Coinbase Global Inc (COIN) 2024 Q4 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，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Coinbase fourth-quarter and full-year 2024 earnings call.

現在，我歡迎大家參加 Coinbase 2024 年第四季和全年財報電話會議。

(Operator Instructions)

（操作員指令）

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

投資者關係副總裁 Anil Gupta，您可以開始您的會議了。

Thank you.

謝謝。

Good afternoon, and welcome to the Coinbase fourth-quarter and full-year 2024 earnings call.

下午好，歡迎參加 Coinbase 2024 年第四季和全年財報電話會議。

Joining me on today's call are Brian Armstrong, Co-Founder and CEO; Emilie Choi, President and COO; Alesia Hass, CFO; and Paul Grewal, Chief Legal Officer.

參加今天電話會議的還有共同創辦人兼執行長 Brian Armstrong；總裁兼營運長 Emilie Choi； Alesia Hass，財務長；以及首席法律官 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.

我希望大家都有機會閱讀我們今天稍早在我們的投資者關係網站上發布的股東信。

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的陳述，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不同的因素的資訊包含在我們的美國證券交易委員會 (SEC) 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 GAAP 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函中提供了與最直接可比較的 GAAP 財務指標的對帳表。

Non-GAAP financial measures should be considered in addition to, not as a substitute for, GAAP measures.

非 GAAP 財務指標應作為 GAAP 指標的補充而不是替代。

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

我們再次使用 Say 來讓我們的股東提出問題。

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

此外，我們也會現場回答研究分析師提出的問題。

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

現在，我將把時間交給 Brian 來發表開場評論。

All right.

好的。

Thanks, Anil.

謝謝，阿尼爾。

Crypto's voice was heard loud and clear in this recent US election, and it's the dawn of a new era for crypto.

在最近的美國大選中，加密貨幣的聲音被清晰地傳達出來，這是加密貨幣新時代的曙光。

President Trump is moving fast to fulfill his promise of making the US the crypto capital of the planet.

川普總統正在迅速兌現將美國打造為全球加密貨幣之都的承諾。

And the most pro-crypto congress we've ever seen is now leading the charge on stablecoin and market structure legislation.

而我們所見過的最支持加密貨幣的國會現在正在領導穩定幣和市場結構立法。

Given the US' leadership here, the rest of the world is taking notice and will be under pressure to embrace crypto adoption.

鑑於美國的領導地位，世界其他國家正在註意到這一點，並將面臨接受加密貨幣的壓力。

So it's hard to overstate the significance of this change that's happened in the last few months.

因此，無論如何強調過去幾個月發生的這項變化的重要性都不為過。

We have a number of new opportunities in front of us now to go build in 2025.

現在，我們面前有許多新的機遇，我們可以在 2025 年進行建造。

Let's talk about our financial performance in 2024, though, just to get started here.

不過，我們先來談談我們 2024 年的財務業績，這只是個開始。

And it's incredible.

這真是令人難以置信。

I mean Coinbase had an amazing 2024.

我的意思是 Coinbase 度過了令人驚嘆的 2024 年。

I'm very, very optimistic on this next few years.

我對未來幾年非常非常樂觀。

In 2024, our total revenue more than doubled to $6.6 billion, with $3.3 billion in adjusted EBITDA, making two straight years of positive adjusted EBITDA.

2024 年，我們的總營收成長一倍以上，達到 66 億美元，調整後 EBITDA 為 33 億美元，連續兩年實現正向調整後 EBITDA。

By the way, if you look back five of the last six years, we had positive adjusted EBITDA now.

順便說一句，如果回顧過去六年中的五年，我們現在的調整後 EBITDA 是正的。

So we're completing this transition to being an all-weather company that can show a positive adjusted EBITDA.

因此，我們正在完成轉型，成為一家能夠顯示正調整後 EBITDA 的全天候公司。

And -- our subscription and services revenue had an outstanding 64% year-over-year to $2.3 billion, driven by USDC, staking and Coinbase One. Our international revenue share reached 19% in Q4, and this is due to the improved payment rails and localization.

並且，在 USDC、Staking 和 Coinbase One 的推動下，我們的訂閱和服務收入年增 64%，達到 23 億美元。我們的國際營收份額在第四季度達到了 19%，這得益於支付管道的改善和在地化的提升。

We've got a repeatable playbook now that we can launch in these new markets and get them to contribution margin positive.

我們現在有了可重複的劇本，我們可以在這些新市場推出產品，並讓它們的貢獻利潤率為正。

And so we're going to keep doing that in more markets.

因此我們將繼續在更多市場進行此類活動。

And finally, we're just so well positioned to capitalize on these new regulatory tailwinds, it's been incredibly validating of this long-term strategy we've taken at Coinbase to be the most trusted and compliant, and it's finally paying off.

最後，我們非常有能力利用這些新的監管順風，這充分驗證了 Coinbase 所採取的長期策略，即成為最受信任和合規的平台，而這項策略終於獲得了回報。

All right.

好的。

So, let's talk for a minute about how crypto is now going mainstream, the regulatory environment, there's clarity on the horizon.

那麼，讓我們花點時間談談加密貨幣現在如何成為主流，監管環境以及未來的明朗情況。

Every time you think about that, you should think that this is really TAM expansion for Coinbase.

每當你想到這一點時，你就應該認為這對 Coinbase 來說實際上是 TAM 擴張。

Coinbase is going to be the platform that's going to power many of these companies that are coming in and trying to integrate crypto.

Coinbase 將成為支援眾多進入並試圖整合加密貨幣的公司的一個平台。

And we like to say that onchain is the new online.

我們喜歡說鏈上是新的在線。

It's a little bit like the early 2000s when every company had to figure out how to adapt to the Internet, Up to 10% of global GDP could be running on crypto rails by the end of this decade and Coinbase is going to be the preferred partner to come in and build this for many of the companies out there because we have the most trusted and scalable infrastructure with the longest track record.

這有點像 21 世紀初，當時每家公司都必須想辦法適應互聯網，到本世紀末，全球 GDP 的 10% 可能會在加密軌道上運行，而 Coinbase 將成為眾多公司加入並構建這一系統的首選合作夥伴，因為我們擁有最值得信賴、可擴展的基礎設施以及最悠久的業績記錄。

Let's talk a little bit about our priorities in 2025.

讓我們來談談 2025 年的優先事項。

So 2025 is going to be about growing revenue with our existing products.

因此，2025 年我們將利用現有產品來增加收入。

It's going to be about driving utility in these new categories where crypto is getting to scale.

它將致力於推動加密技術在這些新類別中的實用性，並使之得以擴展。

And it's going to be about building the foundations to power this next decade of growth.

這將是為未來十年的成長奠定基礎。

So first, we're going to be driving more revenue in our core businesses.

因此，首先，我們將加大核心業務的收入。

Let's deep dive into that.

讓我們深入探討一下。

Trading is often where we start with here.

我們通常從這裡開始交易。

That's the earliest thing that we got into in crypto with Coinbase.

這是我們與 Coinbase 合作涉足加密貨幣領域的最早一件事。

And we're going to continue to expand on that leadership position.

我們將繼續擴大這一領導地位。

So we'll be delivering best-in-class derivatives trading as part of our global offering.

因此，作為我們全球服務的一部分，我們將提供一流的衍生性商品交易。

We're going to be accelerating asset addition as clarity emerges there.

隨著情況逐漸明朗，我們將加速增加資產。

We're winning more and more advanced traders on our platform.

我們的平台正在吸引越來越多高級交易者。

And I'm really proud to share actually that we reached an all-time high for both US spot and global derivatives market share in Q4, an incredible outcome due to the hard work of the team.

我真的很自豪地告訴大家，我們在第四季度在美國現貨和全球衍生性商品市場的份額都創下了歷史新高，這一令人難以置信的成果歸功於團隊的辛勤工作。

So 2025 is looking very good.

因此 2025 年的前景非常好。

It's off to a very good start here.

這是一個非常好的開始。

We also have a stretch goal to make USDC the number one dollar stablecoin.

我們還有一個延伸目標，就是讓 USDC 成為第一名的美元穩定幣。

We're very bullish on stablecoins.

我們非常看好穩定幣。

We think USDC has a network effect behind it and the compliant approach that they've taken is, I think, going to be really defensible long term.

我們認為 USDC 背後具有網路效應，而且他們採取的合規方法在長期內將是真正可行的。

So we'll be accelerating the market cap growth of USDC with more partnerships and leaning into new use cases like adding payment support across our product suite.

因此，我們將透過更多的合作夥伴關係來加速 USDC 的市值成長，並傾向於新的用例，例如在我們的產品套件中添加支付支援。

We'll be accelerating our international expansion by replicating that successful playbook that I mentioned in these new high-growth markets and growing subscription services revenue by going on offense with in-store and retail staking growing our assets under custody for our custody business.

我們將透過複製我在這些新的高成長市場中提到的成功策略來加速我們的國際擴張，並透過在店內和零售領域發動攻擊來增加訂閱服務收入，增加我們託管業務的託管資產。

I expect it will be a banner year for Coinbase One as well, especially in our international markets.

我預計這對 Coinbase One 來說也將是輝煌的一年，尤其是在我們的國際市場。

So that's our first prong of growing revenue with our existing products.

這是我們利用現有產品增加收入的第一步。

Next, we really want to drive utility to get this next wave of mass adoption going for crypto.

接下來，我們真正希望推動實用性，以推動加密貨幣的下一波大規模採用。

We think crypto is much, much more than just an asset class that people want to trade there's going to be daily use cases for everybody in the world as Crypto updates the global financial system.

我們認為加密貨幣不僅僅是人們想要交易的資產類別，隨著加密貨幣更新全球金融體系，世界上每個人都會在日常使用它。

And one of those big categories is payments.

其中一個大類別就是支付。

We're already at scale, I'd say on stablecoin payments.

我想說，我們在穩定幣支付方面已經達到了規模。

There was $30 trillion of crypto stablecoin volume last year.

去年加密穩定幣的交易量達到了 30 兆美元。

That was up 3 times year over year.

這比去年同期增長了三倍。

And so we're moving with haste to integrate crypto payments across our entire suite of products.

因此，我們正在迅速將加密支付整合到我們的整個產品套件中。

We think that will be a big business over time.

我們認為，隨著時間的推移，這將成為一項大生意。

And we're also solidifying base as the number one chain for building -- for start-ups to build on chain in large companies.

我們也正在鞏固基礎作為第一個建設鏈的地位——為新創公司在大公司鏈上建設提供基礎。

We're going to continue to lower transaction fees on Base.

我們將繼續降低 Base 的交易費用。

We're going to accelerate the flywheel with retail users and there's a really nice tie-in here where CDP, our Coinbase developer platform, can provide a lot of the tools to help these companies integrate with Base.

我們將與零售用戶一起加速飛輪的發展，這裡有一個非常好的組合，即我們的 Coinbase 開發平台 CDP 可以提供許多工具來幫助這些公司與 Base 整合。

And so that's been a great time.

這真是一段美好的時光。

On CDP, specifically, we're going to keep making sure that it's the leading platform for any company to develop applications on chain.

具體來說，在 CDP 方面，我們將繼續確保它成為任何公司在鏈上開發應用程式的領先平台。

And I think that will allow hopefully thousands of companies to come integrate and Coinbase can power a lot of that behind the scenes for them.

我認為這將允許數千家公司進行整合，而 Coinbase 可以在幕後為他們提供大量支援。

Okay.

好的。

So we talked about growing revenue.

因此我們談論增加收入。

We talked about driving utility.

我們討論了駕駛效用。

The third prong here for 2025 is about scaling our foundations.

2025 年的第三個目標是擴大我們的基礎。

And we've got a world-class policy team.

我們擁有世界一流的政策團隊。

They're laser-focused on getting some landmark crypto legislation passed.

他們全心全意地致力於通過一些具有里程碑意義的加密立法。

We're going to continue to support StandWithCrypto.org, hopefully get that to 4 million advocates by the 2026 midterms.

我們將繼續支持 StandWithCrypto.org，希望在 2026 年中期選舉時能獲得 400 萬支持者。

So we're not taking our foot off the gas there.

所以我們不會放鬆腳步。

We're also -- we announced further donations to fair shake super pack to support pro crypto candidates in 2026 and beyond.

我們也宣布向 fair shake super pack 進一步捐款，以支持 2026 年及以後的專業加密貨幣候選人。

So there'll be lots of policy efforts continuing and not just in the US, by the way, this will be taking place in a number of countries.

因此，將會繼續推行許多政策努力，而且不僅僅是在美國，順便說一句，這將在許多國家發生。

And then we're also going to continue to scale our back-end services as crypto continues to reach new all-time highs in transaction volumes, we -- every time we hit a new order of magnitude, we have to rearchitect our back-end systems and this is what supports our own products, but it also is supporting many, many third parties now.

然後，隨著加密貨幣交易量不斷創下歷史新高，我們還將繼續擴展我們的後端服務，每當我們達到一個新的數量級時，我們都必須重新構建我們的後端系統，這是支持我們自己的產品的，但它現在也支持許多第三方。

So all of the above is how we're going to expand our lead and define the future of crypto.

以上就是我們如何擴大領先地位並定義加密貨幣的未來。

And in closing, I just want to remind everybody.

最後，我只想提醒大家。

I hope everybody appreciates this.

我希望每個人都能認識到這一點。

I mean we're really entering a golden age for crypto here.

我的意思是我們真的進入了加密貨幣的黃金時代。

The opportunity in front of us is unprecedented to update the financial system and increase economic freedom around the world.

我們面臨的機會是前所未有的，可以更新金融體系並增加世界各地的經濟自由。

The regulatory overhang is lifting.

監管壓力正在逐漸消除。

Governments are leaning in, and we're shaping the next chapter of crypto from trading to payments to consumer apps and beyond. 245 is going to be a very good year.

各國政府正在採取行動，我們正在塑造加密貨幣的下一篇章，從交易到支付，再到消費者應用程式等等。 245將會是很好的一年。

And I'll turn it over to Alesia now.

現在我將把它交給阿萊西亞。

Thanks, Brian, and good afternoon, everyone.

謝謝，布萊恩，大家下午好。

As Brian shared, fourth quarter was a strong quarter for Coinbase and we wrapped up a great year.

正如 Brian 所說，第四季對 Coinbase 來說是一個強勁的季度，我們結束了美好的一年。

I'm proud that we executed on our 3 financial priorities, we diversified our revenue, we generated positive adjusted EBITDA and we maintained operating discipline, while we invested opportunistically to achieve our business goals.

我很自豪我們實現了三大財務重點，實現了收入多元化，產生了正的調整後 EBITDA，保持了營運紀律，同時我們抓住機會進行投資以實現業務目標。

So let's dive into our results.

讓我們深入研究一下結果。

All comparisons I make will be on a quarter-over-quarter basis, unless I note otherwise.

除非另有說明，我所做的所有比較均以季度為單位。

Starting with the macro backdrop, crypto markets rallied subsequent to the US elections, given the election of the most pro-crypto Congress and President in history.

從宏觀背景開始，由於美國選出了歷史上最支持加密貨幣的國會和總統，加密貨幣市場在美國大選後出現反彈。

Underpinning this, in the quarter, we saw average crypto market cap increased 33% and crypto asset volatility increased 27%.

基於此，我們發現本季加密貨幣平均市值上漲了 33%，加密資產波動性上漲了 27%。

With this backdrop, our Q4 total trading volume was $439 billion, up 137%.

在此背景下，我們第四季的總交易量為 4,390 億美元，成長 137%。

The -- our consumer trading volume was $94 billion, up 176%, and we outperformed the US spot market, which increased 126%.

我們的消費者交易量為 940 億美元，成長 176%，表現優於美國現貨市場，後者成長了 126%。

As Brian shared, this was an all-time high.

正如布萊恩所說，這是歷史最高紀錄。

Consumer transaction revenue was $1.3 billion, up 179%.

消費者交易收入為13億美元，成長179%。

We saw strong growth in both simple and advanced trading volume.

我們看到簡單交易量和高級交易量均有強勁成長。

Our mix of consumer trading volume was very similar in Q4 as compared to Q3.

我們第四季的消費者交易量結構與第三季非常相似。

During the quarter, we listed 13 new assets, including popular mean coins like PEPE and WIF.

本季度，我們上架了 13 種新資產，包括 PEPE 和 WIF 等熱門平均幣。

Further, we invested in trading experience improvements, platform stability and collectively, these efforts, in addition to the market conditions, drove our MTU growth of nearly 24%, up to 9.7 million MTUs.

此外，我們也對交易體驗的改善和平台的穩定性進行了投資，這些努力加上市場條件共同推動了我們的 MTU 成長近 24%，達到 970 萬 MTU。

Nearly half of our trading customers in the fourth quarter were either new to Coinbase or resurrected from over a year ago, and we're pleased to see these market participants come into the space.

第四季度，我們近一半的交易客戶都是 Coinbase 的新客戶或一年多前回歸的客戶，我們很高興看到這些市場參與者進入這個領域。

Our institutional trading volume was $345 billion, up 128%, also outperforming the US spot market.

我們的機構交易量為3,450億美元，成長128%，也超過了美國現貨市場。

Institutional transaction revenue was $141 million, up 156%.

機構交易收入為1.41億美元，成長156%。

The -- in the fourth quarter, we saw strong adoption of the Prime product suite across custody, trading, financing and staking.

在第四季度，我們看到 Prime 產品套件在託管、交易、融資和質押領域得到了廣泛的應用。

Our top clients are engaged with most of these products in 2024, and our onboarding pipeline remains robust.

我們的頂級客戶將在 2024 年使用其中的大部分產品，我們的入職管道依然強勁。

Our prime financing product had all-time high loan balances in the fourth quarter in connection with the strong market conditions, and we see elevated trading amongst clients who are using financing.

由於強勁的市場環境，我們優質融資產品的貸款餘額在第四季度創下了歷史新高，而且我們發現使用融資的客戶之間的交易也有所增加。

Turning to our subscription and services revenue, which reached $641 million, up 15%.

我們的訂閱和服務收入達到 6.41 億美元，成長 15%。

Our revenue growth was driven by higher asset prices and USDC market cap, as well as native unit inflows across staking, custody and the USDC within our products.

我們的收入成長得益於資產價格和 USDC 市值的上漲，以及我們產品中的質押、託管和 USDC 的原生單位流入。

I want to touch on two points within subscription and services.

我想談談訂閱和服務方面的兩點。

First, our stablecoin revenue declined $21 million or 9%.

首先，我們的穩定幣收入下降了 2,100 萬美元，降幅為 9%。

We are super pleased to see USDC market cap increase and our on-platform balances grew, substantially during the quarter.

我們非常高興地看到 USDC 的市值增加，並且我們的平台餘額在本季度大幅增長。

However, the lower interest rate environment and the impact of a new USDC ecosystem participants more than offset this growth.

然而，較低的利率環境和新的 USDC 生態系統參與者的影響抵消了這一增長。

Second, other subscription and services revenue grew $33 million or 56%, this was largely driven by Coinbase One. In early December, we announced Coinbase One exceeded 600,000 paid members, and we continue to see strong growth since then.

其次，其他訂閱和服務收入成長 3,300 萬美元，即 56%，這主要得益於 Coinbase One 的推動。 12 月初，我們宣布 Coinbase One 付費會員人數超過 60 萬名，自那時起，我們繼續看到強勁的成長。

Switching to expenses.

轉為開支。

Total Q4 operating expenses were $1.2 billion, up 19%.

第四季總營運費用為 12 億美元，成長 19%。

Our expense growth primarily was driven by higher transaction expenses in connection with higher trading activity.

我們的費用成長主要是因為交易活動增加導致的交易費用增加。

Technology and development, general and administrative, and sales and marketing collectively grew by over $84 million or 10% quarter over quarter due to high performance marketing spend, higher USDC rewards and some policy-related spend in the quarter as we pursued advocacy efforts within the crypto space.

由於我們在加密領域開展了宣傳工作，本季度的營銷支出較高、USDC 獎勵增加，以及一些政策相關支出，技術與開發、一般與行政以及銷售與營銷部門合計增長了 8400 多萬美元，環比增長了 10%。

Our fourth quarter adjusted EBITDA was $1.3 billion, and net income was also $1.3 billion.

我們第四季的調整後EBITDA為13億美元，淨收入也為13億美元。

Net income benefited by a $476 million in pretax gains on our crypto asset investment portfolio.

淨收入受益於我們加密資產投資組合的 4.76 億美元稅前收益。

The vast majority of this gain was unrealized.

其中絕大部分收益並未實現。

I want to note that on an after-tax basis, this represented $357 million of gains.

我想指出的是，以稅後計算，這代表著 3.57 億美元的收益。

Lastly, our USD resources grew to $9.3 billion by the end of the quarter.

最後，到本季末，我們的美元資源已成長至 93 億美元。

Our strong balance sheet gives us the resources and flexibility to invest in the business, provides capacity for acquisitions, enables us to invest in more crypto assets or opportunistically address the capital structure by a share or debt repurchases.

我們強大的資產負債表為我們提供了投資業務的資源和靈活性，提供了收購能力，使我們能夠投資更多的加密資產或透過股票或債務回購來機會性地解決資本結構問題。

Generally, we believe building a strong balance sheet provides us maximum optionality to capitalize on whatever opportunity we find as they arise.

總體而言，我們認為建立強大的資產負債表為我們提供了最大的選擇權，讓我們能夠利用所發現的任何機會。

Before we get to outlook, I want to highlight one important change in disclosure.

在我們討論展望之前，我想強調一下披露方面的一個重要變化。

In January, the SEC issued staff accounting bulletin 122, which rescinded the Gensler era SAB 121, which in turn required us to record customer crypto assets and liabilities on our consolidated balance sheet.

今年 1 月，美國證券交易委員會發布了員工會計公告 122，撤銷了 Gensler 時代的 SAB 121，該公告又要求我們在合併資產負債表上記錄客戶加密資產和負債。

We early adopted SAB 122, which repealed SAB 121, and it reverses that requirement.

我們早期採用了 SAB 122，它廢除了 SAB 121，並推翻了該要求。

As such, we are no longer reporting safeguarded customer assets and safeguarded customer liabilities on our balance sheet.

因此，我們不再在資產負債表上報告受保障客戶資產和受保障客戶負債。

In its place, we've reinstated assets on platform as a key business metric, which reports the amount of crypto and USDC, we are securely storing on behalf of our customers.

取而代之的是，我們已將平台資產恢復為關鍵業務指標，該指標報告了我們代表客戶安全儲存的加密貨幣和 USDC 的數量。

The only material change is the location of where we disclose customer assets in our audited financial statements.

唯一重大變更是我們在審計財務報表中揭露客戶資產的位置。

No change to our operational and legal processes of securely storing customer assets, no change to our obligations or risks.

我們安全儲存客戶資產的營運和法律流程沒有改變，我們的義務或風險也沒有改變。

As of December 31, we had $404 billion in total assets on platform, approximately 12% of total crypto market cap.

截至 12 月 31 日，我們平台的總資產為 4,040 億美元，約佔加密貨幣總市值的 12%。

You can see our assets on platform is included in an audited footnote within our 10-K.

您可以看到我們平台上的資產包含在我們的 10-K 中的審計腳註中。

Finally, I'll close with a few comments on our outlook for Q1.

最後，我將就我們對第一季的展望發表一些評論。

We've had a strong start to the year. and have generated roughly $750 million in transaction revenue year-to-date.

我們今年的開局很強勁。今年迄今已產生約 7.5 億美元的交易收入。

We expect Q1 subscription and services revenue to grow sequentially and be in the range of $685 million to $765 million.

我們預計第一季訂閱和服務收入將季增，介於 6.85 億美元至 7.65 億美元之間。

We expect growth to be driven by higher stablecoin revenue, continued growth of Coinbase One subscribers and the higher average crypto asset prices we've seen so far in the quarter.

我們預計，成長將受到穩定幣收入的增加、Coinbase One 用戶的持續成長以及本季迄今看到的加密資產平均價格的上漲的推動。

With regards to stablecoin revenue, Brian mentioned earlier our stretch goal to make USDC the #1 dollar stable claim.

關於穩定幣收入，Brian 之前提到過，我們的目標是讓 USDC 成為第一大美元穩定幣。

I think it's important to note that we hope to achieve this over the next few years.

我認為值得注意的是我們希望在未來幾年內實現這一目標。

We expect Q1 Technology and development and general and administrative expenses to be in the range of $750 million to $800 million.

我們預計第一季的技術和開發以及一般及行政費用將在 7.5 億美元至 8 億美元之間。

On sales and marketing, we expect the range to be between $235 million to $375 million.

在銷售和行銷方面，我們預計範圍在 2.35 億美元至 3.75 億美元之間。

Where we fall in this range will largely depend on whether we continue to see attractive performance marketing opportunities, and the product USDC balances, which drives USDC Rewards.

我們在這個範圍內的位置，很大程度上取決於我們是否繼續看到有吸引力的績效行銷機會，以及推動 USDC 獎勵的產品 USDC 餘額。

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

阿尼爾，下面我們來回答問題吧。

Okay.

好的。

So we'll take the top theree questions from the Say portal.

因此，我們將從 Say 入口網站中選取最主要的三個問題。

The first one is how did the liquidation event that took place in early February affect Coinbase users?

第一個問題是，2 月初發生的清算事件對 Coinbase 用戶有何影響？

Are Coinbase users mostly buyers of that -- or have you lost users as a result of the violent price action that took place.

Coinbase 用戶大多是該產品的購買者嗎？

Alesia?

阿萊西亞？

Well, I need to laugh at this question a little bit because volatility has been inherent in crypto.

好吧，我需要稍微笑一下這個問題，因為波動性是加密貨幣所固有的。

The price actions we saw in February are no different than the price actions we see on an average week or an average month within our industry.

我們在二月看到的價格走勢與我們在行業內平均一周或平均一個月看到的價格走勢沒有什麼不同。

So the markets recovered quickly.

因此市場很快就恢復了。

And I think it's really important to note that our retail users are long-term huddlers.

我認為值得注意的是，我們的零售用戶是長期的合作者。

We tend to see them hold for long periods of time and opportunistically come in and out in the markets when they see market conditions that are attractive to them.

我們往往看到他們長期持有，當看到對他們有吸引力的市場條件時，就會趁機進出市場。

So there was no meaningful impact to our business as a result of the February volatility and market dislocation we saw in the broader market.

因此，2 月大盤波動和市場混亂並沒有對我們的業務產生重大影響。

Second question, regulatory headwinds are shifting to tailwinds base is skyrocketing to be the top layer 2, broad USDC adoption.

第二個問題，監管逆風正在轉向順風，基礎正在飆升至最頂層第 2 層，即 USDC 的廣泛採用。

International purpose business is booming, AI leader.

國際目的事業蓬勃發展，AI領航。

CDP is the AWS of crypto and the inclusion of Coinbase in the S&P 500 potentially coming soon.

CDP 是加密貨幣的 AWS，Coinbase 可能很快就會被納入標準普爾 500 指數。

Any other promising growth drivers to highlight, Brian?

還有其他有希望的成長動力可以強調嗎，布萊恩？

Thanks for the question.

謝謝你的提問。

I promise I didn't plant that or I boot it myself.

我保證那不是我種的，也不是我自己種的。

But I think what -- the question is touching on here is that we are a multiproduct business.

但我認為這裡涉及的問題是，我們是一家多產品企業。

We have a diverse stream of revenue from different revenue -- different product lines that we have out there.

我們的收入來源多種多樣，包括不同的收入來源—我們擁有不同的產品線。

It's something I'm really proud of, actually, that shift that we've made to having a retail platform, an institutional platform, a developer platform.

事實上，我對我們向零售平台、機構平台和開發者平台的轉變感到非常自豪。

And so that bodes well for, I think, the TAM of what we can get to over time. you asked about promising growth drivers to highlight.

所以，我認為這預示著我們隨著時間的推移可以達到 TAM。您詢問到值得強調的有希望的成長動力。

One of the things we try to do in these earnings calls is only talk about things which are now live, and I don't like that of announcing vaporware, but I can assure you there's a lot of things we're working on internally, which I'm not ready to announce today.

在此次財報電話會議上，我們嘗試談論一些當前正在發生的事情，我不喜歡發布虛假消息，但我可以向你們保證，我們內部正在進行很多工作，我還沒有準備好今天宣布。

I guess I'll just go back to a couple of things that I am particularly excited about that I mentioned previously.

我想我應該回顧一下之前提到的幾件讓我特別興奮的事情。

And one is just this next act for crypto.

其中之一就是加密的下一步。

It's no longer just an asset class.

它不再只是一種資產類別。

People are using it daily utility for more and more things.

人們在日常事務中越來越多地使用它。

Base is powering crypto utility across a whole wide range of apps, payments are taking off with stablecoins, as I mentioned, things like prediction markets are providing real-world utility, lots of people who they weren't previously specifically interested in crypto are trading, but they're finding it as a new source of truth out there.

Base 正在為各種應用程式提供加密實用程序，支付正在透過穩定幣起飛，正如我所提到的那樣，預測市場之類的東西正在提供現實世界的實用程序，許多以前對加密貨幣並不特別感興趣的人正在進行交易，但他們發現它是一個新的事實來源。

And then I'd say our international expansion is also really exciting right now and lots of M&A opportunities.

然後我想說，我們的國際擴張現在也非常令人興奮，並且有很多併購機會。

But some of it will just do organically as well.

但其中一些也會有機地發生。

We have this playbook now where we've been able to get contribution margin positive and I think all the countries we've launched in actually at this point.

我們現在有了這個劇本，我們已經能夠獲得正的貢獻利潤，我認為到目前為止，我們已經在所有國家開展業務。

And so that just tells me we should be doing more of them.

所以這告訴我我們應該做更多這樣的事。

And we're going to go build out this world-class trusted trading and financial services infrastructure in as many countries as we can.

我們將在盡可能多的國家建立這個世界一流的可信賴交易和金融服務基礎設施。

Great.

偉大的。

Final question, what are some initiatives that are now possible to explore under the new regulatory regime?

最後一個問題，在新的監管制度下，現在可以探討哪些措施？

Brian?

布賴恩？

Yeah, it's really been a sea change, and it's been great.

是的，這確實是一次巨大的變化，而且非常棒。

I feel we have access to all the relevant decision makers and folks and government now.

我覺得我們現在可以接觸到所有相關的決策者、人民和政府。

And it doesn't mean they're all going to do what we want, but at least we can get meetings and share our point of view.

這並不意味著他們都會按照我們的意願去做，但至少我們可以開會並分享我們的觀點。

They can take input from all the relevant parties to come up with clear rules.

他們可以聽取所有相關方的意見來制定明確的規則。

So one that I'm really excited about is perpetual futures.

所以我真正興奮的是永續期貨。

Most crypto trading actually happens with perpetual futures outside the US and the US was really far behind on this.

實際上，大多數加密貨幣交易都是在美國以外的永續期貨中進行的，而美國在這方面確實遠遠落後。

We made this point to folks many times in the last administration, we couldn't actually get approval to do it in the US

我們在上屆政府中多次向人們強調這一點，但我們實際上無法在美國獲得批准

I'm hopeful there's a path to do that now in the US, which would bring a lot of the trading volume back onshore in this new regulatory regime.

我希望美國現在有辦法實現這一點，在新的監管制度下將大量交易量帶回國內。

I'm also pretty interested in tokenized securities and equities, the traditional securities and equities out there.

我對代幣化證券和股票以及傳統證券和股票也非常感興趣。

I think that it offers a lot of promise to consumers around being able to trade 24/7.

我認為它為消費者提供了實現全天候交易的許多希望。

People internationally who maybe don't have easy access to this being able to trade and trading fractions of a share.

國際上的人們可能無法輕易地獲得這種能夠進行股票部分交易的機會。

The clearing and settlement could happen real time.

清算和結算可以即時進行。

A number of fee takers in the middle could be -- it could be the whole thing could be simplified and optimized if it was happening unchanged is because crypto is a way to update the financial system.

中間的許多收費者可能會——如果事情保持不變的話，整個事情可能會被簡化和優化，因為加密是更新金融系統的一種方式。

So that's a pretty promising area that I think could be exciting over time. for the whole industry prediction markets I mentioned, the loss of trust in our institutions around the media and what's happening in the world.

所以我認為這是一個非常有前景的領域，隨著時間的推移它會變得令人興奮。對於我提到的整個產業預測市場，人們對我們的媒體機構以及世界上正在發生的事情失去了信任。

And so people are trying to figure out what's true.

因此人們正在試圖弄清楚什麼是真相。

And I think prediction markets are a pretty interesting way to get to get truth about what's actually happening in the world, not just around elections, but all kinds of things.

我認為預測市場是一種非常有趣的方式，可以了解世界上正在發生的事情的真相，不僅僅是圍繞選舉，還包括各種各樣的事情。

Yeah.

是的。

And then we're seeing more and more partnership opportunities, traditional financial firms, tech players are all reaching out in 2025 with this new regulatory environment.

然後我們看到越來越多的合作機會，傳統金融公司、科技公司都將在 2025 年這個新的監管環境下展開合作。

M&A is legal again in the United States, jokingly I'm saying that, but there's an incredible pipeline of companies out there that could make sense to purchase as well.

我只是開玩笑地說，併購在美國再次合法化，但市場上還有大量的公司值得收購。

So yeah, a lot of good things on the horizon.

是的，未來將會有很多好事發生。

Thank you.

謝謝。

So with that, Sarah, let's take our first question from the line, please.

那麼，莎拉，請容許我們先回答大家的第一個問題。

Owen Lau, Oppenheimer.

歐文劉、奧本海默。

Good evening and thank you for taking my questions and congratulations on a great quarter.

晚上好，感謝您回答我的問題，並祝賀您度過了一個美好的季度。

So when I look at your December and January market shares for US spot crypto, it looks like you started to take share away from your competitors.

因此，當我查看你們 12 月和 1 月在美國現貨加密貨幣的市場份額時，我發現你們似乎開始從競爭對手手中搶走份額。

There have been many lower-cost products out there since 2021, like FTX and now spot ETF.

自 2021 年以來，出現了許多成本較低的產品，例如 FTX 和現在的現貨 ETF。

Could you please talk about how you can still gain shares, not just one month or two months, but through the cycle?

您能否談談如何才能在整個週期內獲得股票收益，而不僅僅是在一個月或兩個月內？

And what makes Coinbase different from other platforms?

那麼 Coinbase 與其他平台有何不同呢？

Thanks.

謝謝。

Yeah.

是的。

Well, thanks for noticing that.

好吧，謝謝你注意到了這一點。

We were really proud to see that we did hit an all-time high for both US spot and global derivatives market share in Q4.

我們非常自豪地看到，第四季度我們在美國現貨和全球衍生性商品市場份額方面均創下了歷史新高。

And look, crypto is on the rise.

看看吧，加密貨幣正在崛起。

There's going to be lots of companies that are integrating crypto.

將會有許多公司整合加密貨幣。

We think that's a good thing.

我們認為這是一件好事。

We think that that's -- to get more and more global GDP running on crypto rails, we're going to have to have every bank, every fintech, every payment platform around the world begin to integrate here.

我們認為，為了讓越來越多的全球 GDP 在加密軌道上運行，我們必須讓世界各地的每家銀行、每家金融科技公司、每個支付平台開始在這裡整合。

And so Coinbase, we want to do that on our platform, but we also want to power this across all the other countries and companies out there.

因此，Coinbase 想要在我們的平台上實現這一目標，但我們也希望為所有其他國家和公司提供支援。

And so we're very focused on playing a role in that with our developer platform.

因此，我們非常注重利用我們的開發者平台在這方面發揮作用。

So our share did grow quite a lot.

因此我們的份額確實增長了不少。

I think that just speaks to the trust that people have in Coinbase as a platform, but we don't see it as a zero-sum game.

我認為這只是表明人們對 Coinbase 作為平台的信任，但我們不認為這是一場零和遊戲。

We're trying to grow the size of the pie, 100x for everyone.

我們正在努力將蛋糕的規模擴大 100 倍，並惠及每個人。

Owen, I might just add on, we've seen a very strong start to Q1.

歐文，我還要補充一點，我們看到第一季的開局非常強勁。

And we believe that the underlying efforts that we're making to add assets to continue to improve the user experience, our platform stability and effective marketing will continue to position us well to gain share over the long term.

我們相信，我們為不斷改善用戶體驗、平台穩定性和有效行銷所做的根本努力將繼續幫助我們在長期內獲得良好的市場份額。

We've always had experiences where a certain week, a certain month that our share falls after due to different trading payers being popular in the market that we may not have either on our platform or the right pricing for, but what we see is, over the long term, we can durably gain share and retain and grow users on our platform.

我們一直都有這樣的經歷：在某個特定的一周或一個月之後，我們的份額會下降，這是因為市場上有各種各樣的交易支付方，而我們可能沒有在我們的平台上提供這些支付方，或者沒有為其製定合適的定價，但從長遠來看，我們可以持久地獲得份額，並在我們的平台上保留和增加用戶。

Devin Ryan, Citizens JMP.

德文·瑞安（Devin Ryan），公民 JMP。

Thanks so much.

非常感謝。

Hi, Brian.

你好，布萊恩。

Hi, Alesia.

你好，阿萊西亞。

I have a question on international derivatives.

我有一個關於國際衍生性商品的問題。

Obviously, just gaining massive traction there and another great quarter of growth.

顯然，我們在那裡獲得了巨大的發展動力，並迎來了另一個偉大的成長季度。

It seems like the fees there are quite a bit lower, obviously.

顯然，那裡的費用似乎要低得多。

And so I also appreciate that might make sense as you're taking share at this type of rate.

因此，我也理解，當你以這種速度佔據市場份額時，這可能很有意義。

But I'm curious as you think about take rates in derivatives longer term?

但我很好奇，您如何考慮長期衍生性商品的利率？

Should we expect that they would hold the line with where they are now?

我們是否應該期望他們會堅持現在的立場？

Or could there be an opportunity to actually increase the take rates as you get to a more mature share?

或者，隨著市佔率越來越成熟，是否真的有機會提高接受率？

Just curious how to think about this opportunity longer term as you continue to grow it.

只是好奇隨著您繼續發展這一機會，如何從長遠角度看待它。

Thanks.

謝謝。

Thanks, Devin.

謝謝，德文。

So right now, we're focused on building liquidity and building trading volume.

因此現在，我們專注於建立流動性和增加交易量。

And we are providing incentives to various market participants in order to focus on building that depth of liquidity in each of the order books as we put them on the platform.

我們正在為各類市場參與者提供激勵措施，以便在我們將每個訂單簿放到平台上時，專注於建立其流動性深度。

So yeah, I do believe that over time, our fees will evolve and become more mature as we gain to the scale and market position that we seek to have and that right now, we are not focused on monetizing at the top of the range.

所以是的，我確實相信，隨著時間的推移，隨著我們達到我們想要的規模和市場地位，我們的費用將會演變並變得更加成熟，而現在，我們並不專注於在最高範圍內實現貨幣化。

That said, we're going to monetize this competitive with the market, and this is a lower-priced product than spot trading.

也就是說，我們將透過與市場競爭來實現這一貨幣化，這是一種比現貨交易價格更低的產品。

And so you can see us be in a competitive market position here, but not at the current levels that we are today.

因此，您可以看到我們在這裡的市場競爭中處於有利地位，但尚未達到今天的水平。

Benjamin Budish, Barclays Capital.

巴克萊資本的本傑明·布迪什 (Benjamin Budish)。

Hi.

你好。

Good afternoon and thanks for taking the question.

下午好，感謝您回答這個問題。

I was wondering if you could unpack a little bit of some of the activity, the trends you're seeing in some of the either new to Coinbase or resurrected customers.

我想知道您是否可以解釋一些活動，以及您在 Coinbase 的一些新客戶和回頭客中看到的趨勢。

Can you talk about what is the activity level?

你能說說活躍程度嗎？

Are they coming over with large accounts?

他們帶著大筆帳號過來了嗎？

Are they engaging in a lot of trading?

他們是否從事大量交易？

Or is a lot of the trading coming from your back book of existing customers.

或者很多交易是來自於你現有客戶的記錄。

So what does that cohort look like?

那麼這個群體是什麼樣的呢？

And maybe similarly with Coinbase One what is the activity level like of the new traders, how would you describe that group?

也許與 Coinbase One 類似，新交易者的活躍程度如何，您如何描述這個群體？

Thank you.

謝謝。

All right.

好的。

I will start this, and Brian, please feel free to add on.

我將開始這個，Brian，請隨意添加。

So, we don't break out details on our customer cohorts in general.

因此，我們通常不會透露有關客戶群的詳細資訊。

But what I would say is that new users tend to come on for either new coins that we list or they come on as first-time users of crypto, where they're typically buying Bitcoin or Ethereum or large market cap assets, those tend to be two waves of new user adoption, new product or new into crypto.

但我想說的是，新用戶往往會為了我們列出的新幣而來，或者他們是首次使用加密貨幣的用戶，他們通常購買比特幣或以太坊或大市值資產，這往往是兩波新用戶採用浪潮，新產品或新加密貨幣。

But we're actually seeing those just the benefits of our effective marketing program, and we are really proud to say, over time, our marketing has always been effective at a very good return on customer acquisition.

但我們實際上看到的只是我們有效行銷計劃帶來的好處，而且我們非常自豪地說，隨著時間的推移，我們的行銷始終是有效的，在客戶獲取方面獲得了非常好的回報。

It's a one-year return on investment.

這是一年的投資回報。

And so that cost of customer acquisition, we get paid back within a year.

因此，我們在一年之內就能收回獲取客戶的成本。

And so that's the trading activity that really typically drives that return.

所以這才是真正推動回報的交易活動。

Resurrected users.

復活的用戶。

These were users that we've always had on the platform that have already said, oh, I'm interested in crypto, but I'm not a daily active user.

我們平台上一直都有這些用戶，他們已經說過，哦，我對加密貨幣感興趣，但我不是每日活躍用戶。

I'm just someone who was buying and huddling.

我只是一個買東西擠在一起的人。

And they tend to reengage whenever you see higher volatility, higher price and crypto in the news.

每當你在新聞中看到更高的波動性、更高的價格和加密貨幣時，他們就會重新參與。

And those tend to be similar trends we've seen over time with our users on our platform.

這些趨勢與我們平台用戶長期以來觀察到的趨勢類似。

They're more engaged in these more peaky market conditions.

他們更加關注這些更尖銳的市場狀況。

With regards to Coinbase One, we opened this product up internationally.

至於Coinbase One，我們將這個產品向國際開放了。

And so a lot of our growth has come from making Coinbase One more attractive around the world, more available around the world with new benefits.

因此，我們的成長很大一部分來自於讓 Coinbase One 在全球範圍內更具吸引力，讓其在全球範圍內更具可用性並帶來新的優勢。

These are users who are actively trading typically every single month because they benefit from the trading fees by having this monthly payment that they make to us.

這些用戶通常每個月都會積極進行交易，因為他們可以透過每月向我們支付交易費來獲益。

So these tend to be more active users, and we tend to see Coinbase One users more deeply engaged with all products on our platform.

因此，這些用戶往往更加活躍，而且我們傾向於看到 Coinbase One 用戶更深入參與我們平台上的所有產品。

Yeah.

是的。

I think just to add to that, people who are holding crypto and they're not checking it that often, maybe -- and then the price ticks up, till resurrect they'll come back to check on their balance.

我認為需要補充的是，持有加密貨幣的人可能不會經常檢查，然後價格就會上漲，直到他們再次檢查餘額。

But every time they do that, there's an opportunity to put other products in front of them.

但每次他們這樣做時，就有機會將其他產品擺在他們面前。

Maybe they want to get a loan on their bitcoin, maybe they want to have a Coinbase Card. Maybe they want to earn staking rewards.

也許他們想用比特幣貸款，也許他們想擁有一張 Coinbase 卡。也許他們想要獲得權益獎勵。

And so maybe do payments to -- peer-to-peer payments or anything.

或許也可以進行點對點支付或其他支付。

So there's more and more products we can put in front of them every time they come back.

因此，每次他們回來時，我們可以向他們提供越來越多的產品。

And so it's all of the above, I think it's really the short answer to your question.

以上就是全部內容，我認為這就是對你的問題的簡短回答。

Those users coming back are doing everything.

那些回來的用戶正在做所有事情。

Ken Worthington.

肯‧沃辛頓。

JPMorgan.

摩根大通。

Hi.

你好。

Good afternoon.

午安.

Thanks for taking the question.

感謝您回答這個問題。

We have a more friendly administration, which you noted.

正如您所注意到的，我們的政府更加友善。

The White House repealed SAB 121 right out of the gate.

白宮一開始就廢除了 SAB 121。

As we look forward, what are the more or most important pieces that Congress and regulators have to get right in order for the construct -- in order to get a constructive market for developers that were hoping -- actually developers and markets that we're hoping to see?

展望未來，為了給開發商一個建設性的市場，國會和監管機構需要做正確的事情中哪些更重要或最重要的事情，我們實際上希望看到的開發商和市場是怎樣的？

Yeah, I'll share a few thoughts on that, and then maybe, Paul, if you want to add anything.

是的，我會就此分享一些想法，然後保羅，如果你想補充什麼的話。

So the first part of it is really market structure legislation being passed.

因此，第一部分實際上是透過市場結構立法。

And in other word, people use for this is token classification, which is essentially answering this age old question of which of these are commodities, which are from our securities, which of them are payments or currency, stablecoins and which of them are something else entirely, it's not regulated like artwork or collectibles.

換句話說，人們使用代幣分類，這本質上是在回答這個古老的問題：哪些是商品，哪些是我們的證券，哪些是支付或貨幣、穩定幣，哪些是完全不同的東西，它不像藝術品或收藏品那樣受到監管。

And so if we can get that token classification clarified, in new legislation or if Congress can really do that, I think it would open up huge pools of capital to flow into crypto.

因此，如果我們能夠在新立法中明確代幣分類，或者國會真的能夠做到這一點，我認為將會開放大量資金流入加密貨幣。

All kinds of good things happen.

各種美好的事情都會發生。

Startups start to build.

新創企業開始建設。

So that's the first piece is market structure or token classification.

因此，第一部分是市場結構或代幣分類。

The second piece is around stablecoins, and we really want to see a clear framework emerge to have dollar back stablecoins be issued in the United States with clear legislation behind it.

第二部分是關於穩定幣，我們真正希望看到一個清晰的框架出現，以便在美國發行以美元為基礎的穩定幣，並有明確的立法支持。

We want to make sure that there's a state pathway for those.

我們希望確保為這些人提供一條國家途徑。

It doesn't have to just be done federally.

這不一定只由聯邦政府來做。

We want to make sure that you don't have to be a bank, although you could to issue a stablecoin.

儘管您可以發行穩定幣，但我們希望確保您不必成為銀行。

I think if you're not doing fraction reserve, you shouldn't need a banking license, you could be, for instance, a trust company.

我認為，如果您不進行部分準備金，您就不需要銀行執照，例如，您可以成為信託公司。

You need to pass audits that show you have 100% reserves, things like that.

您需要透過審計來證明您有 100% 的儲備金，諸如此類。

So that would be -- those would be key pillars of a stablecoin bill.

所以這些將成為穩定幣法案的關鍵支柱。

Beyond that, I think it would also be great to see a strategic bit point reserve in the United States.

除此之外，我認為在美國建立戰略比特點儲備也是一件很棒的事。

We need to make sure that there's fair access to banking services, things like Operation Choke Point don't happen again.

我們需要確保人們能夠公平地獲得銀行服務，類似「瓶頸行動」的事情不會再次發生。

And just I'd say broadly, there's almost like a bill of rights for the American citizens that they -- the right to sell custody and to own crypto and to use it.

我想說的是，廣義上講，這幾乎就像是美國公民的權利法案，他們有出售託管權、擁有和使用加密貨幣的權利。

These are foundational principles that we're hoping would come out of any legislation.

這些是我們希望在任何立法中都能體現的基本原則。

Paul, anything I missed?

保羅，我遺漏了什麼嗎？

I would just underscore, Brian, the need for a functional bill of rights.

布萊恩，我只想強調，我們需要一部切實可行的權利法案。

And fortunately, I think the order that the President issued provides really a nice foundation for that.

幸運的是，我認為總統發布的命令為此奠定了良好的基礎。

You saw things like statements that commit to protecting lawful blockchain activities and promoting dollar-backed stablecoins critically ensuring fair access to banking services.

您會看到一些聲明，承諾保護合法的區塊鏈活動，並推廣美元支持的穩定幣，以確保公平獲得銀行服務。

So I think the bones are in place to support that.

所以我認為骨骼已經到位，可以支撐這一點。

And we're also quite encouraged by the early work of the crypto task force, the SEC, in which -- under which or by which Commissioner Peirce, I think, has made it very clear she intends to move and move fast on providing real guidance to the market and especially to builders on what they can expect and what process they can expect when they come in and meet with the SEC in the months and years ahead.

我們也對加密貨幣工作組（SEC）的早期工作感到十分鼓舞，我認為，皮爾斯委員已經明確表示，她打算迅速採取行動，為市場提供真正的指導，特別是為建設者提供指導，告訴他們在未來幾個月和幾年內與 SEC 會面時可以期待什麼以及可以期待什麼樣的流程。

Pete Christiansen, Citi.

花旗銀行的 Pete Christiansen。

Good evening.

晚安.

Thanks for the question and congrats on the outstanding quarter and result.

感謝您的提問，並祝賀本季取得的優異成績。

Brian, I'm curious, I want to take a little bit more into the consumer acquisition strategy for Coinbase.

布萊恩，我很好奇，我想更深入地了解 Coinbase 的消費者獲取策略。

I'd love to hear your thoughts on how to crypto natives build up the value proposition for consumers to trade on crypto native solutions, how does that value proposition or the differentiation of Val versus all-in-one trade five solutions that are out there?

我很想聽聽您對加密原生解決方案如何為消費者建立價值主張的看法，這種價值主張或 Val 與現有的一體化交易五種解決方案之間的差異化如何？

Yeah.

是的。

Well, a lot of people come to the platform initially.

嗯，很多人最初來到這個平台。

They're curious about crypto.

他們對加密很好奇。

Coinbase has the most trusted brand.

Coinbase 擁有最值得信賴的品牌。

We've been around the longest.

我們已經存在很久了。

We're dedicated to crypto.

我們致力於加密。

And -- and so that's the entry point for a lot of folks.

而且 — — 所以這就是很多人的切入點。

We also do a lot of traditional marketing.

我們也做了很多傳統行銷。

We do a lot of referral marketing and growth programs within the company, which are very effective and positive ROI, we try to target that one-year payback period that Alesia mentioned.

我們在公司內部開展了大量推薦行銷和成長計劃，這些計劃非常有效，投資回報率也很高，我們試圖實現 Alesia 提到的一年的投資回收期。

And so as they come in and that often people's first foray into crypto, they start to learn a little bit more about it and then they start adding on other products, right?

因此，當他們進入時，通常是人們第一次涉足加密貨幣，他們開始對它有更多的了解，然後他們開始添加其他產品，對嗎？

This is where they might do payments or staking or borrowing and lending or Coinbase Card.

他們可以在這裡進行支付、質押、借貸或使用 Coinbase 卡。

And eventually, we see businesses onboarding as well, and they're using it for their own purposes, treasury management, hedge against inflation, maybe starting to pay vendors overseas.

最終，我們也看到企業加入其中，並將其用於自己的目的，如財務管理、對沖通膨，或許還開始向海外供應商付款。

And so you can see the there's often the thing that gets them in the front door to start with, but then they start to realize there's a broader potential here, and they start to think about Coinbase as a primary financial account where they can participate in this new economy.

所以你可以看到，通常有一些事情可以讓他們進入前門，但後來他們開始意識到這裡有更廣闊的潛力，他們開始將 Coinbase 視為他們可以參與這個新經濟的主要金融帳戶。

Today, only about half of 1% of global GDP is running on crypto rails, but we think that, that could expand dramatically by the end of the decade.

目前，全球 GDP 中只有約 1% 的一半在加密貨幣軌道上運行，但我們認為，到本世紀末，這一數字可能會大幅擴大。

And that starts -- where things start to get really exciting as this is a foundational account you might have for the -- your participation in the global economy.

從此，事情開始變得真正令人興奮，因為這可能是您參與全球經濟的基礎。

So I'm not sure if I answered your question directly.

所以我不確定我是否直接回答了你的問題。

We can talk about there's crypto-native competitors.

我們可以討論一下加密原生的競爭對手。

There's traditional ratify competitors.

存在傳統的核准競爭對手。

There are some that are specific to each category out there.

有些是針對每個類別而製定的。

But if you have any further follow-ups, just let me now.

但如果您還有其他問題，請現在告訴我。

I think just to double down on that.

我認為只需加倍努力即可。

The way that we look at the competitive set is we are a crypto-native competitor that plays deeply in and has leaned into the values of leaning into regulatory, leaning into security, leaning into ease of use.

我們看待競爭對手的方式是，我們是加密原生的競爭對手，深入參與並傾向於監管、傾向安全、傾向於易用性的價值觀。

And I think one of the things that Brian realized very early on was that being crypto-native was akin to being digital native back in the day.

我認為布萊恩很早就意識到的一件事是，加密原生代就類似於數位原生代。

If you look at something like traditional retailers who added digital as a feature, it was never nearly as impactful as building from the ground up digital native the way like a company like Amazon did.

如果你看看那些增加了數位化功能的傳統零售商，你會發現它遠不如像亞馬遜這樣的公司從頭開始建立數位原生產品那樣具有影響力。

And I think that, that benefits us because even if you are, as Brian described, somebody who is curious about crypto, you come in, perhaps you're curious about Bitcoin.

我認為這對我們有利，因為即使你像布萊恩所描述的那樣，是一個對加密貨幣感興趣的人，你進來的時候，也許你會對比特幣感到好奇。

You're then -- you come into Coinbase, you have a good experience. perhaps you try other assets, perhaps you try staking and are exposed to other crypto-native features.

然後你——你進入 Coinbase，你會有一段愉快的體驗。也許你會嘗試其他資產，也許你會嘗試質押並接觸其他加密原生功能。

And having that -- the rails and building blocks for that, including things like Base and Wallet and USDC, I think, provides us with a much stronger durable competitive advantage over time.

我認為，擁有這些基礎框架和建置模組，包括 Base、Wallet 和 USDC 等，將為我們帶來更強大、更持久的競爭優勢。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Yes.

是的。

Good evening.

晚安.

Thanks for taking the question.

感謝您回答這個問題。

So Brian, a few weeks ago, you posted on X and said you felt like Coinbase needed to rethink its listing process given the sheer volume of tokens that are being created on a daily basis a lot of which I would assume are these mean tokens where you're seeing a lot of trading being done.

布萊恩，幾週前，你在 X 上發文說，你覺得 Coinbase 需要重新考慮其上市流程，因為每天都會創建大量的代幣，其中很多我猜是這些平均代幣，你會看到很多交易。

So could you maybe just expand on those comments and talk about how you see your listed token offering evolving from here?

那麼您能否擴展一下這些評論，並談談您如何看待您的上市代幣發行今後的發展？

Thanks.

謝謝。

Yeah.

是的。

Thanks for reading that and bringing it up.

感謝您閱讀並提出這個問題。

I do think it's an important transition that the industry is going through, we're seeing more and more tokens being created.

我確實認為這是該行業正在經歷的重要轉變，我們看到越來越多的代幣被創造出來。

And I think that's a really good thing.

我認為這是一件非常好的事情。

It means people are using crypto for lots of different use cases.

這意味著人們將加密用於許多不同的用例。

And it's actually -- by some estimates, we're at about 1 million tokens a week here.

事實上 — — 根據估計，我們每週的代幣產量約為 100 萬個。

And many of those are lower quality or mean coins.

其中許多都是品質較差或品質較差的硬幣。

But it speaks to just the volume of what's happening here.

但它只是說明了這裡正在發生的事情的程度。

It's a little bit like the early days of the Internet, you could list all the major websites on a single directory.

這有點像互聯網的早期，你可以在一個目錄中列出所有主要網站。

And eventually, you needed Google Search to sort through because the Internet just got so big.

最終，你需要使用 Google 搜尋來進行分類，因為網路變得太龐大了。

And it's a little bit what we're seeing with crypto.

這和我們在加密貨幣中看到的有些相似。

So what this means for Coinbase is that we need to deeply integrate decentralized exchanges into our product where I think the customer won't really know or need to care about whether it's trading on a centralized exchange or a decentralized exchange.

所以這對 Coinbase 來說意味著我們需要將去中心化交易所深度整合到我們的產品中，我認為客戶不會真正知道或需要關心它是在中心化交易所還是去中心化交易所進行交易。

They just want to look up an asset and maybe participate in that.

他們只是想查找一項資產並可能參與其中。

But we also need to balance giving people -- the customers access to what they want with appropriate disclosures and consumer protection so that they know that they're trading the appropriate asset.

但是，我們也需要在給予人們——客戶——他們想要的東西與適當的揭露和消費者保護之間取得平衡，以便他們知道他們正在交易適當的資產。

It's not something pretending to be that asset or it's a little bit like again, searching through -- there might be 100,000 results in Google, but you want to only look at the first page or if you search for some product on Amazon, there might be thousands of them, but you want to buy the one with the best reviews.

這並不是假裝成資產的東西，或者有點像再次搜索——谷歌中可能有 100,000 個結果，但你只想看第一頁，或者如果你在亞馬遜上搜索某個產品，可能會有數千個，但你想購買評價最好的那個。

So I think there's a variety of ways that we can balance that consumer protection with giving customers access to the broad range of assets out there.

因此，我認為我們可以採用多種方式來平衡消費者保護與讓客戶獲得廣泛資產之間的平衡。

John Todaro.

約翰·托達羅。

Needham.

李約瑟。

Thanks for taking my question and congrats on the really strong quarter.

感謝您回答我的問題，並祝賀您本季業績表現強勁。

Brian, I have a broader question about the overall vision for Coinbase to maybe become something a lot bigger than a crypto brokerage.

布萊恩，我有一個更廣泛的問題，關於 Coinbase 的整體願景，它可能會成為比加密貨幣經紀公司更大的公司。

The two areas I see are stablecoins and the tokenized real-world assets, which you've discussed some, you could see a world where a lot of that transfer activity ultimately happens on Base.

我看到的兩個領域是穩定幣和代幣化的現實世界資產，正如您已經討論過的一些，您可以看到很多轉移活動最終發生在 Base 上。

So one, just do you agree with that vision?

那麼，您是否同意這個觀點？

And then two, is there anything more specifically you guys can do to push both of those segments?

其次，你們能做些什麼具體的事情來推動這兩個部分的發展？

Yeah.

是的。

Well, that is definitely the plan.

嗯，這絕對是計劃。

I think, I guess people are coming -- coming into crypto, I think of it as an asset class they could trade.

我認為，人們正在進入加密貨幣領域，我認為它是他們可以交易的資產類別。

And over the last 10 years, it was the best performing asset class out there, but it's already become much, much more than that.

在過去的十年裡，它是表現最好的資產類別，但它的價值已經遠遠超過了這個數字。

And for people who don't use crypt every day, they sometimes don't fully wrap their heads around that.

而對於那些不每天使用 crypt 的人來說，他們有時並不能完全理解這一點。

But if you look at that stablecoin volume, a $30 trillion of volume last year, it grew 300 -- or 3 times year over year.

但如果你看看穩定幣的交易量，去年的交易量為 30 兆美元，比去年同期成長 300 倍。

If that continues, it's going to be really a meaningful portion of global GDP.

如果這種狀況持續下去，它將佔據全球 GDP 很大一部分。

And so that's a huge one that you mentioned.

這就是您提到的一個大問題。

And tokenizing real-world assets or traditional securities.

並將現實世界的資產或傳統證券標記化。

I mean eventually, real estate, the debt markets like private credit, everything should come on chain.

我的意思是，最終，房地產、私人信貸等債務市場，一切都應該鏈化。

It's really just a more efficient way of transferring value and it can do real-time settlement and eliminate various risks that are out there in the ecosystem.

這實際上只是一種更有效的價值轉移方式，它可以進行即時結算並消除生態系統中存在的各種風險。

So I mean, there's lots that we can do on this front.

所以我的意思是，在這方面我們可以做很多事情。

I mean the broadest sense of the thing that we're doing is we're trying to make all these products trusted and easy to use.

我的意思是，我們所做的事情從最廣泛的意義上講就是試圖讓所有這些產品都值得信賴且易於使用。

I think that's where we differentiate the most on our brand.

我認為這就是我們的品牌最大的特色。

People -- they -- we see in surveys that they do trust the Coinbase brand the most.

我們在調查中看到，人們最信任 Coinbase 品牌。

It comes from our track record of compliance, security, design, customer support of a variety of things go into that trust.

這種信任源自於我們在合規性、安全性、設計、客戶支援等各方面的良好記錄。

And then we're trying to make it easy to use for the average person.

然後我們會嘗試讓普通人能夠輕鬆使用它。

So they may not understand quite how to access a decentralized exchange through DeFi and worry about private keys and addresses and bridging and all these complex topics.

因此，他們可能不太了解如何透過 DeFi 造訪去中心化交易所，並擔心私鑰、地址、橋接和所有這些複雜的主題。

But if we make it simple, we think there's an order of magnitude more people who will come and use our products.

但如果我們把它簡化，我們認為會有更多的人來使用我們的產品。

On stablecoin, specifically, for instance, we can -- I think we can really fuel a lot of that growth by just driving more partnerships with global and local players like Stripe and Yellow Card to do more global adoption.

以穩定幣為例，具體來說，我認為，只要與 Stripe 和 Yellow Card 等全球和本地參與者建立更多合作夥伴關係，實現更多全球採用，我們就能真正推動這一成長。

We've been adding a number of additional stablecoin trading pairs on our platform.

我們已經在我們的平台上添加了一些額外的穩定幣交易對。

We've been offering rewards to our customers when they hold USDC.

當我們的客戶持有 USDC 時，我們一直為他們提供獎勵。

So it's almost like having a checking account in a -- not even a savings account, it'd be like -- I guess, like something that pays much more like owning short-term treasuries or something.

因此，這幾乎就像是擁有一個支票帳戶——甚至不是一個儲蓄帳戶，它就像——我想，就像是擁有短期國債或類似的東西，能帶來更多回報。

But you can have that in just one account.

但您只需一個帳戶即可擁有它。

And these are things we can do to help drive adoption of these various things.

這些都是我們可以做的事情，以幫助推動這些不同事物的採用。

So yeah, I mean, longer term, it's -- we want to be the primary financial account for many people in the global economy.

是的，我的意思是，從長遠來看，我們希望成為全球經濟中許多人的主要金融帳戶。

And so you could compare that to a brokerage, you can compare it to banking, you can compare it to a payments company.

因此，您可以將其與經紀公司進行比較，可以將其與銀行公司進行比較，可以將其與支付公司進行比較。

I think it has aspects of all of those things in the limit here.

我認為這裡的極限包含了所有這些方面。

That's the aspiration.

這就是我們的願望。

And so it's pretty exciting opportunity and one can think about what the value of that might be over time.

這是一個非常令人興奮的機會，人們可以思考隨著時間的推移它的價值會如何。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Hey, guys.

嘿，大家好。

Great results out there.

取得了很好的成績。

I just wanted to ask about -- I think you mentioned global contracts earlier.

我只是想問一下——我想您之前提到過全球合約。

So I think your competitor was talking about this is a big market of political betting or any betting.

所以我認為你的競爭對手談論的是，這是一個巨大的政治博彩或任何博彩的市場。

Is there any view here to use Coinbase as a platform globally to do something similar?

是否有人認為在全球範圍內應使用 Coinbase 作為平台來做類似的事情？

Thank you.

謝謝。

Okay.

好的。

I think you're referring to production markets.

我認為您指的是生產市場。

Yeah.

是的。

So we're not -- we have nothing to announce today on that front, but I do think prediction markets are very exciting.

因此，我們今天在這方面沒有什麼可宣布的，但我確實認為預測市場非常令人興奮。

I touched on it a little bit in my opening remarks.

我在開場白中稍微談到了這一點。

But I think the -- really the United States, but the world got a wake-up call on these prediction markets in this recent election.

但我認為——確實是美國，但最近的選舉讓世界對這些預測市場敲響了警鐘。

I think it was -- some of these were like that in the top few downloaded apps in the app stores during the election.

我認為——其中一些是選舉期間應用商店下載量排名前幾的應用程式中的一部分。

And they called the election correctly, far in advance of every other traditional source that was just flat wrong.

他們對選舉結果的報導非常正確，遠遠領先其他所有完全錯誤的傳統消息來源。

And so this is answering a big -- crypto is like the answer to this major question people have in society today, which is how do I know what's true.

所以，這回答了一個大問題——加密就像是當今社會人們所面臨的一個主要問題的答案，即我如何知道什麼是真實的。

Everybody is worried about misinformation.

每個人都擔心錯誤訊息。

They're worried about bias.

他們擔心偏見。

And the beautiful thing about these prediction markets is that people have real skin in the game.

這些預測市場的美妙之處在於人們真正參與其中。

And so I actually think it's a better source of truth than what we're seeing in many traditional media publications.

因此，我實際上認為它比我們在許多傳統媒體出版物上看到的更能提供真相。

And if you look at the the surveys around people's trust and institutions.

如果你看一下有關人們的信任和機構的調查。

It's like the traditional media, et cetera, it's at an all-time low.

就像傳統媒體等等一樣，它正處於歷史最低點。

So it's just one more example where I think crypto can provide an interesting solution.

所以這只是我認為加密可以提供有趣的解決方案的另一個例子。

We're interested in looking at it more over time.

我們有興趣隨著時間的推移對此進行更深入的觀察。

One of the things about Coinbase is that we're not necessarily always first to market with the cutting-edge products, and we're actually comfortable with that position.

Coinbase 的一個特點是，我們不一定總是第一個將尖端產品推向市場，但我們實際上對此地位感到滿意。

We've watched, for example, international markets that are more deregulated, launch products that then we can adopt here, especially with the good favorable regulatory climate here.

例如，我們看到，一些管制較為寬鬆的國際市場推出了一些產品，我們可以在這裡採用，尤其是在這裡監管環境良好的情況下。

Or there's just a swath of different products that come out, and we can watch as they resonate or don't resonate with users.

或者只是推出了一系列不同的產品，我們可以觀察它們是否能引起用戶的共鳴。

That's one of the reasons that we've invested so much in Coinbase Ventures.

這就是我們對 Coinbase Ventures 投入如此多資金的原因之一。

It allows us to get ahead to have multiple plays to plant many seeds.

它使我們能夠領先，進行多種活動，播下許多種子。

And then as those things potentially sprout, we can take advantage of them either by buying, building or acquiring or partnering over time.

然後，隨著這些事物的潛在萌芽，我們可以透過購買、建造、收購或合作來利用它們。

Bo Pei, US Tiger Securities.

裴博，美國老虎證券。

(technical difficulty) management.

（技術難度）管理。

Thanks for taking my questions and congrats on the strong result.

感謝您回答我的問題，並祝賀您取得的良好成績。

Two questions, if I may.

請問我有兩個問題。

So first thing about retail trading fee rate.

首先要說的是零售交易費率。

So historically, the retail trading fee rate has tended to decline during periods surging trading volume.

因此從歷史上看，零售交易費率在交易量激增的時期趨於下降。

However, this quarter, despite trading volume nearly tripling the retail fee rate actually increased slightly sequentially.

然而，本季度，儘管交易量增長了近三倍，但零售費率實際上比上一季略有上升。

So could you just provide more insight into this dynamic?

那麼您能否對這項動態提供更多見解呢？

Was this primarily driven by a rapid increase in derivatives revenue or changing stablecoin trading phase or other factors?

這主要是由於衍生性商品收入的快速成長、穩定幣交易階段的改變還是其他因素？

That's my first question.

這是我的第一個問題。

So this quarter, we just saw strong growth at both simple and advanced trading.

因此本季度，我們看到簡單交易和高級交易都實現了強勁增長。

And so we didn't see any disproportionate contribution from either one of them, which is why the fee rate was largely similar quarter over quarter.

因此，我們沒有看到任何一方做出不成比例的貢獻，這就是為什麼費率與上一季大致相似的原因。

So we just saw growth across the board.

因此，我們看到了全面的成長。

Yeah.

是的。

And second question is about competition.

第二個問題是關於競爭。

So yesterday, an online trading platform reported, I think, 400% year-over-year growth in crypto trading volume.

所以昨天，一個線上交易平台報告稱，加密貨幣交易量比去年同期增長了 400％。

How do you will the competitive landscape in this environment, specifically?

您具體如何看待這種環境下的競爭格局？

How do you plan to compete with peers that offer a broader range of trading products beyond crypto?

您計劃如何與提供加密貨幣以外更廣泛的交易產品的同行競爭？

Yeah.

是的。

So this is Brian.

這就是布萊恩。

I can share a little bit how we think of it.

我可以分享一些我們對此的看法。

So we really want everyone to come into crypto.

所以我們真的希望每個人都參與加密貨幣。

And I keep saying this and maybe people don't fully believe me, but it's really true.

我一直這麼說，也許人們並不完全相信我，但這是事實。

We're trying to get the global financial system updated and have more and more global GDP run in crypto rails.

我們正在嘗試更新全球金融體系，並讓越來越多的全球 GDP 在加密軌道上運行。

We think that, that's a more efficient fair and free world will accelerate progress and it creates economic freedom.

我們認為，一個更有效率、公平和自由的世界將加速進步並創造經濟自由。

And we're going to have to have every bank, every payment company, every brokerage, et cetera, integrate crypto into their platforms.

我們必須讓每家銀行、每家支付公司、每家經紀公司等將加密貨幣整合到他們的平台中。

Now Coinbase can be the primary financial account, we can be the most trusted product out there for many people, we can also power a lot of this for other companies.

現在 Coinbase 可以成為主要的金融帳戶，我們可以成為許多人最信賴的產品，我們也可以為其他公司提供大量支援。

And so we're genuinely not that worried about the competitive landscape.

因此我們確實不那麼擔心競爭格局。

I mean we have to make sure we're meeting our customers' needs, but -- the way we do that is by going and talking to our customers, we don't necessarily look at what other people are doing.

我的意思是，我們必須確保滿足客戶的需求，但是——我們做到這一點的方式是去與客戶交談，我們不一定關注其他人在做什麼。

We want more and more people to participate here.

我們希望越來越多的人來參與這裡。

We want to power those solutions for them.

我們希望為他們提供這些解決方案。

And it's just whenever you see new companies coming into crypto, you should think that is great for Coinbase.

每當你看到新公司進入加密貨幣領域時，你應該認為這對 Coinbase 來說是一件好事。

It's TAM expansion.

這是 TAM 擴充。

It goes back to my thing about that we think being crypto-native and having been here for this long is a huge competitive advantage.

回到我的想法，我們認為作為加密原生技術並且在這裡存在這麼長時間是一個巨大的競爭優勢。

We actually weirdly welcome everybody coming into the space.

事實上，我們非常歡迎所有人進入這個空間。

We think it's good for the whole ecosystem.

我們認為這對整個生態系統有益。

When there are free markets, when TradFi competitors and others further validate the industry for their customers.

當存在自由市場時，當 TradFi 的競爭對手和其他人進一步為其客戶驗證該行業時。

And I think one of the things Brian said, I remember at the IPO roadshow was where they -- we zig where they zag.

我記得布萊恩在 IPO 路演中說過的一句話就是——他們走的是曲折路段，我們卻走的是之字形路。

We've always been about crypto first, and we think it benefits our customers and the benefits of us over the longer term.

我們始終將加密放在首位，我們認為從長遠來看，它有利於我們的客戶和我們的利益。

Yeah.

是的。

I think you shared a question about just other trading products, et cetera.

我認為您分享了一個有關其他交易產品等等的問題。

We mentioned earlier, the study of tokenizing traditional securities or other real-world assets.

我們前面提到過，將傳統證券或其他現實世界資產代幣化的研究。

Like all of these categories, I think, are eventually going to get tokenized and put on chain.

我認為，所有這些類別最終都將被標記化並放到鏈上。

And so we're focused on the on chain economy here and the crypto aspect of it, but that's going to grow to include more and more of the total financial system in all asset classes.

因此，我們專注於鏈上經濟及其加密方面，但它將不斷發展，涵蓋所有資產類別的整個金融體系中越來越多的部分。

Sarah, we'll take one more question.

莎拉，我們再回答一個問題。

Alex Markgraff, KBCM.

亞歷克斯·馬克格拉夫（Alex Markgraff），KBCM。

Thanks.

謝謝。

I'll try to squeeze in two here if I can.

如果可以的話我會嘗試在這裡擠進兩個。

Maybe just one model one first.

也許首先只有一個模型。

As it relates to the sales and marketing outlook, I understand the logic in terms of the wider than usual range.

由於它與銷售和行銷前景有關，我理解比平常更廣的邏輯。

Just curious, is that wider than usual range?

只是好奇，這比平常的範圍更廣嗎？

Is that a new approach to forecasting that line or how you're communicating that to us?

這是預測該線路的新方法嗎？

Or is it more a function of market conditions as you're going through the planning process?

或者它是否更多地取決於您正在進行的規劃過程中的市場條件？

This outlook is a function of the current market conditions.

這一前景取決於當前的市場狀況。

We saw wider opportunities to deploy marketing dollars post election.

我們看到了選舉後部署行銷資金的更多機會。

We've seen great variance week-to-week as we've gone through the last eight weeks.

在過去的八周里，我們每週都看到很大的變化。

And we wanted to recognize that the next six weeks of the quarter could be quite volatile.

我們認識到本季接下來的六週可能會非常不穩定。

And so we wanted to capture an outlook that didn't give us any restraints on the business if we saw great opportunities to put money to work to acquire new customers, but also communicated that it could be wide.

因此，如果我們看到透過投資獲取新客戶的絕佳機會，我們希望掌握這樣一種觀點：它不會為我們的業務帶來任何限制，但同時也表明這種機會可能很廣闊。

So just a function of what we see today.

這只是我們今天所見的功能。

Okay.

好的。

Understood.

明白了。

And then, Brian, maybe one on CDP.

然後，Brian，也許還有一個關於 CDP 的。

When you talk about company building onchain, maybe just could you paint a picture of non-crypto native participation today and how you would expect that to evolve in a backdrop where there is clearer regulation and legislation in the near term?

當您談到鏈上公司建設時，您能否描繪一下當今非加密原生參與的狀況，以及您認為在短期內監管和立法更加清晰的背景下，這種狀況將如何發展？

Yeah.

是的。

Well, a lot of the early adopters of CDP are start-ups, but if you're talking about -- and they're doing interesting things with AI and like payout solutions and a lot of things more native onchain.

嗯，很多 CDP 的早期採用者都是新創企業，但如果你在談論——他們正在用人工智慧做一些有趣的事情，例如支付解決方案和很多更原生的鏈上東西。

But if you're asking about non-cryptonative adoption -- and by the way, Coinbase Prime has a great API solution, a lot of parties are using that.

但如果你問的是非加密採用的情況——順便說一句，Coinbase Prime 有一個很好的 API 解決方案，很多人都在使用它。

So there's various actually ways we can serve them.

實際上我們可以用各種方式為他們服務。

It's not -- it's not only CDP.

這不僅是 CDP。

Like various institutional clients can automate pieces of their Coinbase Prime account with an API as well.

就像各種機構客戶也可以使用 API 自動化他們的 Coinbase Prime 帳戶的部分功能一樣。

But I think what it will look like over time for the non-crypto natives, the Fortune 500s of the world, et cetera.

但我認為，隨著時間的推移，對於非加密貨幣本地人、世界財富 500 強企業等來說，情況會是什麼樣子。

First, they'll come in and they'll say, okay, for just good treasury management inflation risk mitigation, we should hold percentage of our balance sheet in Bitcoin.

首先，他們會說，好吧，為了良好的資金管理，降低通膨風險，我們應該將一定比例的資產負債表投資於比特幣。

That's just a -- that's the new gold standard, right?

這只是一個——這是新的金本位，對吧？

It's just going to become like a best practice.

這將會成為一種最佳實踐。

And we can help them with that.

我們可以幫助他們。

I think then they'll start to think about, okay, how much am I paying in B2B payment fees, paying various vendors.

我想他們會開始考慮，好吧，我要向各個供應商支付多少 B2B 支付費用。

And where might there be like financing opportunities.

哪裡可能有類似的融資機會？

So cross-border payments, these things are areas where crypto can really provide a better solution.

因此，跨境支付是加密貨幣真正可以提供更好解決方案的領域。

And so I think they'll integrate from like a treasury management payments like those things from the Fortune 500.

所以我認為他們會將類似財富 500 強的財務管理支付整合。

Now some of them will actually go even further than that, I think, and they'll start to say, Okay.

現在，我認為他們中的一些人實際上會走得更遠，他們會開始說，好吧。

How do we issue our rewards points onchain?

我們如何在鏈上發行獎勵積分？

How do we allow members of our community that are -- like some new products they're launching to participate in a sense of ownership around it or governance around it, right?

我們如何允許社群成員——例如他們正在推出的一些新產品——參與其中並產生一種主人翁意識或治理意識，對嗎？

Others might -- like if you were building Reddit or Uber or Airbnb today, you'd probably -- you'd want the early users on that platform or Wikipedia or anybody contributing to a community or a product, you'd want to have the early users of that platform earn rewards or have governance rights over it, just like the employees working on it, right?

其他人可能會——例如如果你今天正在創建 Reddit 或 Uber 或 Airbnb，你可能會——你會希望該平台或維基百科的早期用戶或任何為社區或產品做出貢獻的人，你會希望該平台的早期用戶獲得獎勵或對其擁有治理權，就像在該平台上工作的員工一樣，對嗎？

And so you can imagine new products being launched in those categories.

因此你可以想像在這些類別中會推出新產品。

So yeah, I think eventually, it will integrate into many different companies in different ways.

是的，我認為最終它將以不同的方式融入許多不同的公司。

But crypto is many different things, and we can provide those services through our -- through CDP, Coinbase Prime, et cetera.

但加密貨幣有很多不同的東西，我們可以透過 CDP、Coinbase Prime 等提供這些服務。

Great.

偉大的。

That's it for today.

今天就到這裡。

Thank you all for joining us, and we look forward to talking to you again next quarter.

感謝大家的加入我們，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.

您現在可以斷開連線。