Coinbase Global Inc (COIN) 2025 Q1 法說會逐字稿

Good afternoon. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coinbase first-quarter 2025 earnings call. (Operator Instructions)

午安.我叫 Eric，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Coinbase 2025 年第一季財報電話會議。（操作員指示）

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。

Good afternoon, and welcome to the Coinbase first quarter 2025 earnings call. Joining me on today's call are Brian Armstrong, Co-Founder and CEO; Emilie Choi, President and COO; Alesia Haas, CFO; and Paul Grewal, Chief Legal Officer.

下午好，歡迎參加 Coinbase 2025 年第一季財報電話會議。參加今天電話會議的還有共同創辦人兼執行長 Brian Armstrong； Emilie Choi，總裁兼營運長； Alesia Haas，財務長；以及首席法律長 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. 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. Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings.

我希望大家有機會閱讀我們今天稍早在投資者關係網站上發布的股東信。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。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. Reconciliations to the most directly comparable GAAP financial measures are provided in our shareholder letter on our Investor Relations website. Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP 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。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。非公認會計準則 (Non-GAAP) 財務指標應被視為公認會計準則 (GAAP) 指標的補充，而非替代。

We'll start today's call with opening comments from Brian and Alesia, and then take questions from retail shareholders and our research analysts. And with that, I'll turn it over to Brian for opening comments.

今天的電話會議將以 Brian 和 Alesia 的開場白開始，然後回答散戶股東和我們的研究分析師的問題。現在，我將把時間交給 Brian 來發表開場評論。

Thanks, Anil. Coinbase delivered across the board in Q1. We posted strong financials, rolled out product innovations at a rapid pace, and continued to grow global market share. Financially, we're better positioned than ever to capitalize on the opportunities ahead of us in 2025. As just 1 example, our Q1 revenue was $2 billion with $930 million in adjusted EBITDA, demonstrating how resilient our business is even in an uncertain macro environment.

謝謝，阿尼爾。Coinbase 在第一季表現全面出色。我們取得了強勁的財務業績，快速推出了產品創新，並持續擴大全球市場份額。從財務角度來看，我們比以往任何時候都更有能力抓住 2025 年面臨的機會。舉一個例子，我們的第一季營收為 20 億美元，調整後的 EBITDA 為 9.3 億美元，這表明即使在不確定的宏觀環境下，我們的業務也具有很強的韌性。

Before I dive into the product updates, I want to remind everybody about why Coinbase exists. Coinbase was founded to increase economic freedom in the world. We think cryptocurrency is the most important technology to update the financial system and create that economic freedom for people all over the world.

在深入介紹產品更新之前，我想提醒大家 Coinbase 存在的原因。Coinbase 成立的目的是為了增加世界的經濟自由。我們認為加密貨幣是更新金融體系和為全世界人民創造經濟自由的最重要的技術。

Many people today don't have access to good financial services and it's holding back progress. Everyone deserves access to basic financial infrastructure, good [proper], sound money, free from high inflation, the ability to get a loan, make payments without high fees and delays, and to choose what to do with their own money.

如今，許多人無法獲得良好的金融服務，這阻礙了進步。每個人都應該享有基本的金融基礎設施、良好、健全的貨幣、免受高通膨影響、獲得貸款的能力、無需支付高額費用和延遲付款的能力，以及選擇如何使用自己的錢的能力。

Greater economic freedom is correlated with all sorts of outcomes we want in society like higher GDP per capita, self-reported happiness, and income for the bottom 10%. It's foundational to all progress. Now this ties into all the products we build across multiple customer groups, including real businesses, institutions and developers.

更大的經濟自由與我們期望的社會結果息息相關，例如更高的人均 GDP、自我報告的幸福感以及底層 10% 的收入。它是一切進步的基礎。現在，這與我們為多個客戶群（包括真實企業、機構和開發商）所建造的所有產品息息相關。

And serving these multiple customer groups has the potential to create synergies in our business over time. For instance, our emerging payments business drives volume on our exchange, or by serving retail, pro, and institutional traders all in one platform, we get more liquidity and order flow on our exchange.

隨著時間的推移，為這些不同的客戶群提供服務有可能為我們的業務帶來協同效應。例如，我們的新興支付業務推動了我們交易所的交易量，或透過在一個平台上為零售、專業和機構交易者提供服務，我們在交易所獲得了更多的流動性和訂單流。

We have retail customers who want to spend crypto. We also have businesses who want to accept crypto. That's sparking economic activity. So our goal is to be the number one financial services platform in the world across each of the customer groups we serve, with crypto rails eventually powering the majority of global GDP.

我們有一些想要使用加密貨幣的零售客戶。我們也有企業想要接受加密貨幣。這激發了經濟活動。因此，我們的目標是成為我們服務的每個客戶群中全球第一的金融服務平台，並最終讓加密貨幣軌道為全球大部分 GDP 提供動力。

Now let's take a minute to go through some of our product updates in Q1 in service of this broader mission. I'll talk about it in three parts. The first one is going to be about driving revenue in our core businesses. The second is going to be creating or driving utility for the next wave of crypto adoption, some of our emerging products. And third is going to be scaling our foundations, primarily around policy and legal outcomes.

現在讓我們花一點時間來回顧我們在第一季為實現這一更廣泛的使命而進行的一些產品更新。我分三部分來講。第一個目標是推動我們核心業務的收入。第二個目標是為下一波加密貨幣應用創造或推動實用性，也就是我們的一些新興產品。第三是擴大我們的基礎，主要圍繞在政策和法律成果。

So for this first one, we're driving more revenue in our core businesses. Let's start with trading. We're continuing to gain share in Q1 in spot and derivatives. We drove over $800 billion in global derivatives trading volume. While still early, this is a significant market share increase driven by our international exchange, where we saw our perps market share increase by over 60%.

因此，對於第一個目標，我們正在為核心業務增加更多收入。讓我們從交易開始。我們在第一季的現貨和衍生性商品市場佔有率持續成長。我們推動了全球衍生性商品交易量超過8000億美元。雖然還處於早期階段，但這是一個顯著的市場份額增長，這得益於我們的國際交易所，我們的 perps 市場份額增長了 60% 以上。

This morning, we announced the acquisition of Deribit, the world's leading crypto options exchange with over $30 billion of open interest and $1 trillion in trading volume outside the US last year. This makes Coinbase the number one crypto derivative platform globally by open interest.

今天上午，我們宣布收購 Deribit，這是一家全球領先的加密選擇交易所，去年在美國以外地區的未平倉合約超過 300 億美元，交易量達 1 兆美元。這使得 Coinbase 成為全球未平倉合約第一大加密衍生性商品平台。

And it's our biggest move yet to accelerate our international road map and build out this comprehensive trading platform. And traders benefit from having spot, futures, and now options together under one roof. So Deribit is a very important piece of the puzzle for us to bring this together all at Coinbase.

這是我們迄今為止加速推進國際路線圖、建構綜合貿易平台的最大措施。交易者可以從現貨、期貨和選擇權的集中交易中受益。因此，Deribit 是我們在 Coinbase 整合所有這些功能的一個非常重要的拼圖。

We also launched Portfolio Margin 2.0, expanding access to long-short capabilities and increasing leverage for our institutional traders. We made great strides across our stretch goal to make USDC the number one stablecoin as well.

我們也推出了投資組合保證金 2.0，擴大了多空交易能力，並提高了機構交易者的槓桿率。我們在實現延伸目標方面取得了巨大進步，使 USDC 成為第一穩定幣。

In fact, USDC hit a market cap all-time high of $60 billion in Q1, and the average USDC held in Coinbase products increased 49% quarter over quarter to $12 billion. And given our partnership with Circle, which is indefinitely renewable, increased USDC balances on our platform result in durable revenue for Coinbase. Base stablecoin balances reached $4 billion in Q1, up 12% quarter over quarter. This was also largely driven by USDC.

事實上，USDC 的市值在第一季創下了 600 億美元的歷史新高，而 Coinbase 產品中持有的 USDC 平均環比增長 49%，達到 120 億美元。鑑於我們與 Circle 的合作關係可以無限期續簽，我們平台上 USDC 餘額的增加將為 Coinbase 帶來持久的收入。第一季基礎穩定幣餘額達 40 億美元，季增 12%。這在很大程度上也是受到 USDC 推動的。

Next up, we accelerated our international expansion for our core businesses. We continue to repeat our successful international playbook driven by obtaining new licenses. So we secured a vast registration in Argentina. We also registered with India's Financial Intelligence Unit, FIU, unlocking access to one of the fastest-growing crypto markets. It's really great to see this product execution at a rapid pace in our core businesses.

接下來，我們加快核心業務的國際擴張。我們將繼續重複我們透過獲得新許可證而取得的成功的國際策略。因此我們在阿根廷獲得了廣泛的註冊。我們也在印度金融情報機構 FIU 註冊，從而進入成長最快的加密市場之一。看到該產品在我們的核心業務中快速實施，真是令人高興。

The second, as I mentioned, we're also focused on driving utility for the next wave of crypto adoption and some more emerging products. So first, under this section, stablecoin payments have seen enormous growth lately, and we've started to build a business account for Coinbase, which includes B2B payment features for start-ups and SMBs.

第二，正如我所提到的，我們也專注於推動下一波加密貨幣採用和一些新興產品的實用性。首先，在本節中，穩定幣支付最近出現了巨大的成長，我們已經開始為 Coinbase 建立一個商業帳戶，其中包括針對新創公司和中小型企業的 B2B 支付功能。

In Q2, we'll be onboarding the first businesses to our pilot, enabling them to make stablecoin pay-ins and payouts. Given Coinbase's long history building crypto infrastructure, custody trading, and our network of bank partners around the world, we think we're well positioned to power stablecoin payments for many businesses.

在第二季度，我們將讓第一批企業加入我們的試點項目，使他們能夠進行穩定幣的支付和存入。鑑於 Coinbase 在建立加密基礎設施、託管交易以及遍布全球的銀行合作夥伴網路方面的悠久歷史，我們認為我們有能力為許多企業提供穩定幣支付服務。

This quarter, we also expanded our on-chain lending products, powered by Base. We launched Bitcoin-backed USDC borrowing. This is giving users instant liquidity without having to sell their Bitcoin. In the first 100 days, we saw over $100 million in loans. It's now up to $160 million in loans.

本季度，我們也擴展了由 Base 提供支援的鏈上借貸產品。我們推出了由比特幣支援的 USDC 借貸。這為用戶提供了即時流動性，而無需出售他們的比特幣。在最初的 100 天裡，我們的貸款額超過了 1 億美元。目前貸款總額已達1.6億美元。

Since January, it's growing at a really incredible pace. So we've had a lot of success with that product. We're also continuing to focus on empowering builders on Base. We think this is a big opportunity for the next wave of adoption.

自一月份以來，它一直以驚人的速度增長。因此，該產品取得了巨大的成功。我們也將繼續致力於增強 Base 上的建造者的能力。我們認為這是下一波採用浪潮的巨大機會。

So we made two acquisitions that completed in Q1 to enhance the utility of Base. The first one, Spindl is an on-chain ad platform. This helps apps get distribution. It could be a big business over time. And we also acquired a company called Iron Fish, which is helping create private transactions on Base. We think this is a big missing feature for people to send private transactions.

因此，我們在第一季完成了兩次收購，以增強 Base 的實用性。第一個，Spindl 是一個鏈上廣告平台。這有助於應用程式獲得分發。隨著時間的推移，它可能會成為一門大生意。我們還收購了一家名為 Iron Fish 的公司，該公司正在協助在 Base 上建立私人交易。我們認為這是人們發送私人交易時缺少的重大功能。

So finally, we are scaling our foundations. And our world-class policy and legal teams had big wins in Q1, both in D.C. and in the courts. So we saw a new executive order come out that directed the establishment of a strategic Bitcoin reserve and digital asset stockpile. This is a huge step with the United States of America now efficiently recognizing Bitcoin as a strategic asset.

所以最後，我們正在擴大我們的基礎。我們世界一流的政策和法律團隊在第一季無論是在華盛頓特區還是在法庭上都取得了重大勝利。因此，我們看到了一項新的行政命令，指示建立戰略比特幣儲備和數位資產庫存。這是一個巨大的進步，美國現在有效地將比特幣視為一種戰略資產。

I believe other countries will follow that lead. We also saw bipartisan legislation advance in Congress, building clearer frameworks for both stablecoins and crypto market structure. We've been meeting regularly with members on both sides of the aisle in the House and the Senate to help progress stablecoin market structure legislation.

我相信其他國家也會跟進。我們也看到國會兩黨立法取得進展，為穩定幣和加密貨幣市場結構建立了更清晰的框架。我們一直定期與眾議院和參議院兩黨議員會面，以協助推動穩定幣市場結構立法。

And even the vote that happened earlier today, we think is good progress. It's all part of the negotiation. We think there'll be another vote next week on stablecoin so we're very excited about that progress.

甚至今天早些時候進行的投票，我們都認為是良好的進展。這都是談判的一部分。我們認為下週將對穩定幣進行另一次投票，因此我們對這一進展感到非常興奮。

The dismissal of the SEC lawsuit against Coinbase also marked a major judicial win for the balanced innovation-friendly regulation that we've been advocating for. It's really -- that was a really important milestone not just for us but for the entire industry and protecting our customers' rights.

SEC 對 Coinbase 訴訟的駁回也標誌著我們一直倡導的平衡創新友好型監管取得了重大司法勝利。這確實是一個非常重要的里程碑，不僅對我們而言，而且對整個產業以及保護我們客戶的權利而言。

So in closing, it's important to realize that crypto is eating financial services and coin base is 100% focused on crypto. We're building better financial infrastructure for the world, which will enable more economic freedom.

因此，最後，重要的是要認識到加密貨幣正在吞噬金融服務，並且 Coin Base 100％ 專注於加密貨幣。我們正在為世界建立更好的金融基礎設施，這將實現更多的經濟自由。

We've been focused on crypto since the beginning 12 years ago, and we continue to be focused there, executing at a rapid pace. With growing regulatory clarity, we believe crypto rails are poised to power an increasing share of global GDP and update every aspect of the financial system over time. Now I'll turn it over to Alesia.

自 12 年前開始，我們就一直專注於加密技術，我們將繼續專注於此，並快速執行。隨著監管日益清晰，我們相信加密貨幣軌道將推動全球 GDP 份額的不斷增長，並隨著時間的推移更新金融體系的各個方面。現在我將把話題交給 Alesia。

Thanks, Brian, and good afternoon, everyone. As typical, all comparisons I share are on a quarter-over-quarter basis unless I note otherwise. We made progress in a variety of initiatives in Q1, as Brian articulated, and these contributed to over $2 billion in total revenue.

謝謝，布萊恩，大家下午好。通常，除非另有說明，我分享的所有比較都是按季度進行的。正如 Brian 所言，我們在第一季的多項措施中取得了進展，這些措施為總收入貢獻了超過 20 億美元。

I want to start with our transaction revenue, which was $1.3 billion, down 19% quarter over quarter. However, we grew our trading market share across both spot and derivatives trading. Total global spot trading was down 13% with Coinbase outperforming at down 10%.

首先我想說我們的交易收入，為 13 億美元，季減 19%。然而，我們在現貨交易和衍生性商品交易中的交易市佔率都有所成長。全球現貨交易總量下跌 13%，其中 Coinbase 表現優異，下跌 10%。

Our consumer trading volume was $78 billion, down 17%. Consumer transaction revenue declined 19%, and our volume mix was similar in Q1 as compared to Q4. Institutional trading volume was $315 billion, down 9%. Institutional transaction revenue was down 30%.

我們的消費者交易量為780億美元，下降了17%。消費者交易收入下降了 19%，第一季和第四季的交易量結構相似。機構交易量為3150億美元，下降9%。機構交易收入下降了30%。

There are two factors which drove the discrepancy between the revenue decline and the volume decline. The first is the growth in our derivatives trading business. As we build this business, we are offering trading rebates and incentives to build liquidity and acquire customers.

造成收入下降和銷售下降之間差異的因素有兩個。首先是衍生性商品交易業務的成長。在建立這項業務的過程中，我們提供交易回扣和獎勵來建立流動性並吸引客戶。

Our focus on growth is causing a decline in the transaction revenue that we get from derivatives trading as these are contra revenue and recorded in the institutional transaction revenue line item. Second, we saw a spot volume mix shift, which was more concentrated about market makers and liquidity providers, which tend to have lower fee rates.

我們對成長的關注導致我們從衍生性商品交易中獲得的交易收入下降，因為這些收入是抵消收入，並記錄在機構交易收入項目中。其次，我們看到現貨交易量結構發生了變化，更集中於做市商和流動性提供者，而他們的費率往往較低。

Our subscription and services revenue grew 9%, and we saw an all-time high of $698 million, nearly $700 million in revenue. Two drivers of this growth: first, stablecoin revenue grew 32% quarter over quarter to $298 million. Over the last years, we have seen MDUs holding USDC double, and the average balance of USDC per holder has tripled. Coinbase One also continued to add new subscribers as we extended new benefits.

我們的訂閱和服務收入成長了 9%，達到了 6.98 億美元的歷史新高，營收接近 7 億美元。這一成長有兩個驅動因素：首先，穩定幣收入環比成長 32%，達到 2.98 億美元。在過去的幾年裡，我們看到 MDU 持有的 USDC 翻了一番，每個持有者的 USDC 平均餘額增加了兩倍。隨著我們推出新的福利，Coinbase One 也持續增加新用戶。

Now turning to our expenses. Our total operating expenses were $1.3 billion, up 7%, primarily driven by higher variable expenses resulting from elevated market maker activity earlier in the quarter, as well as losses on our crypto assets for operations.

現在談談我們的開支。我們的總營運費用為 13 億美元，成長 7%，主要原因是本季稍早做市商活動增加導致的變動費用增加，以及我們的加密資產營運損失。

Adjusted EBITDA was $930 million and net income was $66 million. Beginning this quarter, we are introducing a new profitability metric, adjusted net income. Adjusted net income is our GAAP net income excluding the tax adjusted impact of crypto investment portfolio gains or losses. In Q1, our adjusted net income was $527 million. We provided a reconciliation in our shareholder letter.

調整後的 EBITDA 為 9.3 億美元，淨收入為 6,600 萬美元。從本季開始，我們將引入一項新的獲利指標—調整後淨收入。調整後的淨收入是我們的 GAAP 淨收入，不包括加密投資組合收益或損失的稅收調整影響。第一季度，我們的調整後淨收入為 5.27 億美元。我們在致股東的信函中提供了一份對帳單。

Last, our Q2 outlook. Macro uncertainty including around global trade policy may contribute to softer crypto trading markets and lower asset prices as we enter the second quarter. We have navigated choppy markets before, and we are confident in our ability to maintain our long-term product road map and remain financially disciplined.

最後，我們對第二季的展望。進入第二季度，包括全球貿易政策在內的宏觀不確定性可能會導致加密交易市場疲軟和資產價格下跌。我們以前曾經歷過動盪的市場，我們有信心維持我們的長期產品路線圖並保持財務紀律。

In April, we generated approximately $240 million of transaction revenue. Our spot transaction volume declined approximately 12% month over month in April, and this was similar to global spot volume, which was down approximately 13% over that same time period.

四月份，我們創造了約2.4億美元的交易收入。我們的現貨交易量 4 月較上季下降約 12%，與全球現貨交易量相似，同期全球現貨交易量也下降了約 13%。

With regards to our institutional transaction revenue, as I mentioned before, we are focused on growing derivatives trading market share, and we plan to continue our investments in trading incentives. We anticipate a $30 million to $40 million quarter-over-quarter impact in Q2.

關於我們的機構交易收入，正如我之前提到的，我們專注於增加衍生性商品交易市場份額，並且我們計劃繼續對交易誘因進行投資。我們預計第二季的環比影響為 3,000 萬至 4,000 萬美元。

I share all this but I also need to remind you that trading markets can evolve quickly, and we do caution extrapolating monthly results. We expect subscription and services revenue to be between $600 million and $680 million.

我分享所有這些，但我還需要提醒您，交易市場可以快速發展，我們確實謹慎推斷月度結果。我們預計訂閱和服務收入將在 6 億美元至 6.8 億美元之間。

We expect to see stablecoin revenue growth. However, the main driver of the expected sequential decline is due to Ethereum and Solana prices, which are down approximately 36% and 25%, respectively, so far in Q2 compared to their Q1 averages. These price declines impact our blockchain rewards and other subscription and services revenue lines.

我們預計穩定幣收入將會成長。然而，預計環比下降的主要原因是以太坊和 Solana 的價格，與第一季的平均價格相比，第二季迄今分別下跌了約 36% 和 25%。這些價格下跌影響了我們的區塊鏈獎勵和其他訂閱和服務收入線。

We expect technology and development and general and administrative expenses to be in the range of $700 million to $750 million. The quarter-over-quarter decline is mostly driven from lower variable expenses like infrastructure, customer support, and seasonally lower payroll taxes.

我們預計技術和開發以及一般和行政費用將在 7 億至 7.5 億美元之間。季度環比下降主要是由於基礎設施、客戶支援等變動費用的降低以及季節性工資稅的降低。

Lastly, we expect sales and marketing to be in the range of $215 million to $315 million. Where we fall in this range will depend on whether we continue to see attractive performance marketing opportunities and on the total USDC balances and Coinbase products, which drives USDC rewards.

最後，我們預計銷售和行銷收入將在 2.15 億美元至 3.15 億美元之間。我們在這個範圍內的位置將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 USDC 總餘額和 Coinbase 產品。

I'd like to close by touching on this morning's milestone acquisition of Deribit. We are acquiring Deribit for approximately $2.9 billion. This is comprised of $700 million of cash from our balance sheet and 11 million shares of our Class A common stock that we will issue.

最後，我想談談今天早上對 Deribit 的里程碑式收購。我們將以約 29 億美元收購 Deribit。其中包括我們資產負債表中的 7 億美元現金和我們將發行的 1,100 萬股 A​​ 類普通股。

This is subject to customary purchase adjustments. Deribit has a consistent track record of generating positive adjusted EBITDA, which we believe we will be able to grow as a combined entity. They're a leader in options with 75% global market share, and they've consistently been in a strong position across market cycles with $30 billion of open interest and they saw $1 trillion of volume in 2024.

這取決於慣常的購買調整。Deribit 一直保持著產生正調整後 EBITDA 的記錄，我們相信，合併後的公司將能夠成長。他們是選擇權領域的領導者，擁有 75% 的全球市場份額，並且在市場週期中始終保持強勢地位，未平倉合約價值為 300 億美元，2024 年的交易量將達到 1 兆美元。

We expect the deal to close by the end of the year. And upon closing, we expect Deribit to immediately enhance our profitability and add diversity and durability to our trading revenues.

我們預計交易將於今年底完成。交易完成後，我們預計 Deribit 將立即提高我們的獲利能力，並增加我們交易收入的多樣性和持久性。

With that, Anil, why don't we go to questions?

好了，阿尼爾，我們為什麼不開始提問呢？

All right. Thank you, both. So we'll take the top three retail questions and then open it up to the analysts. So the first one is, any plans on share buybacks, Alesia?

好的。謝謝你們兩位。因此，我們將討論三大零售問題，然後將其提交給分析師。那麼第一個問題是，阿萊西亞，有任何股票回購計畫嗎？

Thanks for that. So last year, our Board did authorize a $1 billion share repurchase program with no expiration date. As we shared on the last call, this is an opportunistic way for us to deploy capital to reduce the overall number of shares that we see.

謝謝。因此，去年我們的董事會確實批准了一項 10 億美元的股票回購計劃，且沒有截止日期。正如我們在上次電話會議上所分享的那樣，這是我們部署資本以減少我們看到的股票總數的一種機會主義方式。

However, we opportunistically look at M&A, and we opportunistically look at many things with our cash. And so the acquisition that we announced this morning, for example, is using $700 million of cash from our balance sheet, and that will have the effect of that we will not issue those as shares.

然而，我們投機地看待併購，我們投機地用現金看待很多事情。例如，我們今天上午宣布的收購動用了我們資產負債表中的 7 億美元現金，這意味著我們不會以股票形式發行這些現金。

Another thing that we did in the first quarter is we used about $100 million from our balance sheet to withhold approximately 390 million RSUs from being issued to our employees as part of their compensation and paying the taxes on those shares. So that also had the effect of reducing overall dilution.

我們在第一季做的另一件事是，我們從資產負債表中扣除了約 1 億美元，用於扣留約 3.9 億股 RSU，不將其作為員工薪酬的一部分發放給他們，並支付這些股票的稅款。因此這也有助於減少整體稀釋。

So the share repurchase program is an opportunistic lever for us to manage the overall number of shares, but we balance that with other uses of cash and other ways we can reduce the number of shares we issue into the market through other business activities.

因此，股票回購計畫是我們管理總股票數量的一個機會槓桿，但我們會透過現金的其他用途和其他方式來平衡，以便透過其他業務活動減少向市場發行的股票數量。

All right. Question number two. What are Coinbase's future plans similar to strategy regarding diluting or levering to accrue hard crypto reserve assets for its equity, Alesia?

好的。第二個問題。Coinbase 的未來計畫有哪些類似於稀釋或利用槓桿為其股權 Alesia 累積硬加密儲備資產的策略？

So we absolutely do invest in crypto and have a long-term investment portfolio. We have done this for many, many years. And the way that we approach it is that we allocate a percent of our net income to strategic investments, specifically to crypto assets.

所以我們確實投資加密貨幣並且擁有長期投資組合。我們已經這樣做了很多年。我們處理這個問題的方式是將一定比例的淨收入分配給策略性投資，特別是加密資產。

This quarter, we bought about $150 million of new crypto investments, predominantly Bitcoin. The fair market value of this investment portfolio as of the end of March was about $1.3 billion or 25% of our net cash, our total cash less the debt that we hold on our balance sheet.

本季度，我們購買了約 1.5 億美元的新加密貨幣投資，主要是比特幣。截至 3 月底，該投資組合的公平市價約為 13 億美元，占我們淨現金（即我們的總現金減去我們資產負債表上的債務）的 25%。

So to be clear, we're an operating company but we do invest alongside the space, and we do think that we will continue to do this and we'll look for additional opportunities to do so.

所以需要明確的是，我們是一家營運公司，但我們確實在該領域進行投資，我們確實認為我們會繼續這樣做，並且我們會尋找更多機會來這樣做。

Okay. And final retail question. You've said that you welcome new entrants into the crypto space and that you view it as a positive for Coinbase. At times, it sounded complacent. Can you elaborate on what opportunities you see from a growing TAM perspective and why you have confidence it will offset pressure from competition? Brian?

好的。最後一個零售問題。您曾說過，您歡迎新進業者進入加密領域，並且您認為這對 Coinbase 來說是一件好事。有時，這聽起來很自滿。您能否詳細說明從不斷增長的 TAM 角度您看到了哪些機會，以及為什麼您有信心它將抵消競爭壓力？布賴恩？

Yes, sure, let me clarify. So the lack of regulatory clarity that we had in the past, this was not a moat for Coinbase. It was a barrier to the entire industry growing. So I'd much rather be in a situation we're in today with regulatory clarity emerging and more companies coming into crypto.

是的，當然，讓我澄清一下。因此，過去我們缺乏監管透明度，這對 Coinbase 來說並不是一個護城河。這是整個產業發展的障礙。因此，我更希望我們今天所處的局面是，監管更加明確，更多的公司進入加密貨幣領域。

But make no mistake about it, we're playing to win here. And there's a number of advantages that we have so I'll just try to go through them. First, we're 100% focused on crypto, right? I've seen enough cycles now where companies get interested in crypto, then they get less interested, or maybe when their core business comes under threat, they defund their crypto efforts. For us, crypto is our core business. It's 100% of what we do, which means we do it better than anyone else.

但請不要誤會，我們是為了勝利而戰。我們有很多優勢，所以我將嘗試逐一介紹。首先，我們 100％ 專注於加密貨幣，對嗎？我現在已經看到了足夠的周期，公司對加密貨幣感興趣，然後他們的興趣降低，或者當他們的核心業務受到威脅時，他們就會停止對加密貨幣的投資。對我們來說，加密是我們的核心業務。這是我們所做的全部工作，這意味著我們比任何人都做得更好。

Now second, we've had to solve a lot of hard problems along the way to build a crypto infrastructure, which is pretty difficult to replicate. So everything from how do you custody crypto securely with data centers around the world, how do you integrate all the different blockchains and handle their upgrades and air drops?

其次，在建構加密基礎架構的過程中，我們必須解決許多難題，而這很難複製。那麼，如何利用世界各地的資料中心安全地保管加密貨幣，如何整合所有不同的區塊鏈並處理它們的升級和空投？

How do you build an exchange around this and have derivatives and have a network of banks around the world for on and off-ramps that are comfortable with crypto or getting licenses all over the world with people, the regulators allowing crypto with permitted activity.

如何圍繞這一點建立一個交易所，擁有衍生品，並在世界各地建立一個銀行網絡，為加密貨幣提供上行和下行通道，或者在世界各地獲得許可證，監管機構允許加密貨幣進行許可活動。

Even just the transaction processing and handling the scale of it, making that timely staking rewards, et cetera, et cetera. So these are all hard problems to solve across engineering, security, compliance, and it's taken us a long time to build that. We're adding more at a very rapid pace. I don't see others catching up.

即使只是交易處理和處理其規模，也能及時獲得獎勵等等。因此，這些都是跨工程、安全、合規性領域需要解決的難題，我們花了很長時間才實現這一點。我們正在以非常快的速度增加更多內容。我沒有看到其他人趕上。

Now third, this is maybe the most important point, is that for many of these new entrants to crypto, we will power some or all of their infrastructure for them. So whether it's trading, custody, payments, wallet infrastructure, we've signed a number of large deals here to run on our infrastructure, and we're going to capture part of the value chain for every new entrant that comes into the space, which is why I say it's a TAM expansion.

第三，這也許是最重要的一點，對於許多加密貨幣領域的新進業者來說，我們將為他們提供部分或全部基礎設施的支援。因此，無論是交易、託管、支付還是錢包基礎設施，我們都在這裡簽署了許多大型交易來運行我們的基礎設施，並且我們將為進入該領域的每個新進入者獲取部分價值鏈，這就是我說這是 TAM 擴展的原因。

So a great example of that, by the way, is when the ETFs got approved, we powered custody and trading for the majority of them, while it also grew our trading business in our retail app, right? So it was additive and we got to participate in this new value chain.

順便說一下，一個很好的例子是，當 ETF 獲得批准時，我們為其中大多數提供了託管和交易服務，同時也擴大了我們零售應用程式的交易業務，對嗎？所以它具有附加性，我們可以參與這個新的價值鏈。

So the other part of your question was asking about new opportunities that exist with this increased regulatory clarity and there's a bunch that are emerging now. Perpetual futures coming to the US is a big opportunity. Having millions of assets available for trading on our platform via the centralized exchanges, tokenizing securities, and other asset classes, that should probably happen over time.

所以你問題的另一部分是詢問隨著監管更加清晰，有哪些新機遇，現在有許多新機會正在出現。永續期貨進入美國是一個巨大的機會。透過中心化交易所、代幣化證券和其他資產類別，我們的平台上有數百萬種資產可供交易，這可能會隨著時間的推移而實現。

How do you just rethink capital formation entirely on-chain? These are all emerging opportunities. And so with increased regulatory clarity, it's going to be a huge win for Coinbase. We want every business to come into the space, so we can partner with them and sell them our products.

您如何重新思考完全在鏈上的資本形成？這些都是新興的機會。因此，隨著監管變得更加清晰，這對 Coinbase 來說將是一個巨大的勝利。我們希望每家企業都能進入這個領域，這樣我們就可以與他們合作並向他們銷售我們的產品。

All right. Thanks, Brian. So with that, Eric, let's open it up and take the first question from the analysts.

好的。謝謝，布萊恩。那麼，艾瑞克，讓我們開始回答分析師的第一個問題。

(Operator Instructions) Ken Worthington, JPMorgan.

（操作員指示） 摩根大通的肯‧沃辛頓。

I wanted to just start with the Deribit acquisition. Can you talk about the cross-sell opportunity and how the transaction strengthens Coinbase's existing franchise? And Alesia, you said it immediately enhances profitability. I take that to mean it's immediately accretive. Am I thinking about that correctly?

我想從 Deribit 收購案開始。您能談談交叉銷售機會以及交易如何加強 Coinbase 現有的特許經營權嗎？阿萊西亞，您說它可以立即提高盈利能力。我認為這意味著它會立即增值。我這樣想對嗎？

Thanks, Ken. I'll start, and then I'll hand it over to Alesia for the accretion. So (inaudible) offering options alongside our existing spot and perfs business. We believe that this allows us to, one, command greater share of trading volume from shared institutional customers; two, provide greater capital efficiency to clients, which is differentiated from competitive platforms, i.e., attract new customers; and three, offer traders more options to play the markets in either rising or falling conditions.

謝謝，肯。我先開始，然後交給 Alesia 進行增值。因此（聽不清楚）除了我們現有的現貨和穿孔業務外，還提供其他選擇。我們相信，這使我們能夠從共享機構客戶那裡獲得更大的交易量份額；二、為客戶提供更高的資金效率，與競爭平台形成差異化，即吸引新客戶；第三，為交易者提供更多在市場上漲或下跌時進行交易的選擇。

Deribit operates ex US and has adapted at competing with the ex US derivatives markets, and this is very complementary to our US futures business and supercharges our international derivatives franchise, the international exchange.

Deribit 在美國以外經營，並已適應與美國以外衍生性商品市場的競爭，這與我們的美國期貨業務非常互補，並為我們的國際衍生性商品特許經營權和國際交易所提供了強大的動力。

And from a traction standpoint, Deribit is the global leader in options with more than 75% market share. It's been consistently profitable. It strengthens our business by giving us market leadership within options which we expect to grow and enhances the profitability. And Alesia, do you want to take the accretion question?

從牽引力的角度來看，Deribit 是選擇權領域的全球領導者，擁有超過 75% 的市場份額。它一直保持盈利。它使我們在我們預期成長的選擇中佔據市場領導地位，從而增強了我們的業務並提高了盈利能力。阿萊西亞，你想回答吸積問題嗎？

Deribit has a history of positive adjusted EBITDA, and we believe it will be adjusted EBITDA positive on an accretion basis. However, I caution this is before we complete our purchase accounting adjustments.

Deribit 擁有正向調整後 EBITDA 的歷史，我們相信它在累積基礎上也將實現正向調整後 EBITDA。不過，我提醒大家，這是在我們完成採購會計調整之前。

Yes. And Ken, I'll just add real quick on your cross-selling point. I think this is really important. So a trader can actually go in and hedge futures position with options without having to switch platforms. So that's why we think that there is a cross-selling opportunity.

是的。肯，我只想快速補充一下你的交叉銷售觀點。我認為這真的很重要。因此，交易者實際上可以進入並使用選擇權對沖期貨頭寸，而無需切換平台。這就是我們認為交叉銷售機會的原因。

And this is -- improves the efficiency but also improves trading volume if they can do that all in one platform.

如果他們能在同一個平台上完成所有操作，那麼效率和交易量都會提高。

James Yaro, Goldman Sachs.

高盛的詹姆斯·亞羅。

So USDC comprises an increasing percentage of overall stablecoin market cap. Perhaps you could just speak to some of the logic behind Binance being added into the USDC partnership along with Circle and what this means for the USDC TAM?

因此，USDC 在整個穩定幣市值中所佔的比例越來越大。也許您可以談談幣安與 Circle 一起加入 USDC 合作夥伴關係背後的一些邏輯，以及這對 USDC TAM 意味著什麼？

And then perhaps could you also update us on the economics and how that split has changed as a percentage of USDC interest revenue now that Binance is part of the partnership?

那麼，您能否向我們介紹一下經濟狀況，以及自從幣安成為合作夥伴以來，該分成佔 USDC 利息收入的百分比發生了怎樣的變化？

Great. Great questions. So let me start with the latter and then we'll talk about the growth. So the commercial arrangement that we have with Circle has been filed as an addendum to our 10-K. So you can see the collaboration agreement.

偉大的。很好的問題。因此，讓我先從後者開始，然後再討論成長。因此，我們與 Circle 達成的商業協議已作為我們 10-K 的附錄提交。所以你可以看到合作協議。

In short, what it does is it provides 100% of the underlying reserve income to Coinbase for all of the USDC that we hold in our eligible products. And we have a new disclosure in our shareholder letter where you can see that split.

簡而言之，它的作用是為 Coinbase 提供我們在合格產品中持有的所有 USDC 的 100% 基礎儲備收入。我們在致股東的信中揭露了新的情況，您可以在其中看到這種分割。

We also then receive a percentage of the off-platform economics. So the waterfall is Circle receives some basis points for their issuer fees, for just being the issuer of USDC, maintaining their reserves and for administrative tasks. We then get 100% on our platform.

我們也會收到一定比例的平台外經濟收益。因此，瀑布模型中 Circle 會因其發行費用、作為 USDC 的發行人、維護其儲備和管理任務而獲得一些基點。然後我們在平台上獲得 100%。

We then agree with Circle if we are going to share economics with other distribution partners. And in the case of Binance, we did agree because we think that it grows the overall USDC market cap. We think this is beneficial to bring more distribution partners to the ecosystem.

然後，我們與 Circle 達成一致，同意我們與其他分銷合作夥伴分享經濟資訊。就幣安而言，我們確實同意，因為我們認為它會增加 USDC 的整體市值。我們認為這有利於將更多的分銷合作夥伴引入生態系統。

We then get 50% of the off-platform or what is remaining in USDC, and you can see that again in the table that we shared in our shareholder letter. So that is the economic arrangement.

然後，我們獲得 50% 的場外交易或剩餘的 USDC，您可以在我們在股東信中分享的表格中再次看到這一點。這就是經濟安排。

The rationale for adding distribution partners is we believe that we mean it drives liquidity, it drives global adoption. There are more and more places for customers to onboard and offboard USDC and to engage in products and services.

增加分銷合作夥伴的理由是，我們相信它可以推動流動性，並推動全球採用。客戶可以選擇加入和退出 USDC 以及參與產品和服務的地方越來越多。

These network effects, larger market cap, deeper liquidity, more places for customers to exchange, we think, is going to drive overall growth and opportunity for USDC.

我們認為，這些網路效應、更大的市值、更深的流動性、更多的客戶交易場所將推動 USDC 的整體成長和機會。

Yes. Maybe I'll just add in here for a minute. So the strategy for USDC to grow is really two things. It is, one, sharing economics with strong partners. And number two, it's following a compliant approach, right?

是的。也許我只需在這裡補充一點。因此，USDC 的成長策略實際上有兩個。第一，與強大的合作夥伴分享經濟。第二，它遵循的是合規方法，對嗎？

So USDC is currently the only major stablecoin in Europe, for instance, that complies with MiCA legislation. So if they can share economics and they can follow a compliant approach, we feel that they're going to continue to grow. And it's worth noting that USDC is the fastest-growing major US-backed stablecoin right now. So we think they're on a great path.

因此，USDC 目前是歐洲唯一符合 MiCA 立法的主要穩定幣。因此，如果他們能夠分享經濟並遵循合規的方法，我們認為他們將繼續發展。值得注意的是，USDC 是目前成長最快的美國支持的主要穩定幣。所以我們認為他們正走在一條偉大的道路上。

Devin Ryan, Citizens.

德文·瑞安（Devin Ryan），公民。

A question just around momentum in allowing kind of traditional banks to enter the industry in different capacities, obviously kind of moving towards that. And on one hand, some could be competitors in certain places and that gets a fair amount of press.

問題在於允許傳統銀行以不同的身分進入該行業的勢頭，顯然我們正在朝著這個方向發展。一方面，有些人可能在某些地方成為競爭對手，這引起了媒體的廣泛關注。

But on the other side, it seems like there's still a fair amount that Coinbase can do with this potential customer cohort or partner with and even potentially even through the partnership with Circle. So I'm curious if you're having conversations directly with this part of the market.

但另一方面，Coinbase 似乎仍然可以利用這個潛在客戶群或合作夥伴做很多事情，甚至可能透過與 Circle 的合作來做很多事情。所以我很好奇您是否直接與這個市場部分進行對話。

And just more broadly, the view around kind of the opening up of traditional financial institutions into the space, how that could be a positive catalyst for Coinbase.

更廣泛地說，傳統金融機構向該領域開放的觀點可能成為 Coinbase 的積極催化劑。

Yes. So I'll start off and then, yes, Emilie, Alesia, others, feel free to jump in. So yes, we think that every major bank is going to be integrating crypto. At some point, like I said, we think it's a technology to update the financial system. And we've had conversations with a number of them.

是的。所以我先開始了，然後，是的，Emilie、Alesia 和其他人，請隨意加入。所以是的，我們認為每家主要銀行都會整合加密貨幣。某種程度上，就像我說的，我們認為這是一項更新金融體系的技術。我們已經與其中許多人進行了交談。

We've signed some deals actually. And we can power a variety of things for them. So some of them, it is a custodial solution, right. Others are interested in having a stablecoin solution. Now there is -- we've seen some interest where banks and other companies will want to create their own stablecoin.

實際上我們已經簽署了一些協議。我們可以為他們提供各種各樣的動力。所以其中一些是託管解決方案，對的。其他人對穩定幣解決方案感興趣。現在，我們看到一些銀行和其他公司對創建自己的穩定幣感興趣。

Our view is that that's not necessarily the best path because we think stablecoins have network effects. You want interoperability with other financial institutions to be able to settle payments and do all kinds of things. So especially if you can get shared economics, I don't see why we wouldn't have -- we wouldn't see more of these banks kind of partnering with USDC.

我們的觀點是，這不一定是最好的途徑，因為我們認為穩定幣具有網路效應。您希望與其他金融機構實現互通，以便能夠結算付款並完成各種事情。因此，特別是如果你可以獲得共享經濟，我不明白為什麼我們不會看到更多這樣的銀行與 USDC 合作。

But regardless, we at Coinbase, I think, can help power infrastructure for all these folks that are coming into the industry, and that's a big part of our plan. We call it crypto-as-a-service, right? It's a service that we sell to these institutional clients, and we can power custody, trading, stablecoin infrastructure, et cetera, for them.

但無論如何，我認為 Coinbase 可以為所有進入該行業的人提供強大的基礎設施支持，這是我們計劃的重要組成部分。我們稱之為加密即服務，對嗎？這是我們向這些機構客戶銷售的服務，我們可以為他們提供託管、交易、穩定幣基礎設施等。

And it's important to note that we do 200 institutions, BlackRock, Stripe, PayPal, others that already are relying on our rails for custody, liquidity. And Prime is the standard for institutional access. We've shared with you before that we won a number of the ETF mandates and it shows the strength of our platform, our controls, and the operational rigor that we have built out to support large major institutions as they transact in crypto. So as TradFi moves on-chain, we think we're the backbone beneath it.

值得注意的是，我們與 200 家機構合作，包括貝萊德、Stripe、PayPal 等，這些機構已經依賴我們的服務進行託管和流動性管理。Prime 是機構存取的標準。我們之前曾與大家分享過，我們贏得了多項 ETF 授權，這展示了我們平台的實力、我們的控制力以及我們為支持大型機構進行加密貨幣交易而建立的營運嚴謹性。因此，隨著 TradFi 在鏈上移動，我們認為我們是背後的支柱。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

So first of all, congrats on the Deribit deal. I have a high-level question. Could you please give us an update on what Coinbase aspires to be in 5 to 10 years? I realize that a lot of things have changed over the past few years and great companies evolve with opportunities.

首先，恭喜您與 Deribit 達成交易。我有一個高層次的問題。您能否向我們介紹一下 Coinbase 在未來 5 到 10 年內的發展目標？我意識到過去幾年很多事情都發生了變化，偉大的公司也隨著機會而發展。

And you just announced the Deribit deal. You're also considering, I think, getting a federal bank charter. What will Coinbase look like longer term? Do you think Coinbase will be more like a tech provider, a surface onchain bank, or a super app like WeChat? Also, are you interested to get into TradFi space such as equities and bond trading, given that you mentioned that you're 100% focused on crypto?

您剛剛宣布了與 Deribit 的交易。我認為您還在考慮獲得聯邦銀行執照。Coinbase 的長期前景如何？您認為 Coinbase 會更像一家技術提供者、一家表面的鏈上銀行，還是像微信這樣的超級應用程式？另外，鑑於您提到您 100% 專注於加密貨幣，您是否有興趣進入股票和債券交易等 TradFi 領域？

Yes. Great question. So today, we're primarily focused on trading and payments, and we're doing that across our major customer groups, retail, small, medium-sized businesses, institutions, and developers. But I think in 5 to 10 years, our goal is to be the number one financial services app in the world across those customer segments because we believe that crypto is eating financial services, and we are the number one crypto company, right? And so that's where we think things are going.

是的。好問題。因此，今天我們主要專注於交易和支付，並且我們針對主要客戶群、零售商、中小型企業、機構和開發商進行這項工作。但我認為，在 5 到 10 年內，我們的目標是成為這些客戶群中全球排名第一的金融服務應用程序，因為我們相信加密貨幣正在蠶食金融服務，而我們是排名第一的加密貨幣公司，對嗎？我們認為事情將會朝著這個方向發展。

You mentioned potentially integrating traditional financial services or TradFi services. I mean, we really want to stay to where the puck is going here and be the best company at building on-chain. And so we think all these asset classes, money market funds, real estate, securities, debt -- these are all coming on-chain.

您提到可能會整合傳統金融服務或 TradFi 服務。我的意思是，我們真的想堅持冰球前進的方向，成為鏈上建設方面最好的公司。因此我們認為所有這些資產類別，貨幣市場基金、房地產、證券、債務——這些都將上鍊。

And you heard about some of those in our product updates, so we don't necessarily want to look backwards. We want to look forward and get to where this opportunity is going.

您在我們的產品更新中聽到了其中的一些內容，因此我們不一定想回顧過去。我們希望展望未來並抓住這個機會。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Maybe just on the recent rumor that there could be a change of control with Circle. Is there any change of control clause with Circle where that provides over would acquire Circle and out? Or what would happen in a scenario where Circle get acquired?

也許只是因為最近有傳言稱 Circle 的控制權可能會改變。Circle 是否存在控制權變更條款，規定接管方將收購 Circle 並退出？或者如果 Circle 被收購，會發生什麼情況？

Our contract would persist through an acquisition. There would be no change to our commercial arrangement.

我們的合約將在收購後繼續有效。我們的商業安排不會有任何改變。

Pete Christiansen, Citi.

花旗銀行的 Pete Christiansen。

Congratulations on the Deribit acquisition. I want to expand a little bit on Owen's question actually. So we hear it a lot from our clients. And Brian, you touched upon all the things that Coinbase is doing currently and aspires to do and some press article last month that Coinbase is potentially seeking a banking license.

恭喜您收購 Deribit。實際上，我想稍微擴展一下歐文的問題。我們從客戶那裡聽到了很多這樣的說法。布萊恩，您談到了 Coinbase 目前正在做和渴望做的所有事情，上個月的一些新聞文章稱 Coinbase 可能正在申請銀行執照。

I'm just curious how do you juxtapose doing all these different services, servicing different sorts of customers against potential legislation down the line where you may be limited in certain functions.

我只是好奇，您如何將提供所有這些不同的服務、為不同類型的客戶提供服務與未來可能在某些功能上受到限制的潛在立法結合起來。

Just curious on how you're thinking about how potential legislation could perhaps limit some of the functions that Coinbase aspires to do.

只是好奇您如何看待潛在的立法可能會限制 Coinbase 想要實現的一些功能。

Yes. Well, in the legislation draft that we've seen so far, we're not seeing anything that would necessitate us having a banking license, and we don't have any current plans to do that. Obviously, if something were to change there, that's an option.

是的。嗯，在我們目前看到的立法草案中，我們沒有看到任何需要我們擁有銀行執照的內容，而且我們目前也沒有任何計劃這樣做。顯然，如果那裡發生一些變化，這是一個選擇。

But I don't see that as being very likely at this point. And the main thing you would need a banking license for is if you wanted to do fractional reserve and really kind of lend out the customers' funds. We think that a fully reserved model is actually better. It seems to be what our customers want.

但我認為目前這種情況不太可能發生。如果你想實行部分準備金制度並真正借出客戶的資金，那麼你需要獲得銀行執照。我們認為完全保留的模型實際上是更好的。這似乎正是我們的客戶想要的。

And then if they actually want to opt in and choose to put their money into some investment vehicle, they can do that. But the model where the bank lends it out kind of without you knowing about it, that's -- it creates risk in the system, right? There's many good books on this.

然後，如果他們確實想選擇加入並選擇將資金投入某種投資工具，他們可以這樣做。但是，銀行在你不知情的情況下將錢貸出去的模式，會為系統帶來風險，對嗎？有很多關於這方面的好書。

So I actually kind of like the idea of not having the bank charter over time. And it actually -- it limits your product velocity as well, right? Like if you -- even if you have a sub that is a bank and the bank holding company act kind of requires supervision of not just the sub but also the parent and down into other subs, and I think you can really slow down the product velocity. So yes, no current plans to pursue a bank charter at this time.

所以我實際上有點喜歡隨著時間的推移不再擁有銀行特許狀的想法。事實上，它也限制了你的產品速度，對嗎？例如，即使你有一個銀行子公司，而銀行控股公司的行為不僅需要對子公司進行監管，還需要對母公司和其他子公司進行監管，我認為你真的可以減慢產品速度。是的，目前還沒有申請銀行執照的計劃。

Benjamin Budish, Barclays Capital.

巴克萊資本的本傑明·布迪什 (Benjamin Budish)。

Maybe a follow-up on Deribit. I'm kind of just curious if you could talk about options and crypto more broadly. It almost, in a way, looks like the futures market in TradFi where there's sort of incumbents, although obviously quite a bit different as most of the products traded there are different from the products on which options are written.

也許是對 Deribit 的後續行動。我只是有點好奇您是否可以更廣泛地談論選擇權和加密貨幣。在某種程度上，它幾乎看起來像 TradFi 中的期貨市場，其中有某種現有企業，儘管顯然有很大不同，因為那裡交易的大多數產品與期權所寫的產品不同。

So any kind of -- just curious about the history, like why is it that there's really only one crypto exchange that has such meaningful market share? Is it a lack of competitors? Is it -- does crypto volatility make options more challenging to trade?

所以任何一種——只是對歷史感到好奇，例如為什麼實際上只有一個加密貨幣交易所擁有如此重要的市場份額？是因為缺乏競爭對手嗎？加密貨幣的波動性是否會使選擇權交易變得更具挑戰性？

And what does that sort of say about the user base of Deribit? Is it institutional customers who are similar to those trading on other international futures exchanges? Is it retail? But just kind of curious your thoughts on crypto options more broadly.

那麼這對 Deribit 的用戶群又意味著什麼呢？是類似其他國際期貨交易所交易的機構客戶嗎？是零售嗎？但我只是有點好奇您對加密選項的更廣泛看法。

I'll start here and others can weigh in. What I would say is that these are relatively nascent products within crypto and that we've seen growth because people focus and build product expertise and really became the best player and that is who Deribit is. They created unique and differentiated products, and we're able to win the majority of the market share in crypto options.

我將從這裡開始，其他人可以參與其中。我想說的是，這些都是加密貨幣領域中相對新興的產品，我們看到了成長，因為人們專注於建立產品專業知識，並真正成為最好的參與者，這就是 Deribit。他們創造了獨特且差異化的產品，我們能夠贏得加密選擇權的大部分市場份額。

I think that it looks very similar that these options are used to hedge future positions. These are used similarly to traditional financial options and other products. And so I wouldn't say there's a difference in how these exist in the broader financial ecosystem.

我認為這些選擇權用來對沖未來部位看起來非常相似。它們的用法與傳統金融選擇權和其他產品類似。因此，我不會說它們在更廣泛的金融生態系統中存在差異。

And the users of these are prosumers. They're more advanced traders, but they do have a diverse institutional and retail base of customers on their platform, all ex US, I would note.

這些的使用者都是產消合一者。他們是更先進的交易商，但我想指出的是，他們的平台上確實擁有多元化的機構和零售客戶群，而這些客戶都來自美國以外。

Yes. One other thing I'll add is that, and it's really a credit to the Deribit team of how well you executed to get to that market share, the only thing I'll add is that when we talk to pro traders and institutional traders, they often say, they just really want a trusted counterparty.

是的。我要補充的另一件事是，Deribit 團隊的出色表現確實值得稱讚，他們獲得瞭如此大的市場份額，我唯一要補充的是，當我們與專業交易員和機構交易員交談時，他們經常說，他們只是真正想要一個值得信賴的交易對手。

And if Coinbase had X or Y trading feature, they would love to do that with us instead, right? And so they see us as the trusted counterparty by adding more products to trade in the store, they'll move more and more of the trading volume to us.

如果 Coinbase 有 X 或 Y 交易功能，他們會很樂意與我們合作，對嗎？因此，他們將我們視為值得信賴的交易對手，透過在商店中添加更多產品進行交易，他們就會將越來越多的交易量轉移給我們。

Patrick Moley, Piper Sandler.

派崔克莫利、派珀桑德勒。

So my kind of relates to Ben's question, but in light of the Deribit acquisition, I was hoping you could update us on the go-to-market strategy for crypto derivatives broadly in the US. And then once you close the Deribit acquisition, how quickly do you think you'll be able to offer those products to US customers? If you go on their website today, the US is listed as a restricted jurisdiction.

所以我的問題有點與 Ben 的問題相關，但鑑於 Deribit 的收購，我希望您能向我們介紹美國加密衍生品的行銷策略。那麼，一旦完成對 Deribit 的收購，您認為多快能夠向美國客戶提供這些產品？如果你今天訪問他們的網站，你會發現美國被列為受限制的司法管轄區。

So what are some of the regulatory considerations or hurdles that need to be crossed before you are able to do so?

那麼，在實現這一目標之前，需要克服哪些監管方面的考慮或障礙呢？

Yes, I don't know. I can share a little bit about some of the approvals that are coming up. We've been working very closely with the CFTC to turn and get perpetual futures live in the US. That's going to take a little bit longer, but we are -- we have one step in the right direction.

是的，我不知道。我可以分享一些即將批准的情況。我們一直與美國商品期貨交易委員會 (CFTC) 密切合作，推動永續期貨在美國上線。這可能需要更長的時間，但我們已經朝著正確的方向邁出了一步。

Actually, tomorrow, we're going to be [four, seven] trading of Bitcoin and futures available in the US. So that starts to get a step closer to perpetual futures, not all the way there. But we're going to keep working with them on that.

實際上，明天我們將在美國進行比特幣和期貨交易。因此，這開始向永久期貨邁進了一步，但還沒有完全實現。但我們將繼續與他們合作。

A lot of the go-to-market piece of this is really about going and talking to the top large-volume traders. And they trust Coinbase but we don't -- historically, we haven't had the exact products that they've wanted to trade for various -- we've taken a compliance approach, a compliance-focused approach, and so it's taken a little bit longer. But I think if we can do that, we'll have a good chance to grow share with them.

進入市場的很大一部分實際上是去與頂級大宗交易商進行交談。他們信任 Coinbase，但我們不信任——從歷史上看，我們並沒有他們想要交易的各種確切產品——我們採取了合規方法，以合規為重點的方法，因此花費的時間更長一些。但我認為如果我們能做到這一點，我們將有很大機會與他們擴大市場份額。

And in the short term, like Alesia mentioned, we are offering rebates and incentives to get people to come in and try it. And that's why we've seen our share grow in this last quarter. There's lots of new contracts we need to add. We added, I think, 39 new perpetual futures books on our international exchange in Q1, four new books in the US. There's some features around improved capital efficiency, like getting higher leverage, expanding the list of collateral that they can use.

而在短期內，正如 Alesia 所提到的，我們將提供回扣和獎勵來吸引人們前來嘗試。這就是我們在上個季度看到份額成長的原因。我們需要添加許多新合約。我認為，我們在第一季在國際交易所增加了 39 本新的永續期貨書籍，其中在美國增加了 4 本。有一些關於提高資本效率的功能，例如獲得更高的槓桿率，擴大可以使用的抵押品清單。

And I think so far, it's working really well. As I mentioned, we've traded over $800 billion in derivatives volume in Q1. So those are just a few thoughts on that.

我認為到目前為止，效果非常好。正如我所提到的，我們在第一季的衍生性商品交易量超過 8000 億美元。以上只是我的一些想法。

Yes. And to the question, to reiterate what Brian was saying, we're excited about the new CFTC chair, a new chapter in the US. We have to work with them on a path for the US options. But for now, we're really excited about the opportunity internationally for Deribit.

是的。對於這個問題，我重申布萊恩所說的話，我們對新 CFTC 主席和美國的新篇章感到興奮。我們必須與他們合作，找到適合美國選擇的道路。但就目前而言，我們對 Deribit 在國際上的機會感到非常興奮。

Joseph Vafi, Canaccord.

約瑟夫·瓦菲（Joseph Vafi），Canaccord。

Just wanted to circle back on USDC. I know I think maybe Alesia or Brian mentioned the amount of USDC per monthly active has kind of doubled over the last year. Just wondering what that means from a P&L perspective.

只是想回到 USDC 上。我知道我認為 Alesia 或 Brian 可能提到過，每月活躍用戶的 USDC 數量在過去一年中翻了一番。只是想知道從損益角度來看這意味著什麼。

I know there's incentives out there. I know that there's a rev share, but just kind of trying to get to what the bottom line on that means. And if it's an investment, what the implications are there?

我知道那裡有激勵措施。我知道有收入分成，但我只是想弄清楚這到底是什麼意思。如果這是一項投資，那麼其意義是什麼？

Thanks for the question. So in our shareholder letter that is on our IR site, we gave a new table that breaks down the USDC and products where we get 100% of the underlying reserve income. We also shared the market cap and the revenue that we get from the off-platform USDC.

謝謝你的提問。因此，在我們 IR 網站上的股東信中，我們提供了一個新表格，細分了 USDC 和我們獲得 100% 基礎儲備收入的產品。我們也分享了市值以及從平台外 USDC 獲得的收入。

So we generated $298 million of USDC revenue in the first quarter. Against that, we paid out roughly $100 million in USDC rewards. It's important to note that we only pay rewards on the USDC and Coinbase products. And so we have about $26 million in net margin in USDC revenue on products in our platform. And then full margin, $171 million, that has no associated rewards that flows to the bottom line in terms of margin. And you can see all of that within our disclosures that we've made this quarter.

因此，我們在第一季創造了 2.98 億美元的 USDC 收入。對此，我們支付了約 1 億美元的 USDC 獎勵。值得注意的是，我們只對 USDC 和 Coinbase 產品支付獎勵。因此，我們平台產品的 USDC 收入淨利潤約為 2,600 萬美元。然後是全部利潤，1.71億美元，沒有相關的獎勵，以利潤的形式流入底線。您可以在我們本季的披露中看到所有這些內容。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Really nice results and nice quarter. Just wanted to ask on the USDC rewards specifically in terms of the opportunity there. What you're seeing seems like a big opportunity for the long term. So any color there would be great.

確實取得了不錯的成績，而且這個季度表現也很好。只是想具體詢問 USDC 獎勵方面的機會。您所看到的似乎是長期的巨大機會。所以任何顏色都很棒。

Well, what we see is that when we pay rewards, customers are more engaged with products and services on our platform. So we grew balances nearly 50% this quarter. So we now have about $12 billion in, on average, USDC within our products. That's up 49% quarter over quarter.

嗯，我們看到的是，當我們支付獎勵時，客戶會更加關注我們平台上的產品和服務。因此本季我們的餘額成長了近 50%。因此，現在我們的產品中平均有大約 120 億美元的 USDC。與上一季相比成長了 49%。

We are seeing, as I mentioned on my comments, over the last two years, the number of MTUs that hold USDC has doubled. Their balances have tripled. And what we're seeing then is those customers trade more often. They engage with other products and services.

正如我在評論中提到的，我們看到在過去兩年中，持有 USDC 的 MTU 數量翻了一番。他們的餘額增加了兩倍。我們看到的是這些顧客的交易更加頻繁。他們與其他產品和服務互動。

We've more deeply integrated USDC on our platform. So it is the match payer, for example, in our international derivatives exchange. This is driving USDC in that platform with the institutional customers. Base had $4 billion of USDC.

我們在平台上更深入地整合了 USDC。例如，在我們的國際衍生性商品交易所中，它就是匹配付款人。這將推動 USDC 在該平台上與機構客戶合作。Base 擁有 40 億美元的 USDC。

So as we deeply integrate this, we are generating the flywheel of distribution of USDC and building those balances on our platform and driving growth of the overall ecosystem.

因此，隨著我們深度整合這一點，我們正在產生 USDC 分配的飛輪，並在我們的平台上建立這些平衡，並推動整個生態系統的成長。

Alex Markgraff, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Alex Markgraff。

Maybe one for Emily or Brian, M&A. Just are there any sort of other large deals that we should think about Coinbase pursuing in an effort to command global leadership maybe just categorically speaking? And then I think it would be helpful to get thoughts there on the heels of the Deribit announcement. And then I do have a quick follow-up on payments for Brian if there's time.

也許是 Emily 或 Brian 的一個，M&A。只是，我們是否應該考慮 Coinbase 進行其他類型的大型交易，以獲得全球領導地位，或許只是從類別上來說？然後，我認為在 Deribit 公告發布後發表一些想法會很有幫助。如果有時間的話，我會快速跟進 Brian 的付款情況。

Sure. So obviously, today, we announced the largest crypto acquisition of all time. And I believe we've been the most active player in crypto M&A historically period. So Deribit to me is a great proof point of how we use M&A to add to our market-leading institutional platform.

當然。顯然，今天我們宣布了有史以來最大的加密貨幣收購。我相信，從歷史上看，我們一直是加密貨幣併購領域最活躍的參與者。因此，對我來說，Deribit 是一個很好的證明，證明了我們如何利用併購來增強我們市場領先的機構平台。

You'll recall we did Zapo in 2019 for custody, Togomi in 2020 for Prime. Fare in 2022 for the derivatives exchange, One River in 2023 for asset management, and now we've got Deribit. So we think this is going to dramatically accelerate the growth of our international footprint and our derivatives business.

您會記得，我們​​在 2019 年為監護權製作了 Zapo，在 2020 年為 Prime 製作了 Togomi。Fare 將於 2022 年推出衍生性商品交易所，One River 將於 2023 年推出資產管理，現在我們又有了 Deribit。因此我們認為這將極大地加速我們的國際影響力和衍生性商品業務的成長。

Looking ahead, I mean, I think we are in the best position we've ever been in to take advantage of additional opportunities, and we think the market is right for some great M&A. We have an incredibly strong balance sheet. As Alesia mentioned before, we've made a strategic decision to hold more cash because it enables us to make bigger bets.

展望未來，我的意思是，我認為我們正處於最佳位置，可以利用更多機會，而且我們認為市場適合進行一些偉大的併購。我們的資產負債表非常強勁。正如 Alesia 之前提到的，我們做出了一項策略決策，持有更多現金，因為這使我們能夠進行更大的賭注。

We also think regulatory clarity is going to enable us to take larger swings with greater confidence, unlocking new products, utility cases, and geographies. We know every player in the space due to the fact that we've been in this space for so long.

我們也認為，監管的清晰度將使我們能夠以更大的信心採取更大的行動，解鎖新產品、實用案例和地理。由於我們在這個領域已經待了很長時間，所以我們了解這個領域的每位參與者。

And we also have ventures, so we have plays in a bunch of the different start-ups in the space, all the teams. So we're always looking at great businesses of scale to accelerate our growth in key areas, and we're ready to take advantage of those in the coming years, you can expect a lot more from us.

而且我們也有一些風險投資，所以我們在該領域的許多不同的新創公司、所有團隊中都有參與。因此，我們一直在尋找具有規模的優秀企業來加速我們在關鍵領域的成長，並且我們準備在未來幾年利用這些企業，您可以對我們抱有更大的期望。

Eric, we have time for one more.

艾瑞克，我們還有時間再說一次。

Bo Pei, US Tiger Securities.

裴博，美國老虎證券。

So I have a high-level question. So given the current macroeconomic uncertainty and volatility, the crypto asset price, how flexible is Coinbase strategy across different market environments? Are there specific strategy areas you plan to emphasize more in bearish versus a bullish market?

所以我有一個高層次的問題。那麼，考慮到當前宏觀經濟的不確定性和波動性，加密資產價格，Coinbase 的策略在不同的市場環境中有多靈活？在熊市和多頭市場中，您是否計劃更加強調特定的策略領域？

We've never been good at predicting where crypto markets are going. And now with the influence of broader macro trends, it becomes even more difficult to predict the impact on crypto markets. And so our strategy long has been to run scenarios and to be thoughtful about what is the worst that can happen, what is the best that can happen, and set forth every year with a wide range of potential outcomes.

我們從來都不擅長預測加密貨幣市場的走向。現在，隨著更廣泛的宏觀趨勢的影響，預測對加密市場的影響變得更加困難。因此，我們長期以來的策略是進行各種情境模擬，認真考慮可能發生的最壞情況和最好的情況，並每年提出各種可能的結果。

We plan for the worst. We plan our expense growth against what if we go into a bear market. So we're really confident that we can continue to invest in our strategy, invest in growing our employee base, products and services, and navigate through a bear market.

我們為最壞的情況做打算。我們制定支出成長計劃，以應對熊市可能帶來的影響。因此，我們非常有信心，我們可以繼續投資我們的策略，投資擴大我們的員工基礎、產品和服務，並度過熊市。

So the answer is, if we emerge into a bear market, it doesn't materially change our strategy. It would have to be two things added together, a bear market and then something else really bad happening for us to kind of pull back and say: okay, maybe we need to revisit our outlook on expenses, but we feel really good about what we've seen so far this year. We're well within our scenarios and feel confident in our go-forward plan.

所以答案是，如果我們進入熊市，它不會從根本上改變我們的策略。一定有兩件事結合在一起，即熊市和其他一些非常糟糕的事情發生，我們才會退縮並說：好吧，也許我們需要重新審視我們對支出的展望，但我們對今年迄今為止所看到的情況感覺非常好。我們已經完全了解我們的設想，並且對我們的未來計劃充滿信心。

Okay. Thank you all for joining us. We look forward to speaking to you again on our next call.

好的。感謝大家的參與。我們期待下次通話時再次與您交談。