動性密切相關。

And so when there's more volatility in that long tail, we tend to get more market makers, hedge funds as well as advanced traders trading that long tail.

因此，當長尾波動較大時，我們往往會吸引更多做市商、避險基金以及高級交易者進行長尾交易。

Crypto asset volatility came down in Q3 as compared to Q2.

與第二季相比，第三季加密資產波動性有所下降。

And so we did see a little bit of that volume shift.

所以我們確實看到了一些成交量的變化。

The other thing that we've seen is post the ETFs getting approved, there's just been more focus on Bitcoin and Ethereum.

我們看到的另一件事是 ETF 獲得批准後，人們更加關注比特幣和以太坊。

And the ETFs have been the tide that lifts all ships, and that has driven volume on our own platform as more volume has come to Bitcoin and Ethereum as well.

ETF 一直是推動所有船隻前進的潮流，隨著比特幣和以太坊的交易量也增加，這也推動了我們自己平台上的交易量。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

Could you please add more color on the driver of the retail fee rate?

您能否為零售費率的驅動因素添加更多色彩？

And I know, Alesia, you mentioned the three key points.

我知道，阿萊西亞，你提到了三個關鍵點。

So it's the sequential decline mainly driven by the mix shift towards stablecoin pair trade, which generates little-to-no fees.

因此，連續下降主要是由向穩定幣配對交易的混合轉變所驅動的，而這種交易幾乎不產生任何費用。

And how about the core fee trending for other pairs?

其他貨幣對的核心費用趨勢如何？

Thanks, Owen.

謝謝，歐文。

Yes, thanks for the opportunity to clarify because I appreciate that this.

是的，感謝您有機會進行澄清，因為我對此表示讚賞。

This is an area of focus.

這是一個重點領域。

So first, we made no changes, no material changes to our fee rate structure in the consumer app.

因此，首先，我們沒有對消費者應用程式中的費率結構做出任何改變，沒有實質改變。

So the blended average change that you see quarter-over-quarter is due to two key drivers.

因此，您看到的季度環比混合平均變化是由兩個關鍵驅動因素造成的。

First is mix shift where we saw more stable pair trading.

首先是混合轉變，我們看到了更穩定的配對交易。

Second is we did not see as much revenue in Q3 from the nontrading transaction types.

其次，我們在第三季沒有看到來自非交易交易類型的收入那麼多。

And so as those two drivers that led to change in the blended average fee quarter-over-quarter, but no underlying changes to the fees per product, mix and the nontrading revenue changes.

這兩個驅動因素導致混合平均費用較上季變化，但每種產品的費用、組合和非交易收入並沒有發生根本變化。

Ken Worthington, JPMorgan.

肯‧沃辛頓，摩根大通。

Okay.

好的。

I want to focus on regulation in the election.

我想重點關注選舉中的監管。

So first, congratulations on the leadership position and the success you've had making crypto an issue for elections this year.

首先，恭喜您的領導地位以及您在使加密貨幣成為今年選舉問題方面所取得的成功。

In terms of the election, there's the expectation that a White House that is more friendly to crypto can have a more accommodative regulatory backdrop.

就選舉而言，人們期望對加密貨幣更加友善的白宮能夠擁有更寬鬆的監管背景。

From a top-down perspective, this makes sense that things will be better for Coinbase.

從自上而下的角度來看，這對 Coinbase 來說是有道理的。

I'd like to dig in a bit deeper on the bottoms-up perspective.

我想更深入地探討自下而上的觀點。

Apart from the benefit of a less litigious SEC, what can Coinbase do in a more friendly regulatory environment in the US that it's not doing now?

除了美國證券交易委員會較少訴訟的好處之外，Coinbase 在美國更友善的監管環境中還能做些什麼現在沒有做的事情？

And what's high on your priority list to jump start or expand with a friendlier US regulatory environment?

在更友善的美國監管環境中，您優先考慮的事項是什麼？

And then for Paul, the states have stepped up their oversight of Coinbase with staking being an example, does a more friendly federal regulatory environment diminish the roles that states currently have restricting Coinbase activity?

那麼對 Paul 來說，以 Stake 為例，各州加強了對 Coinbase 的監管，更友善的聯邦監管環境是否會削弱各州目前限制 Coinbase 活動的角色？

Thanks for the question.

謝謝你的提問。

Ken, this is Paul Grewal.

肯，這是保羅·格雷沃爾。

To start, let me just clarify what we're not -- what we're looking for is not an accommodation.

首先，讓我先澄清一下我們不是什麼——我們尋找的不是住宿。

We're really focused on clarity and ultimately, fair treatment rather than the regulation by enforcement that we've faced alongside so many of our industry that's really stifling US innovation.

我們真正關注的是透明度和最終的公平待遇，而不是我們與許多行業一起面臨的強制監管，這確實扼殺了美國的創新。

The good news is we think that either presidential candidate is absolutely going to be an improvement, an upgrade to the approach of the current administration and that in a new administration -- with a new administration, you'll see a step towards an improved environment towards regulation.

好消息是，我們認為，任何一位總統候選人絕對都會是現任政府方法的改進和升級，而在新政府中，你將看到朝著改善環境邁出的一步走向監管。

The clarity that we're looking for at the federal level would absolutely unlock innovation across the financial system and critically, from our perspective, make sure that the industry is built in America, at least in large part.

我們在聯邦層級尋求的明確性絕對會釋放整個金融體系的創新，最重要的是，從我們的角度來看，確保該產業至少在很大程度上是在美國建立的。

And beyond the federal impact, states as well are absolutely looking to federal regulators to determine the rules of the road.

除了聯邦政府的影響之外，各州也絕對希望聯邦監管機構來決定道路規則。

So there would be positive follow-on effects at the state level as well if we were to achieve that clarity with our federal regulators.

因此，如果我們與聯邦監管機構明確這一點，也會在州一級產生積極的後續影響。

The goal of all of this is, from our perspective, to make sure that we have consistency in the protections that are afforded to consumers across all states.

從我們的角度來看，所有這一切的目標是確保我們為所有州的消費者提供的保護具有一致性。

It's one of the reasons why we have supported the FIT 21 bill, which would allow us to not only come in and register as we've been encouraged to do but also to establish certainty of critical elements of our business and everything from side-by-side trading, protection under the auspices of spot market authority with the CFTC, a whole range of positive benefits would follow.

這就是我們支持 FIT 21 法案的原因之一，該法案不僅使我們能夠像我們所鼓勵的那樣參與並註冊，而且還能確定我們業務的關鍵要素以及所有方面的確定性側交易、在CFTC 現貨市場權威的支持下進行保護，一連串積極的好處將會隨之而來。

And among other things, it would also give us clarity and provide authority for listing of assets as commodities as they decentralize.

除此之外，它還將使我們更加清晰，並為資產去中心化時將其作為商品列出提供權威。

And again, because the states tend to take their cue from the federal regulators when it comes to how we test and how that applies to different assets, we do think that would improve the climate at the state level as well.

再說一遍，因為在我們如何測試以及如何將其應用於不同資產方面，各州往往會從聯邦監管機構那裡得到暗示，所以我們確實認為這也會改善州一級的環境。

Now just to turn a bit to what that clarity could mean for our products.

現在我們來談談這種清晰度對我們的產品意味著什麼。

And just to give a few examples.

僅舉幾個例子。

One, with respect to trading, we do think there's a significant growth opportunity to serve a larger portion of the market if we were to achieve the clarity that we're seeking through this legislation and rulemaking.

第一，就交易而言，我們確實認為，如果我們要透過這項立法和規則制定來實現我們所尋求的明確性，那麼就有很大的成長機會來服務更大部分的市場。

And that would happen because traders of all types are just going to be much more confident and comfortable trading, and we do think that would ultimately drive increased revenue.

這種情況之所以會發生，是因為所有類型的交易者都會更自信和舒適地進行交易，我們確實認為這最終會推動收入增加。

You'd see listing of assets accelerate.

你會看到資產上市的速度加快。

And we also think that, over time, we would be able to activate our license to list tokens, which implicate the federal securities laws as well.

我們也認為，隨著時間的推移，我們將能夠啟動我們的代幣上市許可證，這也涉及聯邦證券法。

So cryptosecurities could also come online.

因此，加密證券也可以上線。

Stablecoins would also benefit.

穩定幣也會受益。

There's no question that we would see benefits for payments at scale because, of course, significant players are looking for clarity before really plunging into that in the way that we think is entirely likely.

毫無疑問，我們會看到大規模支付的好處，因為當然，重要的參與者在以我們認為完全有可能的方式真正投入其中之前，正在尋求明確性。

Staking would benefit right now, as I'm sure, incremental staking is temporarily paused in a number of states, and we think we could bring that back.

質押現在將會受益，我確信，增量質押在許多州暫時暫停，我們認為我們可以恢復這種狀態。

So there's just a large opportunity, we think, to be a trusted partner and to provide support to an ecosystem that would grow.

因此，我們認為，這是一個巨大的機會，可以成為值得信賴的合作夥伴，並為不斷發展的生態系統提供支援。

And that, of course, would attract and continue to attract strong support from banking and payment partners who are going to be much more likely and much better positioned to offer on-ramps and off-ramps to crypto.

當然，這將吸引並繼續吸引銀行和支付合作夥伴的大力支持，這些合作夥伴將更有可能、更有能力為加密貨幣提供入口和出口。

And that, of course, would lead to growth in e-commerce, apps that use crypto and all of that.

當然，這將導致電子商務、使用加密貨幣的應用程式等的成長。

One other category, we think it's also quite significant here.

另一個類別，我們認為它在這裡也非常重要。

We do think that the creator platforms, advertising, social networks, all would be interested integrating crypto.

我們確實認為創作者平台、廣告、社群網路都會有興趣整合加密貨幣。

But right now, they're waiting on the clarity.

但現在，他們正在等待澄清。

And so with clarity, we think there would be a major unlock.

因此，明確地說，我們認為將會有一個重大的解鎖。

John Todaro, Needham & Company.

約翰‧托達羅，李約瑟公司。

I guess I wanted to drill down into the stablecoin stuff a little bit more.

我想我想更深入地了解穩定幣的內容。

So Tether volume on the platform increased to 15%.

因此，Tether 平台上的交易量增加到了 15%。

I believe USDC isn't broken out that same way.

我相信 USDC 不會以同樣的方式分解。

But just wondering, are we seeing a shift towards Tether away from USDC?

但只是想知道，我們是否會看到人們從 USDC 轉向 Tether？

Or is that a wrong way to be looking at that?

或者說這種看待問題的方式是錯的？

So what's reported in our disclosures around Tether is just trading volume.

因此，我們在有關 Tether 的揭露中所報告的只是交易量。

And I would comment that we've had a couple of quarters where we've broken out, Tether, in terms of trading volume.

我想說的是，Tether 的交易量已經有幾季出現突破。

I shared earlier that we made it easier to trade stable pairs on our platform.

我之前分享過，我們讓在我們的平台上交易穩定貨幣對變得更加容易。

And so in part, you're seeing that increase in stablecoin trading pairs reflected in overall Tether volumes.

因此，在某種程度上，您會看到穩定幣交易對的增加反映在 Tether 的整體交易量上。

But no, we don't believe that there is a shift.

但不，我們不相信有轉變。

What we would share with you is USDC was the fastest-growing major stablecoin in Q3 and year-to-date.

我們想與您分享的是，USDC 是第三季和今年迄今為止成長最快的主要穩定幣。

It's reached new all-time highest post the financial crisis of Q1 2023.

2023 年第一季金融危機後，數字達到歷史新高。

It hit $36 billion.

其價值達到 360 億美元。

We're integrating it more deeply across our product family.

我們正在將其更深入地整合到我們的產品系列中。

And we think that we have a significant upside to continue to put forth a more trusted stablecoin into the market and gain consumer adoption here in the US and around the world.

我們認為，我們有一個巨大的優勢，可以繼續向市場推出更值得信賴的穩定幣，並獲得美國和世界各地消費者的採用。

Devin Ryan, Citizens JMP.

Devin Ryan，公民 JMP。

Just a question on expenses here as we approach 2025.

接近 2025 年，我想問一個關於費用的問題。

Just great to get a little bit of a sense of spending plans, areas you expect to lean into?

很高興能對支出計畫、您希望投入的領域有所了解？

And just if there's any way to think about the relationship between expense growth relative to revenue growth.

以及是否有任何方法可以考慮費用成長相對於收入成長之間的關係。

And I appreciate there will be some fixed expense and longer-term investment, but then you also have some variable items that you can kind of lean in or pull back on based on the environment.

我很欣賞會有一些固定費用和長期投資，但你也有一些可變項目，你可以根據環境傾斜或撤回。

Sure.

當然。

So we're not giving any outlook on 2025 today, but we are continuing to focus on our overall financial goal of exercising expense discipline.

因此，我們今天不會對 2025 年做出任何展望，但我們將繼續專注於實行費用紀律的整體財務目標。

We'll be prudent.

我們會謹慎行事。

Just like we did that.

就像我們所做的那樣。

This year, we are selectively increasing headcount and putting resources towards areas where we see growth opportunities.

今年，我們有選擇地增加員工人數，並將資源投入我們看到成長機會的領域。

We are flexing our muscles around variable spend to match marketing, consumer support against volumes that we see and to support our customers and areas.

我們正在圍繞可變支出展示我們的力量，以將行銷、消費者支援與我們看到的數量相匹配，並支持我們的客戶和地區。

And so we'll take the same approach in 2025.

因此，我們將在 2025 年採取相同的方法。

We'll be disciplined.

我們會遵守紀律的。

We'll invest after growth opportunities, but in a very prudent way.

我們將在成長機會之後進行投資，但會以非常謹慎的方式進行。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

I wanted to ask another capital allocation question.

我想問另一個資本配置問題。

We've seen another crypto company benefit from a market cap perspective from having Bitcoin on their balance sheet.

我們已經看到另一家加密貨幣公司因將比特幣納入其資產負債表而從市值角度受益。

Just curious, I understand there are different considerations considering you run an exchange.

只是好奇，我知道考慮到您經營交易所，會有不同的考慮因素。

But what are your thoughts to sort of following that playbook as well?

但您對遵循該劇本有何想法？

And how do you think about potentially doing that for Coinbase?

您如何看待 Coinbase 這樣做的可能性？

So we do hold crypto on our balance sheet.

所以我們的資產負債表上確實持有加密貨幣。

I mentioned in my comments against the Say question earlier that crypto represents about 25% of our net cash after we back out the debt.

我之前在針對 Say 問題的評論中提到，在我們償還債務後，加密貨幣約占我們淨現金的 25%。

And so we do think about allocating excess capital or liquidity that we have to building a crypto portfolio.

因此，我們確實考慮分配多餘的資本或流動性來建立加密貨幣投資組合。

But we still need a lot of cash to support our business and the opportunities that we see ahead.

但我們仍然需要大量現金來支持我們的業務和我們看到的未來​​機會。

So we are not a company that looks to be an investment company and hold just investment assets on our balance sheet.

因此，我們不是一家看起來像投資公司並在資產負債表上只持有投資資產的公司。

We are an operating company, but we do look to build more and more of our transaction activity in crypto as we grow over time.

我們是一家營運公司，但隨著時間的推移，我們確實希望在加密貨幣領域建立越來越多的交易活動。

Mike Colonnese, H.C. Wainwright.

科隆尼斯 (Mike Colonnese)，H.C.溫賴特。

For me, guys, when we look at your portfolio of products and services today, where do you believe there's a gap based on current and future market opportunities?

對我來說，夥計們，當我們今天審視你們的產品和服務組合時，你們認為基於當前和未來的市場機會存在哪些差距？

And would you say you're more likely to build this set of products in-house to fill that void or really go out and acquire, especially given your strong balance sheet and liquidity position here?

您是否認為您更有可能在內部建立這套產品來填補這一空白，或者真正走出去進行收購，特別是考慮到您在這裡強大的資產負債表和流動性狀況？

And then as a quick follow-up to that, do you think we could see an acceleration in crypto M&A activity once we get greater regulatory clarity here in the US?

然後，作為快速跟進，您認為一旦我們在美國獲得更大的監管透明度，我們是否會看到加密貨幣併購活動的加速？

Yeah.

是的。

This is Emilie.

這是艾米麗。

Thanks for the question.

謝謝你的提問。

We've actually been quite active on the M&A front, and I think we've had a pretty good track record here.

事實上，我們在併購方面一直非常活躍，我認為我們在這方面有著非常好的記錄。

In August, we closed the acquisition of a MiFID license, which will unlock derivatives in 20-plus EU markets.

8 月，我們完成了 MiFID 許可證的收購，這將在 20 多個歐盟市場解鎖衍生性商品。

We're working to operationalize this now.

我們現在正在努力將其付諸實施。

In June, we brought on Station Labs team to accelerate smart wallet development.

6月，我們引進了Station Labs團隊來加速智慧錢包的開發。

And historically, we've had great success with deals like Xapo for Custody, Tagomi for Prime brokerage, FairX for derivatives, ORDAM, they've given us all a nice position in the institutional market.

從歷史上看，我們在託管業務的 Xapo、Prime 經紀業務的 Tagomi、衍生性商品業務的 FairX、ORDAM 等交易中取得了巨大的成功，它們讓我們在機構市場中佔據了良好的地位。

You can expect we're basically looking at everything.

你可以預料到我們基本上正在考慮一切。

We are selective.

我們是有選擇性的。

We're disciplined.

我們很有紀律。

We tend to succeed when we have a vision for something on our product road map and there's a great asset out there that can help us extend that lead.

當我們對產品路線圖上的某些內容有願景並且有大量資產可以幫助我們擴大這一領先優勢時，我們往往會成功。

Currently, looking at everything,

目前看來，縱觀一切，

I think international is going to be a great opportunity for us to think about consolidating and enhancing our position outside of the US.

我認為國際將是我們考慮鞏固和加強我們在美國以外的地位的絕佳機會。

Base, we are looking at great tech and talent that can help bring new capabilities and add to our momentum there.

基地，我們正在尋找偉大的技術和人才，以幫助帶來新的能力並增加我們的動力。

And then on the utility front, we're always looking at driving new use cases on the payments in stablecoin's front.

然後在實用程式方面，我們一直在尋求在穩定幣方面的支付方面推動新的用例。

So lots of opportunity on the M&A side.

併購方面有很多機會。

Yeah.

是的。

I would just say we do -- internally, we often say we build, buy and invest.

我只想說我們是這麼做的——在內部，我們經常說我們建造、購買和投資。

So meaning we're going to grow and have innovation from wherever we can get it.

因此，這意味著我們將不斷成長並從任何我們能獲得的地方進行創新。

We oftentimes try to build it in-house.

我們經常嘗試在內部建立它。

There's lots more that we're doing on that front.

我們在這方面還有很多工作要做。

If we see something take off that we think we can acquire that we haven't built successfully internally, we're open to that.

如果我們看到一些我們認為可以獲得但我們內部尚未成功建造的東西起飛，我們對此持開放態度。

And then -- sometimes they aren't willing to let us buy it, and we'll invest as well.

然後──有時他們不願意讓我們買，我們也會投資。

We have an amazing portfolio from the Coinbase Ventures side.

我們擁有來自 Coinbase Ventures 的令人驚嘆的投資組合。

So we're going to keep doing all three.

所以我們將繼續做這三件事。

And it's always the -- there's some stat out there, right, about like 80% of M&A is not accretive.

總是有一些統計數據表明，大約 80% 的併購不會帶來增值。

It's -- the easy thing is buying it.

簡單的事情就是購買它。

The hard part is successfully integrating it into the company.

困難的部分是將其成功整合到公司中。

So it's a little easier to do with smaller teams, tech and talent.

因此，較小的團隊、技術和人才更容易做到這一點。

But if you're talking about big M&A, as Emilie said, we look at almost all of them, but it's kind of like Warren Buffett, we're only going to swing at a few pitches where we think we can really have accretive value.

但如果你談論的是大型併購，正如艾米莉所說，我們幾乎會關注所有併購，但這有點像沃倫·巴菲特，我們只會在我們認為真正可以增加價值的幾個方面進行搖擺。

And that's the hard part of M&A.

這就是併購的困難點。

It's not just buying it.

這不僅僅是購買它。

It's the actual integration and making it work.

這是實際的整合並使其發揮作用。

Joseph Vafi, Canaccord Genuity.

約瑟夫‧瓦菲 (Joseph Vafi)，Canaccord Genuity。

Can you guys hear me okay?

你們聽得到我說話嗎？

Yes.

是的。

Just want to circle back on Base.

只是想繞回基地。

And basically, you are clearly the most capitalized player in the Layer 2 space out there.

基本上，您顯然是第 2 層空間中資本最多的玩家。

Just wondering how you are looking at that kind of strategic positioning you have there where you can flex or invest more than others to continue to kind of drive that and kind of maybe become dominant here as we look forward into the crypto space here in the next couple of years.

只是想知道你如何看待你在那裡的那種戰略定位，你可以比其他人靈活或投資更多，以繼續推動這一趨勢，並且當我們展望下一個加密空間時，可能會在這裡成為主導地位幾年了。

Yeah.

是的。

Well, it's an interesting question.

嗯，這是一個有趣的問題。

So far, Base has been really successful just on its merits as a really great tool that builders find easy to get work done.

到目前為止，Base 已經取得了巨大的成功，因為它是一個非常出色的工具，建造者可以輕鬆完成工作。

And so there have been other Layer 2s in the past that I would say, tried to more aggressively share economics and even creating their own token and things like that.

因此，我想說，過去還有其他第 2 層試圖更積極地共享經濟，甚至創建自己的代幣和類似的東西。

And I don't think it really -- you want people to be integrating it for the right reasons.

我認為這並不是真的——你希望人們出於正確的原因整合它。

And so I will say Base was and is built on top of the optimism stack.

所以我會說 Base 過去和現在都是建立在樂觀堆疊之上的。

That's a really great team that we've enjoyed working with.

這是一個非常出色的團隊，我們很高興與他們合作。

And I think they've actually done a really good job of bringing in new partners to build on top of optimism, which are interoperable with Base, and I think Base can end up being really like a hub for many of these different partners out there.

我認為他們實際上在引入新合作夥伴以建立樂觀的基礎上做得非常好，這些合作夥伴可以與 Base 進行互通，而且我認為 Base 最終可以成為許多不同合作夥伴的中心。

So we're not opposed to sharing economics or getting grants in certain situations to bring folks onto Base and there's certainly, lots of builders that have gotten small grants.

因此，我們並不反對在某些情況下共享經濟或獲得贈款以將人們帶入基地，而且肯定有很多建築商獲得了小額贈款。

But sometimes I feel like the large amounts of money that go out for these deals, if someone's really getting paid that much to integrate it.

但有時我覺得如果有人真的得到那麼多錢來整合這些交易，就會投入大量資金。

Like I question a little bit if it's the right motive for -- we want them to build on top of Base for the right reason.

就像我有點質疑這是否是正確的動機 - 我們希望他們出於正確的原因在 Base 之上進行構建。

So hopefully, that gives you a sense.

希望這能給你一種感覺。

Maybe I'll just add on, if I could.

如果可以的話，也許我會補充一下。

I think one of the unique benefits of Coinbase is we're bringing together our entire product suite.

我認為 Coinbase 的獨特優勢之一是我們將整個產品套件整合在一起。

So we're building a great product for developers, but then we're making those developers have access to our retail platform and integrating it deeply into our products.

因此，我們正在為開發人員建立出色的產品，然後我們讓這些開發人員能夠存取我們的零售平台並將其深入整合到我們的產品中。

And so we are trying to connect the whole ecosystem with Base, and we bring a lot of unique assets to that table when we're connecting the ecosystem that we think creates a flywheel for developers to build on our platform and then participate in our entire product suite, which is unique compared to many others who are building Layer 2 solutions.

因此，我們正在嘗試將整個生態系統與Base 連接起來，當我們連接生態系統時，我們會帶來很多獨特的資產，我們認為它為開發人員創建了一個飛輪，可以在我們的平台上進行構建，然後參與我們的整個生態系統。

Bo Pei, US Tiger Securities.

裴波，美國老虎證券。

I also have a follow-up on the retail take rate.

我還對零售採用率進行了追蹤。

Can you share the volume contribution from stablecoin specifically for retail trading volume?

您能否分享一下穩定幣專門針對零售交易量的交易量貢獻？

And is this mix shift to stablecoin structural?

這種向穩定幣的混合轉變是結構性的嗎？

And is it still ongoing or basically from -- meaning the mix will be stable going forward?

它是否仍在進行中，或者基本上是——意味著未來的組合將保持穩定？

Thanks, Bo.

謝謝，博。

So what I want to share is like we see different mix every quarter.

所以我想分享的是我們每季都會看到不同的組合。

When people are trading stablecoins, they're looking for ARPU opportunities throughout the ecosystem, so there's no guarantee that the ARPU opportunities will exist every quarter.

當人們交易穩定幣時，他們會在整個生態系統中尋找 ARPU 機會，因此不能保證每季都會有 ARPU 機會。

So I don't think that this is a structural change to trading volume or the market, but it's what we saw this quarter.

因此，我認為這並不是交易量或市場的結構性變化，但這就是我們本季看到的情況。

We are not breaking out or quantifying specific volume.

我們不會分解或量化具體體積。

But what I'll say is that if you exclude stablecoin impact, the mix of advanced volume was slightly higher in Q3 versus Q2.

但我要說的是，如果排除穩定幣的影響，第三季的高級交易量組合略高於第二季。

And so we did not have any change in market share, as I mentioned earlier, was relatively steady in our fiat to crypto trading volume, which is like the core of our revenue engine in here in the US.

因此，正如我之前提到的，我們的市場份額沒有任何變化，我們的法定貨幣到加密貨幣的交易量相對穩定，這就像我們在美國的收入引擎的核心。

And so backing out stables, a little bit more on the advanced side, but the stablecoin impact was the most material contributor to that change in rate this quarter.

因此，退出穩定幣，在高級方面多了一點，但穩定幣的影響是本季利率變化的最重要因素。

Mark McLaughlin, Bank of America.

馬克·麥克勞克林，美國銀行。

So you guys have made meaningful progress expanding your derivatives offering, both abroad and more recently, domestically.

因此，你們在擴大衍生性商品產品範圍方面取得了有意義的進展，無論是在國外還是最近在國內。

I was hoping to get a little bit more color around what additional steps you plan to take to help increase adoption and scale given the large TAM, but it's also a highly competitive market.

鑑於 TAM 規模龐大，我希望能夠進一步了解您計劃採取哪些額外措施來幫助提高採用率和規模，但這也是一個競爭激烈的市場。

Yeah, sure.

是的，當然。

I can take that one.

我可以接受那個。

So in 2024, we did launch our derivatives platform, both internationally and here in the US, and it's been a great start, but there's definitely still a lot of work to do.

因此，在 2024 年，我們確實在國際和美國推出了衍生性商品平台，這是一個很好的開始，但肯定還有很多工作要做。

So one of the next steps here is we obtained a MiFID license in Europe.

因此，接下來的步驟之一是我們在歐洲獲得了 MiFID 授權。

This is going to allow us to unlock derivatives in 20 additional EU countries.

這將使我們能夠在另外 20 個歐盟國家解鎖衍生性商品。

That's an important step because, of course, we're doing this in a trusted compliant way, which is what we're known for.

這是重要的一步，因為我們當然以值得信賴的合規方式來做這件事，這也是我們眾所周知的。

It takes longer to do it that way, but it's the right way to do it.

這樣做需要更長的時間，但這是正確的方法。

It's the way that sustainable -- and it's -- by the way, it's what a lot of customers out there want.

這就是可持續的方式——而且確實是——順便說一句，這也是很多客戶想要的。

They want a trusted counterparty that's going to be around and it's compliant and meeting the standards and controls that they expect.

他們希望有一個值得信賴的交易對手，並且該對手方合規並滿足他們期望的標準和控制。

So anyway, that's one of the steps around our MiFID license, just operationalizing that.

無論如何，這是圍繞我們的 MiFID 許可證採取的步驟之一，只是將其付諸實施。

We've also this year added quite a few more order books and even different asset types, other types of assets people want to trade in commodities like oil and gold.

今年我們也增加了更多的訂單簿，甚至是不同的資產類型，人們希望在石油和黃金等大宗商品中交易的其他類型的資產。

We added perpetual futures on our international exchange.

我們在國際交易所增加了永續期貨。

That's something there's high demand for in the US, but there's -- we don't have a path from the regulator yet to launch that in the US.

美國對此有很高的需求，但監管機構尚未提供在美國推出該服務的途徑。

We've been continuing to improve unified margin access.

我們一直在繼續改進統一保證金准入。

This has been another big customer request where they're holding assets across spot and derivatives.

這是他們持有現貨和衍生性商品資產的另一個大客戶要求。

They want to have a more unified look at what -- how they can get leverage and margin.

他們希望更統一地了解如何獲得槓桿和保證金。

Just to give you one stat, so Coinbase Financial Markets, which is our entity, regulated entity in the United States to trade futures, we've actually onboarded over 100,000 retail advanced traders now to that product.

只是為了給你一個統計數據，Coinbase Financial Markets 是我們的實體，是美國受監管的期貨交易實體，我們現在實際上已經讓超過 100,000 名零售高級交易者使用該產品。

So that's been a really great crossover from our existing spot trading business, where these advanced users have onboarded to our futures trading entity there.

因此，這與我們現有的現貨交易業務是一個非常好的交叉，這些高級用戶已經加入了我們的期貨交易實體。

Let's see.

讓我們來看看。

Yeah.

是的。

Well, there's a whole go-to-market strategy, I should talk about, too, I think, which is very interesting.

嗯，我認為我也應該談談整個市場進入策略，這非常有趣。

So our referral program launched, which has been driving a lot of volume, where people who refer customers can actually get, I think, about 30% of their trading fee revenue.

因此，我們啟動了推薦計劃，這已經推動了很大的交易量，我認為推薦客戶的人實際上可以獲得約 30% 的交易費收入。

That's been pretty successful.

這已經相當成功了。

We've been going to just meet a lot of the -- advanced trading in derivatives, it's really a whale-driven market.

我們將會遇到很多高級衍生性商品交易，這確實是一個鯨魚驅動的市場。

It's a power-law distribution of volume.

這是體積的冪律分佈。

And we've been going out to meet with the large traders out there at different events around the world and really just getting their feedback and understanding what they want to see in our product before they can move over.

我們一直在世界各地的不同活動中與大型交易商會面，實際上只是獲得他們的反饋並了解他們希望在我們的產品中看到什麼，然後才能轉移。

So I think this is going to be -- there's a lot of work to do still, but I think in 2025, it will be a really pivotal year where we'll really hit our stride.

所以我認為，還有很多工作要做，但我認為 2025 年，這將是非常關鍵的一年，我們將真正取得進展。

So yeah, those are some of the things we've been working on recently.

是的，這些是我們最近一直在做的一些事情。

Really, our long-term competitive advantage here is that we are doing this in a trusted compliant, regulated way.

事實上，我們的長期競爭優勢在於我們以值得信賴、合規、受監管的方式做到這一點。

And we're a US entity, a public company, we're the trusted counterparty from custody point of view, that they really want to trade with.

我們是一家美國實體，一家上市公司，從託管的角度來看，我們是值得信賴的交易對手，他們真正想與之交易。

They all tell us they really want us to succeed.

他們都告訴我們他們真的希望我們成功。

And as we get a couple of more of these features online, I think we'll see more and more derivatives volume going through our platform.

隨著我們在網路上獲得更多這些功能，我認為我們將看到越來越多的衍生性商品交易量通過我們的平台。

All right.

好的。

Well, that does it for today.

好了，今天就到此為止。

Thanks, everyone, for joining us, and we look forward to speaking to you again next quarter.

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.

今天的電話會議到此結束。

You may now disconnect your lines.

現在您可以斷開線路。