Coinbase Global Inc (COIN) 2025 Q3 法說會逐字稿

Good afternoon and welcome to the Coinbase third-quarter 2025 earnings call.

下午好，歡迎參加 Coinbase 2025 年第三季財報電話會議。

My name is Anil Gupta. I'm Vice President of Investor Relations at Coinbase. 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.

我的名字是阿尼爾古普塔。我是 Coinbase 的投資者關係副總裁。今天與我一起參加電話會議的有：共同創辦人兼執行長 Brian Armstrong；總裁兼營運長 Emilie Choi；財務長 Alesia Haas；以及首席法務長 Paul Grewal。

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.

在今天的電話會議中，我們可能會發表一些前瞻性聲明，這些聲明可能與實際結果有重大差異。有關可能導致這些結果出現差異的風險、不確定性和其他因素的資訊已包含在我們提交給美國證券交易委員會的文件中。

Our discussion today will also include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our Investor Relations website. Non-GAAP financial measures should be considered in addition to, not as a substitute for, GAAP measures.

我們今天的討論還將包括一些非GAAP財務指標。與最直接可比較的 GAAP 財務指標的調整表已在投資者關係網站的股東信中提供。非公認會計準則財務指標應作為公認會計準則指標的補充訊息，而不是替代指標。

We'll start today's call with opening comments from Brian and Alesia. And then, take questions from our retail shareholders and our research analysts.

今天的電話會議首先由布萊恩和阿萊西亞致開幕詞。然後，回答零售股東和研究分析師提出的問題。

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

接下來，我將把發言權交給布萊恩，請他致開幕詞。

Thanks, Anil.

謝謝你，阿尼爾。

It was another great quarter for Coinbase. We continue to drive strong financial performance and build the Everything Exchange that we had announced last quarter.

Coinbase又迎來了一個非常棒的季度。我們持續保持強勁的財務業績，並推進上個季度宣布的萬物交易平台建設。

Financially, Coinbase's core business is incredibly strong. We're very well positioned for the opportunities ahead of us. Our strong financial performance in Q3 was driven by continued product execution. Total revenue was $1.9 billion, adjusted EBITDA was $801 million. We ended Q3 with $11.9 billion in USD resources and another $2.6 billion in long-term crypto investments.

從財務角度來看，Coinbase 的核心業務非常強勁。我們已做好充分準備，迎接未來的機會。第三季強勁的財務表現得益於產品持續的成功執行。總營收為 19 億美元，調整後 EBITDA 為 8.01 億美元。第三季末，我們擁有119億美元的美元資產，以及26億美元的長期加密貨幣投資。

Just a quick refresher: Our mission is to increase economic freedom in the world at Coinbase. Crypto is the technology that we're going to harness to get there. Crypto rails will power more and more of financial services over time because they're faster, cheaper, and more global. With just a smartphone, for instance, anyone in the world can access trading and payments, raise money to start a business, or get access to credit.

簡單回顧一下：Coinbase 的使命是提升全球經濟自由度。我們將利用加密貨幣這項技術來實現這一目標。隨著時間的推移，加密貨幣軌道將為越來越多的金融服務提供支持，因為它們速度更快、成本更低、更俱全球性。例如，只需一部智慧型手機，世界上任何人都可以進行交易和支付，籌集資金創業，或獲得信貸。

Coinbase is the most trusted brand in crypto with deep technical expertise. As finance moves to these rails with increasing regulatory clarity, we're uniquely positioned to lead and capture the upside of this paradigm shift.

Coinbase是加密貨幣領域最值得信賴的品牌，擁有深厚的技術專長。隨著金融業朝著這些軌道發展，監管也越來越清晰，我們擁有獨特的優勢來引領並掌握這項典範轉移帶來的機會。

In Q2, we introduced the Everything Exchange, a one-stop shop to trade every asset class. Customers want one venue to trade spot crypto assets, derivatives, and options but also equities, prediction markets, commodities, and more. In Q3, we executed on that vision by expanding spot coverage, growing our derivatives offering and laying the groundwork for new asset classes on our platform.

第二季度，我們推出了萬物交易平台，這是一個可以交易所有資產類別的綜合平台。客戶希望在一個平台上交易現貨加密資產、衍生性商品和選擇權，以及股票、預測市場、商品等等。第三季度，我們透過擴大現貨覆蓋範圍、增加衍生性商品產品以及為平台上的新資產類別奠定基礎，實現了這個願景。

In terms of spot coverage, we turbocharged our trading platform in Q3 by adding decentralized exchange or DEX integrations, which expanded access to tradable assets from about 300 to over 40,000 assets in the US. With DEX integrated under the hood, customers get day-1 access to new tokens as they are created. We capture the upside when one of those takes off.

在現貨覆蓋方面，我們在第三季度透過增加去中心化交易所（DEX）集成，大大提升了我們的交易平台，使美國可交易資產的數量從約 300 種增加到超過 40,000 種。由於底層整合了去中心化交易所 (DEX)，客戶可以在新代幣創建後的第一天就獲得存取權限。當其中一項投資成功時，我們就能從中獲利。

We've also made strong progress in growing our derivatives product.

我們在發展衍生性商品方面也取得了顯著進展。

As a reminder: Derivatives account for about 80% of all crypto trading volume.

提醒一下：衍生性商品交易約佔加密貨幣總交易量的 80%。

In Q3, we were the first to launch CFTC-regulated, 24/7, perpetual-style futures in the US. Early traction is strong for our US-style perps product, which helps drive all-time highs in US derivatives volumes and market share.

第三季度，我們率先在美國推出了受美國商品期貨交易委員會 (CFTC) 監管的 24/7 全天候永續期貨。我們的美式刑事責任產品早期市場反應強勁，有助於推動美國衍生性商品交易量和市佔率創歷史新高。

We closed the Deribit acquisition, bringing the number 1 crypto options venue into Coinbase. Deribit plus Coinbase saw over $840 billion in total derivatives volume in Q3, driven by stronger participation from institutions and advanced traders.

我們完成了 Deribit 的收購，將排名第一的加密貨幣選擇權交易平台納入 Coinbase。在代理商和高級交易員更積極參與的推動下，Deribit 和 Coinbase 第三季衍生性商品交易總額超過 8,400 億美元。

Next, let's touch on how we're accelerating stablecoin adoption by improving payments. The majority of global payments will shift to stablecoins over time because they allow you to send money anywhere in the world in under one second for less than $0.01. No other payment rail can match this.

接下來，我們來談談如何透過改進支付方式來加速穩定幣的普及。隨著時間的推移，全球大部分支付將轉向穩定幣，因為它們允許你在不到一秒的時間內，以不到 0.01 美元的成本向世界任何地方匯款。沒有其他支付方式能夠與之匹敵。

Adoption is already well underway as stablecoin market cap hit $300 billion, driven by companies and financial institutions, using them for payments and treasury. We expect policy tailwinds like the GENIUS Act to continue to accelerate this.

穩定幣的普及應用已經相當廣泛，其市值已達 3,000 億美元，這主要得益於企業和金融機構將其用於支付和資金管理。我們預期像《天才法案》這樣的政策利好因素將繼續加速這一進程。

In Q3, Coinbase customers held on average, $15 billion of USDC on platform, making us the largest contributor to USCC's all-time high $74 billion market cap. USDC continues to be the top-performing major stablecoin in the crypto ecosystem, growing more than 2x as much as the largest competitor.

第三季度，Coinbase 用戶平均在平台上持有價值 150 億美元的 USDC，使我們成為 USCC 創歷史新高 740 億美元市值的最大貢獻者。USDC 繼續保持加密生態系統中表現最佳的主要穩定幣地位，其成長速度是最大競爭對手的兩倍多。

In closing, with regulatory clarity accelerating, crypto rails are set to power more and more of global GDP for trading, payments in every financial service. Coinbase is well positioned to be the partner of choice for companies and financial institutions, including Citi, which we just announced last week, who are looking to come on chain.

最後，隨著監管明朗化進程的加快，加密貨幣軌道交通必將為全球 GDP 中越來越多的交易、支付以及各種金融服務提供動力。Coinbase 已做好充分準備，成為包括我們上週剛宣布的 Citi 在內的眾多公司和金融機構的首選合作夥伴，這些公司和金融機構都希望接入區塊鏈。

Through the end of the year, we're heads-down building the Everything Exchange and scaling stablecoin payments with USDC.

今年底，我們將全力以赴打造 Everything Exchange，並利用 USDC 擴大穩定幣支付規模。

Speaking of which, I'm super excited to share that on December 17, we're hosting our H2 product event, where we'll go through everything we've built in the second half of this year. Tune into the live stream for a closer look at the next phase of the Everything Exchange.

說到這裡，我非常興奮地宣布，我們將於 12 月 17 日舉辦 H2 產品發表會，屆時我們將詳細介紹今年下半年我們開發的所有產品。請收看直播，深入了解「萬物交換」的下一個階段。

I'll now turn it over to Alesia.

現在我把麥克風交給阿萊西亞。

Thanks, Brian. Good afternoon, everyone.

謝謝你，布萊恩。大家下午好。

As Brian shared, it was a strong quarter for Coinbase. We had total revenue of $1.9 billion; net income of $433 million; adjusted EBITDA was $801 million; and adjusted net income was $421 million.

正如布萊恩所說，Coinbase 這個季度表現強勁。我們的總收入為 19 億美元；淨收入為 4.33 億美元；調整後的 EBITDA 為 8.01 億美元；調整後的淨收入為 4.21 億美元。

Let's dive deeper into our Q3 results. As always, any comparison I'll share is going to be on a quarter-over-quarter basis, unless I note otherwise.

讓我們深入分析一下第三季業績。像往常一樣，除非另有說明，否則我分享的任何比較都將是按季度進行的。

In the third quarter, our US and global spot market trading volume increased 29% and 38%, respectively. This is a global market. Against that, our Coinbase's Q3 consumer spot trading volume grew 37% to $59 billion. Consumer transaction revenue grew 30% to $844 million. The main difference between the growth rate in volume and revenue was due to a higher mix of advanced trading volume, which has a lower fee rate.

第三季度，我們在美國和全球現貨市場的交易量分別成長了 29% 和 38%。這是一個全球市場。與之相反，Coinbase 第三季消費者現貨交易量成長了 37%，達到 590 億美元。消費者交易收入成長30%，達到8.44億美元。交易量和收入成長率之間的主要差異是由於高級交易量佔比更高，而高級交易的手續費率較低。

A couple of call-outs on what drove this growth.

以下幾點值得關注，它們解釋了推動這一成長的因素。

First, as Brian mentioned, we made progress on growing the number of assets available to our customers, both in terms of spot and derivatives assets.

首先，正如布萊恩所提到的，我們在增加客戶可獲得的資產數量方面取得了進展，無論是現貨資產還是衍生性商品資產。

Second, our advanced trading volumes were supported by price increases in the long tail of assets, as well as our concerted effort to attract and retain high priority traders through a new white-glove service offering.

其次，我們交易量的大幅成長得益於長尾資產價格的上漲，以及我們透過推出全新的高端服務來吸引和留住高優先級交易員的共同努力。

Our Institutional business had strong results across the board. Total institutional transaction revenue was $135 million, up 122%. The primary growth driver was derivatives.

我們的機構業務全面取得了強勁的業績。機構交易總收入為 1.35 億美元，成長 122%。主要成長動力來自衍生性商品。

We closed Deribit on August 14, which contributed $52 million to revenue, driven by continued growth of options trading, which led to all-time high notional volumes.

我們於 8 月 14 日關閉了 Deribit，其收入為 5,200 萬美元，這主要得益於期權交易的持續增長，從而實現了歷史最高名義交易量。

Additionally, we saw revenue growth in both our exchange and Coinbase prime businesses in the third quarter.

此外，第三季我們的交易所和 Coinbase Prime 業務的收入均實現了成長。

Now, turning to S&S revenue, which grew 14% quarter over quarter to $747 million. We saw strong native unit inflows across USDC balances in Coinbase products, average loan balances across our institutional financing products, and assets under custody.

現在來看 S&S 的收入，其季增 14%，達到 7.47 億美元。我們看到 Coinbase 產品中的 USDC 餘額、機構融資產品的平均貸款餘額以及託管資產的本地單位流入強勁。

We ended the third quarter with $516 billion in assets on platform.

第三季末，我們平台上的資產總額為5,160億美元。

Total operating expenses decreased 9% to $1.4 billion. Technology and development, general and administrative, and sales and marketing expenses collectively increased 14% to $1.1 billion, largely driven by headcount and USDC rewards growth.

總營運支出下降9%至14億美元。技術和開發、一般和行政以及銷售和行銷費用總計成長 14% 至 11 億美元，主要原因是員工人數和 USDC 獎勵成長。

I note that Deribit contributed $30 million to total operating expenses in the third quarter, including $16 million in deal-related amortization, the majority of which was recorded in sales and marketing.

我注意到，Deribit 在第三季貢獻了 3,000 萬美元的營運支出，其中包括 1,600 萬美元的交易相關攤銷，其中大部分計入了銷售和行銷費用。

We ended the third quarter with 4,795 full-time employees, up 12%.

第三季末，我們有 4,795 名全職員工，成長了 12%。

I want to turn your attention to two below-the-line items that affected our GAAP profitability.

我想請大家注意兩個影響我們GAAP獲利能力的離線專案。

First, we had a $424 million gain from the ongoing fair value remeasurement of our crypto investment portfolio. Second, we had a $381 million expense in other expenses, largely driven by unrealized losses related to our investment in Circle, as their stock price was lower as of the end of third quarter as compared to the end of second quarter.

首先，我們透過對加密貨幣投資組合進行持續的公允價值重新評估，獲得了 4.24 億美元的收益。其次，我們在其他費用方面支出 3.81 億美元，這主要是由於我們在 Circle 的投資未實現虧損造成的，因為截至第三季末，他們的股價低於第二季末的股價。

Including both of these items, net income was $433 million. Excluding both of these items, adjusted net income was $421 million.

包括這兩項在內，淨收入為 4.33 億美元。剔除這兩個因素後，調整後的淨收入為 4.21 億美元。

Now, let's turn to our Q4 outlook. The fourth quarter is off to a strong start. We expect October transaction revenue to be approximately $385 million. We expect subscription and services revenue to be in the range of $710 million to $790 million, driven by higher average crypto prices and continued growth of the Coinbase One subscriber base.

現在，讓我們來看看第四季的展望。第四節比賽開局強勁。我們預計10月份的交易收入約為3.85億美元。我們預計訂閱和服務收入將在 7.1 億美元至 7.9 億美元之間，這主要得益於加密貨幣平均價格上漲和 Coinbase One 用戶群的持續成長。

On the expense side, our expense range is higher quarter over quarter for tech and dev and G&A in the range of $925 million to $975 million, up approximately $100 million at the midpoint. Approximately half of this increase is due to the recent acquisitions of Deribit and Echo.

在支出方面，我們的技術研發和一般管理費用較上季增加，介於 9.25 億美元至 9.75 億美元之間，中間值增加了約 1 億美元。其中約一半的成長歸功於最近對 Deribit 和 Echo 的收購。

The remainder of the quarter-over-quarter increase is largely due to headcount growth, which we expect to grow at a slower rate in the fourth quarter as compared to the third quarter.

季度環比成長的其餘部分主要歸因於員工人數的成長，我們預計第四季度員工人數的成長速度將比第三季放緩。

Sales and marketing is expected to be in the range of $215 million to $315 million. Where we land in this range will largely be determined by performance marketing spend opportunities and USDC balances and Coinbase products, which drive USDC rewards.

預計銷售和行銷費用將在 2.15 億美元至 3.15 億美元之間。我們最終會落入這個區間的哪個位置，很大程度上取決於效果行銷支出機會、USDC餘額以及Coinbase產品（這些因素都會帶來USDC獎勵）。

Included within the above outlook ranges is approximately $70 million of total depreciation and amortization for Q4. This is an increase from historical averages, which has been driven higher due to amortization of intangibles from our recent acquisitions.

上述展望範圍中包含了第四季約 7,000 萬美元的總折舊和攤提。這比歷史平均水平有所增長，而歷史平均水平的上升主要是由於我們近期收購產生的無形資產攤銷所致。

Over the course of 2025, we've made a significant investment in headcount to capitalize on the many opportunities we see and accelerate our vision on the Everything Exchange. As we look to early 2026, we plan to absorb the employees we brought into the company and focus on execution and anticipate that our sequential rate of operating expense growth will slow as compared to our Q4 rate.

在 2025 年，我們已在人員配備方面進行了大量投資，以抓住我們看到的眾多機遇，並加速實現我們在萬物互聯領域的願景。展望 2026 年初，我們計劃吸收新引進的員工，專注於執行，並預計與第四季度相比，我們的營運費用將比季成長率放緩。

With that, let's go to questions.

接下來，我們進入問答環節。

Thanks. Let's begin with pre-submitted questions from retail shareholders.

謝謝。讓我們先來看看散戶股東預先提交的問題。

Many of the top questions touch on similar topics. So for efficiency, we'll group by theme.

許多熱門問題都涉及類似的主題。為了提高效率，我們將按主題分組。

The first topic is about competition. What's the plan to improve product innovation and velocity and increase market share? How are you thinking about listing stocks in prediction markets, given the success of others?

第一個主題是關於競爭。公司有什麼計劃來提高產品創新能力和迭代速度，並擴大市場佔有率？鑑於其他公司在預測市場取得成功，您如何考慮將股票列入預測市場？

Brian?

布萊恩？

Yeah. On this question, I'd say that we've spent a lot of time investing in policy and getting regulatory clarity both in the US and a number of countries around the world. And that's starting to bear fruit, which is great. It's growing the TAM of crypto.

是的。關於這個問題，我想說，我們已經投入大量時間在美國和世界許多國家進行政策制定和監管方面的努力，力求明確監管規定。而且這已經開始取得成效，這真是太好了。它正在擴大加密貨幣的潛在市場規模。

It's making it trusted and regulated. Even as more and more people come into the space, we're able to power a lot of the -- that with our infrastructure services.

它正在使其值得信賴並受到監管。即使越來越多的人進入這個領域，我們也能透過我們的基礎設施服務來支持許多方面。

But it does mean that lots of new competition is coming in. And so we need to make sure we're executing well. And we've talked since Q2 about this Everything Exchange vision. We've made really substantial progress toward that already areas where I think we're best in class, like I mentioned, the DEX integrations where we went from 300 tradable assets to 40,000 tradable assets in Q3. And we were the first to launch the CFTC-regulated US.

但這也意味著會有許多新的競爭對手湧入。所以我們需要確保執行到位。從第二季開始，我們就一直在討論這種萬物互聯的願景。我們在這方面已經取得了實質性的進展，我認為我們在某些​​領域處於領先地位，就像我提到的，DEX 集成，我們在第三季度將可交易資產從 300 種增加到 40,000 種。我們是第一個推出受美國商品期貨交易委員會監管的商品期貨的公司。

perpetual style futures contracts, which has been growing really well. So there's a lot to like that there.

永續期貨合約發展動能良好。所以，這方面有很多值得稱道的地方。

Now we've been heads down working on the next pieces of that because we think that every asset class is going to come on chain. And our customers are asking for this, too, prediction markets and tokenized stocks and every on-chain asset you can imagine. So the Everything Exchange is really central to the next chapter of what we're building and I'm really excited that we'll have more to share on that on December 17 at our product showcase, so please tune into the live stream for that.

現在我們一直在埋頭研究接下來的部分，因為我們認為每個資產類別最終都會上鍊。我們的客戶也提出了這樣的要求：預測市場、代幣化股票以及你能想像到的所有鏈上資產。因此，Everything Exchange 是我們正在構建的下一個篇章的核心，我非常興奮地宣布，我們將在 12 月 17 日的產品展示會上分享更多相關信息，敬請關注我們的直播。

And I'd say that Everything Exchange is really a perfect complement to all the other features that we've built into Coinbase including DeFi borrow lend, USDC, global payments, Coinbase card, people really love that product Base is having really strong momentum. And so I think these are all going to come together to be -- and our goal long term is to be the number 1 financial app, and that's what we're working on.

我認為 Everything Exchange 是我們已整合到 Coinbase 中的所有其他功能的完美補充，包括 DeFi 借貸、USDC、全球支付、Coinbase 卡，人們真的很喜歡這款產品，Coinbase 的發展勢頭非常強勁。所以我認為這些都會匯聚在一起——我們的長期目標是成為排名第一的金融應用程序，而這正是我們正在努力的方向。

Thanks, Brian. So the second topic is Base. Brian, can you elaborate on how you're thinking about a Base network token and in particular, how shareholders could be beneficiaries of the distribution?

謝謝你，布萊恩。所以第二個主題是基礎。Brian，可以詳細說明一下你對 Base 網路代幣的看法嗎？特別是股東如何從分配中受益？

And Alesia, can you talk about the monetization of the Base network and how that might evolve over time?

Alesia，可以談談Base網路的獲利模式以及它如何隨著時間而發展嗎？

Yes. So I'll start it off. We're still early on exploring a Base network token. But the high-level goal is to help bring 1 billion people on chain and just to really grow the developer and create our ecosystem around Base. So there's not any specifics that we're going to announce today on the governance or distribution model or the timing of it exactly.

是的。那我就先來吧。我們仍處於探索基礎網路代幣的早期階段。但更高層次的目標是幫助 10 億人加入區塊鏈，真正發展開發者，並圍繞 Base 創建我們的生態系統。所以今天我們不會公佈任何關於治理結構、分配模式或具體時間表的細節。

But we are going to build this in the open and just continue talking with our customers, investors, regulators to make sure that we get it right. So Alesia, anything you want to add?

但我們將以公開透明的方式進行開發，並繼續與我們的客戶、投資者和監管機構溝通，以確保我們做對了。阿萊西亞，你還有什麼要補充的嗎？

I'll just speak about monetization. So on the Base chain, we monetize through sequencer fees. And we've talked historically about how we have direct monetization through sequencer fees, but we also monetize indirectly as those who are building apps on Base, often, will then incorporate USDC. They will often need to be able to buy other crypto. They may need custody solutions.

我只談談獲利模式。因此，在 Base 鏈上，我們透過序列器費用來實現盈利。我們過去曾討論過如何透過序列器費用直接獲利，但我們也透過間接方式獲利，因為那些在 Base 上建立應用程式的人通常會整合 USDC。他們通常需要能夠購買其他加密貨幣。他們可能需要監護權方面的解決方案。

And so we do monetize the other products and services by the growth of the overall ecosystem and the growth of on chain developers.

因此，我們透過整個生態系統的成長和鏈上開發者的成長來實現其他產品和服務的利潤。

What I would share, though, is the Base app that we are building that on Base we'll have other monetization opportunities. The Base app is monetizing through trading fees, it is monetizing through advertising.

不過，我想分享的是，我們正在開發 Base 應用，基於 Base，我們將有其他的獲利機會。Base 應用程式透過交易手續費和廣告獲利。

And while it's early days, we see opportunities to have revenue profiles that look similar, honestly, to the Coinbase main app in terms of transaction fees, maybe some subscription fees, maybe advertising fees, some various different ways that we can monetize in that app.

雖然現在還處於早期階段，但我們看到了實現收入模式的機會，坦白說，這些收入模式與 Coinbase 主應用程式在交易費、訂閱費、廣告費以及其他各種不同的獲利方式方面非常相似。

But we'll talk more about that as that grows over time.

但隨著時間的推移，我們會對此進行更深入的探討。

All right. Thank you, both. So we'll now take questions from the research analysts.

好的。謝謝你們兩位。接下來我們將接受研究分析師的提問。

(Operator Instructions)

（操作說明）

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Our question is on Echo. So how will Echo help expand your network by making it more easy for crypto companies to raise and invest via private sales or public sales with Sonar.

我們的問題與Echo有關。那麼，Echo 將如何透過讓加密貨幣公司更容易透過 Sonar 進行私募或公開募股來籌集和投資，從而幫助您擴展網路？

Yes. I can start off and then Emilie, if you want to add anything, that would be great.

是的。我可以先開始，然後艾米莉，如果你想補充什麼，那就太好了。

Yes. I mean, one of our -- as I mentioned, we believe that every type of financial service is going to come on chain and crypto is this technology to update the financial system. And so capital formation is certainly a big piece of that, right? We think that it can be much more efficient, the fees can be reduced, people more around the world can have better access to it. This will just accelerate the economy.

是的。我的意思是，正如我之前提到的，我們相信所有類型的金融服務都將上鍊，而加密貨幣正是更新金融體系的技術。因此，資本形成無疑是其中的重要組成部分，對吧？我們認為它可以更有效率，費用可以降低，世界各地的人們可以更好地使用它。這將加速經濟發展。

So Echo was a really innovative, I think, in a company that we decided to go acquire to get a foothold here.

所以我認為，Echo 是一家非常有創新精神的公司，我們決定收購它以站穩腳跟。

And we're trying to make it easy for anyone to raise money. And then the beauty of combining it with Coinbase is that, we have now over $500 billion of assets. We have a large number of retail institutional customers or credit investors that want to invest in unique assets. And so you can just see like the double -- the two-sided marketplace coming together here in a really powerful way as we think more and more about capital formation and how crypto can update that.

我們正在努力讓任何人都能輕鬆籌款。而將其與 Coinbase 結合的優勢在於，我們現在擁有超過 5,000 億美元的資產。我們擁有大量希望投資獨特資產的零售機構客戶或信貸投資者。因此，你可以看到，隨著我們越來越思考資本形成以及加密貨幣如何改變資本形成，雙邊市場正以非常強大的方式結合在一起。

Yes, agreed. We're really excited about it. The management team for Echo has a great nose for what the most compelling companies will be to launch. And so if Echo launches these great companies and tokens and those are successful, it helps us deeply because we're moving up the stack. And where coins are issued before they graduate to the exchange.

是的，同意。我們對此感到非常興奮。Echo 的管理團隊對哪些公司最值得推出有著敏銳的洞察力。因此，如果 Echo 推出這些優秀的公司和代幣，並且它們都獲得了成功，這將對我們大有裨益，因為我們正在向上攀升。以及硬幣在進入交易所之前發行的地方。

So it's kind of vertical integration that we think is quite powerful for the whole ecosystem of Coinbase products.

所以我們認為這種垂直整合對於 Coinbase 產品的整個生態系統來說非常強大。

Ken Worthington, J.P. Morgan.

Ken Worthington，摩根大通。

The pace of announced M&A seems to be rising for Coinbase versus what we may have seen in recent years. How is the more regulatory and political certainty in the US. impacting the pace of innovation? And would you expect this pace of innovation to drive Coinbase to be more active in M&A as we look forward?

與近年來我們所看到的相比，Coinbase 已宣布的併購步伐似乎正在加快。美國監管和政治確定性的增強對創新步伐有何影響？展望未來，您是否認為這種創新速度會促使 Coinbase 在併購方面更加活躍？

And then in terms of the innovation that we're seeing, are there certain themes that you are focused on trying to capture as we look forward?

那麼，就我們目前看到的創新而言，展望未來，您是否有一些重點主題想要捕捉？

Thanks for the question. I'll start and then Brian, Alesia feel free to jump in.

謝謝你的提問。我先開始，然後布萊恩、阿萊西亞可以隨時加入。

So to take a step back, we worked really, really hard to get to this place of regulatory clarity and we think that, that just generally provides more opportunities and key bets and more predictability with this type of M&A and these types of investments.

所以，退一步講，我們付出了巨大的努力才達到監管清晰的局面，我們認為，這通常會為這類併購和這類投資提供更多機會、關鍵投資和更高的可預測性。

So these companies just have more certainty than they did in an environment where there was regulation by enforcement. When we look to the spectrum of opportunities, we do look a lot to some of the best tech companies of all time and how they were able to use M&A to massively accelerate adoption and so we're very excited about some of the opportunities on the horizon.

因此，與以往受到執法監管的環境相比，這些公司現在更有把握。當我們展望各種機會時，我們確實會關註一些有史以來最優秀的科技公司，以及它們如何利用併購來大幅加速技術普及，因此我們對即將到來的一些機會感到非常興奮。

In terms of the areas that we're interested in, we're always kind of keying in on the priorities that the company has outlined whether those include trading and payments and these other areas that are very interesting to Coinbase. And then we also try to look ahead as there might be strategic opportunities that present themselves. So we're always on a lookout and when we think -- we always look at buy, build partner invest and then determine which is the right vehicle for us at that moment.

就我們感興趣的領域而言，我們始終關注公司已經確定的優先事項，無論這些事項是否包括交易和支付，以及 Coinbase 非常感興趣的其他領域。然後我們也會展望未來，因為可能會出現戰略機會。所以我們一直在尋找機會，當我們考慮的時候——我們總是會考慮收購、自建、合作夥伴、投資，然後確定在那一刻哪種方式最適合我們。

Yes. I'd just say, you're right. The pace has picked up. The political environment definitely helps with that. And all of this M&A is really in service of our core focus around trading and payments.

是的。我只想說，你說得對。節奏加快了。政治環境對此肯定有幫助。所有這些併購活動實際上都是為了服務我們圍繞貿易和支付的核心業務。

So it's been great.

所以一切都很棒。

Pete Christiansen, Citi.

Pete Christiansen，花旗集團。

And nice execution on a bunch of partnership deals signed in the quarter. I do want to ask about Coinbase's operational infrastructure. I mean we've had some really busy trading days in the last quarter. There's been cloud service providers, multiple have had issues this year.

本季度簽署的一系列合作協議都執行得非常出色。我想問一下 Coinbase 的營運基礎設施狀況。我的意思是，上個季度我們經歷了一些非常繁忙的交易日。今年有很多雲端服務供應商都出現過問題。

I know that Coinbase has spent a lot this year bulking up customer service. How would you assess where Coinbase is in terms of its operating infrastructure today? Redundancy? And how are you thinking about investments there going forward? That would be helpful.

我知道 Coinbase 今年投入巨資加強了客戶服務。您如何評估 Coinbase 目前的營運基礎設施狀況？冗餘？那麼，您如何看待未來在那裡的投資？那會很有幫助。

Yes. I mean I can start off. Like many companies, we were impacted by AWS outages. I think it always raises this question of, should we be pursuing a more robust multi-cloud approach. We already do use multi-clouds in a variety of ways, but we haven't made what would be a substantial investment to make every service in the company redundant to a certain cloud outage.

是的。我的意思是，我可以先開始。和許多公司一樣，我們也受到了AWS服務中斷的影響。我認為這總是會引出這樣一個問題：我們是否應該追求更強大的多雲方法？我們已經在各種方面使用了多雲，但我們還沒有進行大量的投資，以使公司中的每項服務都能在某個雲端服務中斷時實現冗餘。

So it's always a trade-off. Now these clouds are also kind of working hard to build their own redundancy. And so you always have to factor that into other priorities and investments that you could make and look at the cost benefit analysis.

所以這始終是一種權衡。現在這些雲端服務也努力建構自身的冗餘機制。因此，你始終需要將此因素納入其他優先事項和投資考量，並進行成本效益分析。

And I would just say in terms of like some of the things we're really excited about as well, we're very invested in automation. Currently, 65% of our customer support interactions are fully automated. We're trying to push that number up rapidly. And then we're also rolling out deep reasoning LLM agents to automate the majority of compliance investigations in 2026. So there's a lot of really interesting areas for automation over the next several years as well.

我還要說，就我們真正感到興奮的一些事情而言，我們對自動化投入巨大。目前，我們65%的客戶支援互動已完全自動化。我們正努力迅速提高這個數字。此外，我們還將在 2026 年推出深度推理 LLM 代理，以實現大部分合規調查的自動化。因此，未來幾年自動化領域也有很多非常有趣的發展方向。

Yes. And I guess your question maybe think of actually on October 10, there was also a record level of activity across crypto exchanges. And in that case, we actually operated very well without disruption. And we didn't have any downtime or degraded latency around market data or anything like that.

是的。我猜你的問題或許應該考慮到，10 月 10 日當天，加密貨幣交易所的交易量也創下了歷史新高。在這種情況下，我們的營運實際上非常順利，沒有任何中斷。而且，我們的市場數據沒有任何停機時間或延遲增加的情況。

So that was a result of a lot of investments we've made over the last year or two in doing load testing and making sure we didn't have any reversions as new software is being developed.

這是過去一兩年我們投入大量資金進行負載測試，確保在開發新軟體時不會出現任何回溯情況的結果。

Several major exchanges experienced extended outages during that time, and we didn't have any. And so I was really proud of how that part came to be?

那段時間，幾家主要交易所都出現了長時間的故障，而我們沒有遇到任何問題。所以，我對那部分的最終呈現方式感到非常自豪？

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

In your shareholder letter, I believe you talked about a new sort of white glove service for the advanced retail trader. Just curious if you could talk about that a little bit more. And is there anything to read in there regarding the state of competition among retail trading? It seems like there are newly listed crypto exchange competitors, other -- I guess you could say legacy competitors try to expand their offering and be more competitive. So is there anything to read into there?

我相信您在致股東的信中談到了為高級零售交易者提供的一種新型的高端服務。我只是好奇您能否再詳細談談這方面。裡面有沒有關於零售貿易競爭狀況的內容？似乎有一些新上市的加密貨幣交易所競爭對手，而其他人——我猜你可以說是老牌競爭對手——則試圖擴大其產品和服務，以提高競爭力。那麼，這其中有什麼值得我們解讀的地方嗎？

How would you describe the state of competition there? And can you talk a little bit about this service?

您如何描述那裡的競爭狀況？能簡單介紹一下這項服務嗎？

Maybe I'll start and then feel free to add on, Brian. Our white glove service has been made available to some of our high-value advanced traders. So this is not a service available to all of our retail traders, but to our very specific high-value advanced traders. And it provides some concierge-level support, the personal account manager and really makes commitments around time to resolve the issues, making sure they can trade seamlessly that they don't run into any hiccups with our services.

或許我可以先開始，然後你隨時補充，布萊恩。我們已向部分高價值的高級交易員提供尊貴的客戶服務。因此，這項服務並非針對所有零售交易者，而是針對我們非常特定的高價值高級交易者。它還提供禮賓級支持，配備私人客戶經理，並真正承諾在解決問題的時間上做出承諾，確保他們能夠順利交易，在使用我們的服務時不會遇到任何障礙。

With regards to our broader retail program there, we are really pleased to have our trading volume exceed overall US spot volume in the quarter. So we're really seeing strong adoption of our products and services. There's more to do there, as Brian said, which is why we are building towards the Everything Exchange to continue to meet our customers where they are and provide broader access to all assets they would like to trade.

就我們更廣泛的零售計劃而言，我們非常高興看到本季我們的交易量超過了美國整體現貨交易量。因此，我們看到我們的產品和服務得到了廣泛的認可。正如布萊恩所說，還有更多的事情要做，因此我們正在建立萬物交易所，以便繼續滿足客戶的需求，並為他們提供更廣泛的途徑來交易他們想要的所有資產。

Yes, not much to add. I would just say that, in trading, I mean, there are whales that are out there that drive a disproportionate amount of volume. And so it's important for them to have a dedicated relationship manager that can help them resolve any issue, but also it has partially a sales function. So I think it's just a good example of us maturing as a company and recording the best customers.

是的，沒什麼要補充的了。我想說的是，在交易領域，確實存在一些交易量巨大的“鯨魚”，它們推動了不成比例的交易量。因此，對他們來說，擁有一位專門的客戶經理非常重要，這位客戶經理可以幫助他們解決任何問題，但同時也具有一定的銷售功能。所以我認為這很好地體現了我們公司日趨成熟，並贏得了最優秀客戶的認可。

Owen Lau, Clear Street.

歐文·勞，克利爾街。

Could you please talk about innovation in Coinbase business. It has global payout, I think it enables business to send and receive USDC with lower fees. You're also making an announcement with Citi to develop digital asset payment capabilities. I know it's still early here, but I'm wondering what you have heard from the banks and merchants so far about these deal capabilities? And have you started to see more merchants moving into blockchain or even considering moving into blockchain?

請您談談Coinbase業務的創新方面的問題。它支援全球支付，我認為它可以讓企業以更低的費用發送和接收 USDC。您還將與花旗銀行合作，共同開發數位資產支付功能。我知道現在談論這些還為時過早，但我很想知道您目前從銀行和商家那裡了解到的關於這些交易能力的哪些資訊？您是否開始看到越來越多的商家轉向區塊鏈，甚至正在考慮轉向區塊鏈？

Yes. Well, I'll start off. So obviously, we have our first-party business with retail and businesses and institutions, which is growing really well. But I'm also really proud that Coinbase has built out infrastructure that can power other companies. And -- we call that product Coinbase developer platform or CDP.

是的。那我先來。很顯然，我們與零售商、企業和機構的第一方業務發展勢頭良好。但我也非常自豪 Coinbase 已經建立了能夠為其他公司提供支援的基礎設施。我們把這個產品稱為 Coinbase 開發者平台或 CDP。

It's -- sometimes people think of it as crypto-as-a-service.

有時人們會把它看作是加密貨幣即服務。

And what's great is that we've been able to close 264 institutions now that are using that product, including large companies like JPMorgan, BlackRock, Citi, PNC, fintechs like Stripe, PayPal, Revolut, Webull. So I think that this is going to increasingly be an important part of our business. It just allows us to have different revenue streams and participate in the value creation as more and more companies come in to integrate with crypto. That's going to be all banks, all fintechs, all payment service providers, but it's also going to be nonfinancial services related companies.

更棒的是，我們現在已經能夠關閉 264 家使用該產品的機構，其中包括摩根大通、貝萊德、花旗集團、PNC 銀行等大型公司，以及 Stripe、PayPal、Revolut、Webull 等金融科技公司。所以我認為這將日益成為我們業務的重要組成部分。它使我們能夠擁有不同的收入來源，並隨著越來越多的公司與加密貨幣整合而參與價值創造。這不僅包括所有銀行、所有金融科技公司、所有支付服務供應商，還包括非金融服務相關公司。

I mean we're also working with, for instance, Shopify on powering payments for them. So I think it's similar to what Amazon did with AWS. I think this third-party infrastructure can be a powerful business for us over time.

我的意思是，例如，我們也與 Shopify 合作，為他們提供支付技術支援。所以我認為這跟亞馬遜的AWS很像。我認為從長遠來看，這種第三方基礎設施可以成為我們一項強大的業務。

Owen, maybe I could add on here for you, though. We've really been building the various infrastructure layers and are pleased to have a more vertically integrated payments product that we're bringing to market. It starts with Base, which is our Layer 2 solution, USDC and other stablecoins. We've now built out payments APIs. And we're now bringing those forward to our customers via Coinbase the Base app and then directly to businesses.

歐文，或許我可以幫你補充一些內容。我們一直在建立各種基礎設施層，很高興能夠推出一款更垂直整合的支付產品。它以 Base（我們的 Layer 2 解決方案）、USDC 和其他穩定幣為基礎。我們現在已經建立了支付API。現在，我們正透過 Coinbase 的 Base 應用程式將這些產品帶給我們的客戶，然後再直接帶給企業。

So what we're seeing here is, one, we are a partner of choice. We continue to win mandates from large financial players, fintechs, as Brian shared. But we're also seeing small and medium-sized businesses really come to our platform as we enable them to more efficiently manage their capital and their liquidity through instant settlement via stablecoins, while we're earning rewards now on any idle funds that they hold in USDC. So we've seen great early traction with over 1,000 businesses onboarded, and we have a growing wait list.

所以我們看到的是，第一，我們是首選合作夥伴。正如布萊恩所說，我們不斷贏得大型金融機構和金融科技公司的委託。但我們也看到，隨著我們透過穩定幣實現即時結算，使中小企業能夠更有效地管理其資本和流動性，越來越多的中小企業開始使用我們的平台，同時，我們現在還能從他們持有的 USDC 閒置資金中獲得獎勵。因此，我們已經看到了良好的早期發展勢頭，已有超過 1000 家企業加入，而且我們的候補名單還在不斷增長。

Devin Ryan, Citizens.

德文·瑞安，市民。

Great. Just want to ask a question about Deribit. Obviously, you haven't had it on the platform for too long, but seems like it's doing well here out of the gate for Coinbase. So just love to kind of think about kind of the integration thus far, what that informs around potential future product development and cross-sell opportunities for Coinbase?

偉大的。我想問一個關於Deribit的問題。顯然，該應用程式上線 Coinbase 平台的時間還不長，但看起來它開局表現不錯。所以，我很想思考一下到目前為止的整合情況，這對 Coinbase 未來潛在的產品開發和交叉銷售機會有什麼啟示？

And just more broadly, if you can just touch on kind of the scaling plan now that it's fully integrated or part of Coinbase.

更廣泛地說，既然它已經完全整合到 Coinbase 中，您能否談談目前的擴展計劃？

So it officially just closed in August, and we onboarded 100 employees in September. So they had record volume in the month of August. Their revenue has been growing. And where we are right now is we're really working to integrate their products seamlessly with our products. So we can bring together spot derivatives and derivatives meaning both perpetual futures, futures and options, all under one roof.

所以它正式在 8 月關閉，我們在 9 月招收了 100 名員工。所以他們在八月的銷售量創下了紀錄。他們的收入一直在成長。而我們目前所處的位置是，我們正在努力將他們的產品與我們的產品無縫整合。因此，我們可以將現貨衍生性商品和衍生性商品（包括永續期貨、期貨和選擇權）集中在一起，全部放在一個屋簷下。

We, in the quarter, had brought forward for our US customers, spot and derivatives cross-margining, and it enables capital efficiency where our customers really value the ability to get better leverage, better margin on their trading products. And so we think that, that is a future that we can bring forward to options as well. So the goal is going to be integrated for the next few quarters, so we can bring everything under one roof and enable side-by-side trading of these products and services to our institutional clients.

本季度，我們為美國客戶推出了現貨和衍生性商品交叉保證金制度，該制度能夠提高資本效率，因為我們的客戶非常重視獲得更好的槓桿和更高的交易產品利潤率的能力。因此，我們認為，這也是我們可以考慮的未來選擇之一。因此，我們的目標是在接下來的幾個季度內實現整合，以便將所有內容集中到一個平台上，並為我們的機構客戶提供這些產品和服務的並排交易。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

I just had one on the Everything Exchange. I was wondering if you could update us on the time line or some of the milestones we should be looking out for as you introduce new asset classes to that platform.

我剛剛在 Everything Exchange 上交易了一個。我想請您介紹一下向該平台引入新資產類別的時間表或一些我們應該關注的里程碑事件。

Yes. Well, some of them are already live, right? I mentioned the DEX integration, the US-style perps. And December 17 is going to be another milestone for us.

是的。嗯，其中一些已經上線了，對吧？我提到了DEX集成，以及美式犯罪者。12月17日對我們來說將是另一個里程碑。

We're hosting that H2 product event, where we'll be giving an update on everything we've been working on in the second half of this year. So that will be a good one to tune into on the live stream.

我們將舉辦 H2 產品發布會，屆時我們將介紹今年下半年我們一直在進行的所有工作的最新進展。所以，這將會是一場值得在直播中收看的精彩節目。

James Yaro, Goldman Sachs.

James Yaro，高盛集團。

Could you help us think through the impacts of the crypto liquidations on October 10 on markets as well as on the various market participants? Do you see any medium-term ramifications? And are there any lessons learned that you think could improve market function going forward?

您能否幫我們分析一下10月10日加密貨幣清算對市場以及各市場參與者的影響？您認為會有任何中期影響嗎？您認為有哪些經驗教訓可以改善未來的市場運作？

I'll start and others can add on. So obviously, the events of October 10 led to some liquidation as folks had to delever to address the sharp sell-off in certain assets. We are really pleased that we did not see significant liquidations on our platform. And as Brian shared earlier, our platforms really withstood the volatility quite well during that window.

我先開始，其他人可以補充。顯然，10 月 10 日的事件導致了一些清算，因為人們不得不去槓桿化以應對某些資產的急劇拋售。我們非常高興我們的平台上沒有出現大規模清算。正如布萊恩之前所說，在那段時間裡，我們的平台確實很好地經歷了市場波動。

In part, that's due to the design of our products and the approach that we've taken to leverage with our products. One of the observations that I would have broadly in the market is today, there's very few of us that are publicly traded that have as much transparency into our operations, our risk management, our balance sheets. And so we do have these risks and throughout the overall ecosystem of operational errors that then lead to deleveraging events.

部分原因在於我們產品的設計以及我們利用產品所採取的方法。我對當今市場的一大觀察是，在上市公司中，很少有公司能像我們一樣，在營運、風險管理和資產負債表方面保持如此高的透明度。因此，我們確實存在這些風險，並且在整個生態系統中，營運錯誤會導致去槓桿化事件。

I think over time, you'll see more and more companies come into a regulatory framework, more and more companies go public. And so this risk will reduce over time because transparency then helps all risk, and the more sunlight the better in some of these areas. But I would say that the market rebounded quite nicely from this, and I don't see any systemic losses or any kind of continued fallout from that sell-off.

我認為隨著時間的推移，你會看到越來越多的公司進入監管框架，越來越多的公司上市。因此，隨著時間的推移，這種風險將會降低，因為透明度有助於降低所有風險，而且在某些地區，陽光越多越好。但我認為市場已經從這次拋售中很好地反彈了，我沒有看到任何系統性損失或任何持續的負面影響。

Andrew Jeffrey, William Blair.

安德魯傑弗裡，威廉布萊爾。

I appreciate the question. Brian, I definitely agree with your vision on stablecoins. I wonder if you can sort of dimensionalize for us sort of timing in your mind for more commercial adoption outside of crypto? And the role you think Coinbase plays in that cross-border commerce. And whether or not it changes -- whether or not your economics change with volume as USDC takes off.

感謝您的提問。Brian，我完全同意你對穩定幣的看法。我想知道您能否幫我們大致估算一下，在您看來，加密貨幣以外的領域在商業上得到更廣泛的應用需要多長時間？你認為 Coinbase 在跨境電商中扮演著怎樣的角色？以及它是否會改變——隨著 USDC 的發展，你的經濟效益是否會隨著交易量的變化而改變。

Yes. Well, interesting. I mean, I think taking that last part first, I'm not seeing a change in economics yet. I think we're still super early in this, and it's growing really fast. And so it will be interesting to see how that plays out.

是的。嗯，有意思。我的意思是，先說最後一點，我還沒有看到經濟方面有任何變化。我認為我們目前還處於非常早期的階段，而且它的發展速度非常快。所以，看看事情會如何發展，將會很有趣。

I mean we have different ways to monetize it like with Base sequencer fees and with USDC, you could, of course, charge directly for the payments themselves.

我的意思是，我們可以透過不同的方式來獲利，例如使用基礎序列器費用和 USDC，當然，你也可以直接收取支付本身的費用。

But I think just zooming out, I mean, payments are just very clearly the next big use case for crypto. I think it started with trading, payments are really -- are growing enormously now. And I would say just in general, it's a massive market, right? Like cross-border payments are something like $40 trillion in volume annually. B2B is 75% of that, which is an early use case for stablecoins.

但我覺得從更宏觀的角度來看，支付顯然是加密貨幣的下一個重大應用場景。我認為這一切都始於交易，而支付方式現在確實發展迅速。總的來說，這是一個巨大的市場，對吧？例如，跨國支付的年交易額約為 40 兆美元。B2B 佔其中的 75%，這是穩定幣的早期應用案例之一。

And we're now seeing about $100 billion in annual stablecoin volume, which is growing rapidly.

目前，穩定幣的年交易量約為 1000 億美元，並且還在快速成長。

So and we're going to keep participating in this space across a number of different areas. We're building payments for businesses. Coinbase businesses are account for small, medium-sized businesses. We're adding various products and services in there around invoices and how to pay contractors and vendors. A lot of it's cross border, but even within country, it's powerful.

所以，我們將繼續在多個不同領域參與其中。我們正在為企業建立支付系統。Coinbase 企業帳戶針對中小企業。我們正在其中添加各種與發票以及如何向承包商和供應商付款相關的產品和服務。很多時候是跨國的，但即使在國內，它的影響力也很大。

We had -- since we announced that product just recently, we've had about 1,000 businesses onboarded already. There's another 1,000 on the wait list.

自從我們最近發布該產品以來，已經有大約 1000 家企業加入了我們。還有1000人在候補名單上。

We're also integrating payments into our retail app for Coinbase and into the new Base app. So I think that will be powerful. And then we can be one of the -- I think we're really one of the only companies that can start to connect these businesses and consumers together, right, in the two-sided market and Shopify is an example of that, where we're powering USDC checkout for their merchants.

我們還將支付功能整合到 Coinbase 的零售應用程式和新的 Base 應用程式中。所以我認為這將非常有力。然後我們就可以成為——我認為我們是真正為數不多的能夠將這些企業和消費者聯繫起來的公司之一，對吧，在雙邊市場中，Shopify 就是一個例子，我們正在為他們的商家提供 USDC 結帳功能。

And when you're -- these merchants, it's a big deal because they're used to paying 2% to 3% in fees, for people to move money over the Internet. There's no reason that, that needs to exist, I don't think. I mean -- and when you can do it in less than a second, less than $0.01, flat fee regardless of the amount it just has a lot more of the value. You can give some of that back to the consumer. Like in Shopify's case, they're giving 1% back to the people who pay with USDC, but the merchant also saves money.

對這些商家來說，這可是件大事，因為他們習慣支付 2% 到 3% 的手續費，讓人們透過網路轉帳。我認為沒有理由不讓它存在。我的意思是——而且，如果你能在不到一秒鐘的時間內，花費不到 0.01 美元，無論金額多少都收取固定費用，那麼它的價值就更高了。你可以把其中一部分還給消費者。就像 Shopify 的情況一樣，他們會向使用 USDC 付款的人返還 1% 的金額，但商家也能省錢。

So it's just kind of a win for everyone. And I think that when you lower friction in the economy like that, you see an order of magnitude more activity happening, it can really have a dramatic effect.

所以這對每個人來說都算是一件好事。我認為，當你降低經濟中的摩擦時，你會看到經濟活動呈指數級增長，這真的會產生巨大的影響。

So I guess -- just one other item to touch on in the payment space, which I think is really innovative that we're doing is there's a protocol we came out which is called x402. And what this is, it's a way to attach a stablecoin payment to any web request. You may be familiar with 404, which is on the Internet, like it's file not found, right, if you go to a page that doesn't exist.

所以我想——在支付領域還有一件事需要提及，我認為我們正在做的非常具有創新性，那就是我們推出了名為 x402 的協議。而這，實際上是一種將穩定幣支付附加到任何網路請求的方法。你可能熟悉 404，它在網路上就像「檔案找不到」一樣，如果你造訪一個不存在的頁面，就會顯示這個錯誤。

There's actually another code called 402 in the HTTP spec, which was originally put in there for payment required. Now it was never really implemented in most web browsers because the web browser never became a place where you put in your credit card, you put it into the website itself, not the browser. But anyway, we decided to go ahead and ship this, and it's attracted a lot of attention in the last month or so, partners like Cloudflare and Vercel and Google have started working with this.

HTTP 規範中實際上還有一個名為 402 的代碼，它最初是用來表示需要付款的。現在，大多數網頁瀏覽器從未真正實現過這項功能，因為網頁瀏覽器從未成為你輸入信用卡資訊的地方，你是在網站本身而不是瀏覽器中輸入信用卡資訊。但無論如何，我們決定繼續推出這款產品，它在過去一個月左右的時間裡引起了廣泛關注，Cloudflare、Vercel 和 Google 等合作夥伴都開始與它合作。

It's caused a lot of people to go sign up for Coinbase developer platform to start building these integrations. So it's still early days, but for payments happening over the Internet for AI agent payments, that's another big emerging area. We shipped an open source tool kit called AgentKit that lets any AI agent put a stablecoin wallet inside it. So we're starting to see a lot of things happen with payments on the frontier now. And yes, I think this is going to be a big area for crypto and for Coinbase.

這促使許多人註冊了 Coinbase 開發者平台，開始建立這些整合。所以現在還處於早期階段，但對於透過網路進行的 AI 代理支付而言，這是另一個新興的大領域。我們發布了一個名為 AgentKit 的開源工具包，它可以讓任何 AI 代理程式在其內部放置一個穩定幣錢包。所以我們現在開始看到支付領域發生了很多變化。是的，我認為這對加密貨幣和 Coinbase 來說都將是一個重要的領域。

Bo Pei, US Tiger.

薄培，美國老虎。

In the shareholder letter, you mentioned scaling back rebates and incentives in derivatives. Could you quantify how that's affecting take rate and whether you expect this to help margin expansion in Q4 and 2026?

在致股東的信中，您提到要縮減衍生性商品領域的回饋和激勵措施。您能否量化一下這會對轉換率產生怎樣的影響，以及您是否預期這會有助於第四季和 2026 年的利潤率擴張？

Bo it's a great question. So we are -- we have scaled back those incentives, and you can see that in the overall institutional growth. We did not attribute out any change in take rate. And it's very difficult to look at take rate for the institutional business given the acquisition of Deribit, given the growth of the derivatives platform, which is not reported in underlying trading volume. So there's been no change to the overall pricing of any of the products and services in any material way quarter-over-quarter, but there has been a lot of mix shift and just change in the drivers of the total institutional platform.

博，這是一個很好的問題。所以我們已經縮減了這些激勵措施，你可以從整體機構成長中看出這一點。我們沒有將任何變化歸因於接受率的變化。考慮到 Deribit 的收購以及衍生性商品平台的成長（這並未計入基礎交易量），很難評估機構業務的交易費率。因此，所有產品和服務的整體定價在季度間並沒有任何實質的變化，但整個機構平台的組成和驅動因素發生了很大的變化。

We are pleased to be able to change the incentives in derivatives because we've seen more liquidity and just more solid sticky organic open interest growth in that platform, which has enabled more profitable growth for our international derivatives business.

我們很高興能夠改變衍生性商品的激勵機制，因為我們看到該平台的流動性更強，未平倉合約的有機成長也更加穩健，這使得我們的國際衍生性商品業務能夠實現更盈利的成長。

Alex Markgraff, KeyBanc Capital Markets.

Alex Markgraff，KeyBanc Capital Markets。

Alesia, maybe one for you. Just as we think about the many new products and elements of the Coinbase platform, just hoping we could just sort of step back and maybe you could remind us how you're thinking about managing margins across these various products and platform elements? Any way to sort of frame the vision for contribution margin across these new items?

阿萊西亞，也許這件適合你。正當我們思考 Coinbase 平台的眾多新產品和功能時，我們只是希望能夠退後一步，也許您可以提醒我們一下，您是如何考慮管理這些不同產品和平台功能的利潤率的？有沒有辦法大致描繪這些新產品的貢獻毛利率前景？

So we do have a big mix of products and they do all monetize separately. And in some cases, we have launched products with the sole growth of retention and acquisition. In the case, for example, of the Coinbase card. So what we look to do is monetize the overall customer relationship. For example, on the institutional side, we have many of our customers who are now engaged with three-plus products and services, and we look to the overall customer relationship and the customer economics versus single product economics.

所以我們的產品種類繁多，而且它們各自獨立獲利。在某些情況下，我們推出的產品僅依靠用戶留存率和用戶獲取率的成長。例如，Coinbase 卡就是這種情況。因此，我們希望實現整體客戶關係的獲利。例如，在機構方面，我們有許多客戶現在都在使用三種以上的產品和服務，我們會專注於整體客戶關係和客戶經濟效益，而不是單一產品經濟效益。

So we're focused on growing overall profits. We're focused on how do we drive total adjusted EBITDA growth at the company level. And that is how we think about it versus targeting a specific margin by product at this time.

因此，我們專注於提高整體利潤。我們關注的是如何推動公司層級的調整後 EBITDA 總成長。這就是我們目前考慮的重點，而不是針對特定產品設定特定的利潤目標。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Guys, great results here. I got, I guess two quick questions. On the take rates, I appreciate you answering on the institutional take rates. Is there any way you can help us think about sort of how this looks a couple of quarters out? And then I have a very, very quick follow-up, if you don't mind.

各位，結果很棒！我大概有兩個問題想問。關於收費率，感謝您解答機構收費率的問題。您能否幫我們大致預測幾個季度後的情況？如果您不介意的話，我還有一個非常非常簡短的後續問題。

As we shared before, we don't focus on outlook that far in our public comments. We are focusing on meeting our customers where they are, engaging them with products and services. And we are constantly experimenting with our pricing on the retail side to understand how best our customers engage.

正如我們之前所說，我們在公開評論中不會過度關注未來展望。我們致力於在客戶所在之處滿足他們的需求，並透過產品和服務吸引他們。我們不斷在零售方面進行定價試驗，以了解如何才能最好地吸引客戶。

Right now, we're really pleased to see the growth of the Coinbase One subscribers. We introduced the new basic tier last quarter and the basic tier along with Coinbase Card is showing a lot of traction. So over time, we anticipate more and more customers will monetize through many products and services, and we're reducing the overall reliance on trading fees as a single monetization as it was many years ago.

目前，我們非常高興看到 Coinbase One 用戶數量的成長。我們在上個季度推出了新的基礎套餐，基礎套餐與 Coinbase 卡一起獲得了巨大的成功。因此，隨著時間的推移，我們預計越來越多的客戶將透過多種產品和服務來獲利，我們正在減少對交易費用作為單一獲利方式的整體依賴，這與多年前的情況截然不同。

But we will adjust fees as needed by the market, and that has been our long-standing approach.

但我們會根據市場需要調整費用，這也是我們長期以來的做法。

Ed Engel, Compass Point.

艾德‧恩格爾，指南針點。

Alesia, in the past, you've talked about how 2025 was a bit of a reinvestment year just as you capitalize on the better political environment. I guess with the step-up in fourth quarter OpEx, I'm just kind of thinking, are you still ramping up hiring through the end of the year? Or is most of that headcount growth behind us? I guess I'm just trying to gauge whether this kind of 4Q guidance is a fully baked-in number for some of the reinvestment you made this year?

Alesia，你過去曾說過，2025 年是一個重新投資的年份，因為你們要利用更好的政治環境。我想，隨著第四季營運支出的增加，我就在想，你們是否還會繼續擴大招募規模，直到年底？或者說，大部分的人員成長已經過去了？我只是想了解一下，這種第四季業績指引是否已經完全包含了你們今年進行的一些再投資？

Great question. So as we shared in my opening comments, the outlook for Q4 on our tech and dev and G&A combined is up roughly $100 million quarter-over-quarter. About half of that step-up in cost is due to the two acquisitions we made, one being Deribit, the second being Echo. And then the other half is due to headcount growth. So we are still growing headcount in the fourth quarter, although at a much slower rate than we did in the third quarter.

問得好。正如我在開場白中提到的，我們預計第四季度技術研發和一般管理費用合計將比上一季成長約 1 億美元。成本增加的大約一半是由於我們進行的兩項收購，一項是 Deribit，另一項是 Echo。另一半則是因為員工人數增加所造成的。因此，儘管第四季員工人數成長速度比第三季慢得多，但我們仍在增加員工人數。

Zach Gunn, FT Partners.

Zach Gunn，FT Partners。

I just also wanted to ask on the payment side of things. Historically, when we think about driving adoption of the new payment modality or platform, it takes anywhere from 3% to 5% of overall transaction value incentivize either consumer or merchant or business switching. So can you just talk about what Coinbase is doing to incentivize adoption of its payments platform?

我還想問一下付款方面的問題。從歷史上看，當我們考慮推動新支付方式或平台的普及時，通常需要將總交易額的 3% 到 5% 作為激勵，才能促使消費者、商家或企業進行轉換。那麼，您能否談談 Coinbase 為了激勵用戶採用其支付平台而採取了哪些措施？

Yes. I mean, you're right. There are a lot of powerful network effects in payments. So we don't want to be flippant about the challenge of coming into these new markets. Luckily, it's not just one Coinbase -- or one company like Coinbase going up against the powers that be here.

是的。我的意思是，你說得對。支付領域存在許多強大的網路效應。因此，我們不想輕視進入這些新市場所面臨的挑戰。幸運的是，並非只有一家 Coinbase——或者說，並非只有一家像 Coinbase 這樣的公司在與這裡的當權者對抗。

I think the beauty of crypto is that these are decentralized, open networks, with thousands of companies participating all over the world. So it's a little bit like the Internet going up against some kind of proprietary system, not just one company.

我認為加密貨幣的魅力在於它們是去中心化的開放網絡，全球有成千上萬家公司參與其中。所以這有點像網路對抗某種專有系統，而不僅僅是對抗一家公司。

Now that being said -- so lots of people -- I mean there's something like $500 billion of assets that we have on platform. There's a huge number of people around the world now who use crypto, that are holding crypto. So we're starting to get into those categories where it can be meaningful.

話雖如此——所以很多人——我的意思是，我們平台上大約有 5000 億美元的資產。現在全世界有大量的人使用加密貨幣，持有加密貨幣。所以我們開始進入那些有意義的領域。

Now it won't be for every type of merchant, right? I mean if you go to like a Starbucks on the corner, maybe that doesn't hit the threshold, but for a certain type of e-commerce category, it could be that a large enough number of people actually -- the only way they want to pay us was crypto. It opens up micro transactions or new international markets where credit card penetration is low.

當然，它並不適合所有類型的商家，對吧？我的意思是，如果你去街角的星巴克，也許達不到那個門檻，但對於某種類型的電子商務類別來說，可能有相當多的人實際上——他們唯一願意支付給我們的方式就是加密貨幣。它為小額交易或信用卡普及率較低的新興國際市場打開了大門。

So we'll see it first take off in areas where people's unmet need is the highest. And then eventually, it will eat into more and more of it just because it's faster and cheaper and more global. But yes, this will take time for sure. And I guess I mentioned this earlier as well, but a lot of times when people think about payments, they think about buying the proverbial cup of coffee on the corner store.

因此，我們將看到它首先在人們未被滿足的需求最高的地區流行起來。最終，它會蠶食越來越多的市場份額，因為它速度更快、價格更低、更全球。但沒錯，這肯定需要時間。我想我之前也提到過這一點，但很多時候人們想到付款時，就會想到在街角小店買一杯咖啡。

But like the majority of cross-border payments are really like B2B transactions, and that's the area where we're seeing higher adoption for crypto right now. I mean that's just it's growing like gangbusters frankly, because that's just a very underserved part of the market where businesses want to get their money faster, they want to not have -- be exposed to these FX risks. So those are some of the areas that will take off in first and I think eventually get to the majority of all payments.

但大多數跨國支付實際上類似於 B2B 交易，而這正是我們目前看到加密貨幣應用更廣泛的領域。我的意思是，坦白說，它的發展速度非常迅猛，因為這是一個服務嚴重不足的市場領域，企業希望更快地獲得資金，他們不想承擔外匯風險。所以這些領域會率先發展起來，我認為最終會涵蓋大部分支付方式。

Joseph Vafi, Canaccord.

Joseph Vafi，Canaccord。

Just as a quick side note, just finishing lunch here on the West Coast that I bought with my Coinbase One card. So thanks for a great product. But just maybe double-click on Deribit here a little bit more. And Alesia, I appreciate the commentary on cross-product margin capability and efficiency there.

順便提一下，我剛在西海岸吃完午飯，午餐是用我的 Coinbase One 卡買的。非常感謝你們的優質產品。但或許可以再稍微雙擊 Deribit。Alesia，我很欣賞你對跨產品利潤能力和效率的評論。

But as you look forward, the distribution of the Coinbase platform is so big. Do you see this as a big share gain or share creator in option transactions? And then can you just remind us on margin structure on a transaction margin basis, how your options and derivatives compare to spot?

但展望未來，Coinbase 平台的分佈範圍非常廣。您認為這在選擇權交易中會帶來龐大的股份收益還是股份創造？那麼，您能否再簡單介紹一下交易保證金結構，以及您的選擇權和衍生性商品與現貨相比有何不同？

All right. So Deribit is already the market leader in options. They had over 75% market share for options. Notably, this is all non-US. And so there is path to grow the market for options in the US.

好的。所以Deribit已經是選擇權市場的領導者了。他們在期權市場佔有超過75%的份額。值得注意的是，這些都與美國無關。因此，美國選擇權市場有發展的空間。

That is going to be a multi-quarter road map of bringing both the regulatory licenses and product to bear in the US, but we think that's a huge opportunity for us.

這將是一個需要幾個季度才能完成的路線圖，目的是在美國獲得監管許可並推出產品，但我們認為這對我們來說是一個巨大的機會。

But more importantly, we believe that bringing these products to trade all under one umbrella will be able to grow overall trading volume on all of our products on our platform. And we've already seen, just by having Deribit closed for a few weeks on our platform, that existing clients have more confidence in the combined balance sheet and now bringing options to the Coinbase balance sheet, they are trading at higher volumes and trading and holding more assets on our platform.

但更重要的是，我們相信，將這些產品集中在一個平台上進行交易，能夠提高我們平台上所有產品的整體交易量。我們已經看到，僅僅因為 Deribit 在我們的平台上關閉了幾週，現有客戶對合併後的資產負債表更有信心，現在他們將期權添加到 Coinbase 的資產負債表中，他們的交易量更大，並且在我們的平台上交易和持有更多資產。

So the brand strength, the balance sheet strength that we're able to now put behind Deribit and their strong product and risk management is having outsized benefits to both of us. And we can follow up with you about the margin differential. Obviously, there's no margin on spot trading. We do offer leverage on those assets, but they're very customized by product. So the -- they look different in each market, and they look different to different customer groups.

因此，我們現在能夠為 Deribit 及其強大的產品和風險管理提供強有力的支持，這為我們雙方都帶來了巨大的好處。我們可以就利潤率差異與您進行後續溝通。顯然，現貨交易沒有利潤空間。我們確實提供這些資產的槓桿，但這些槓桿是根據產品進行高度客製化的。所以——它們在每個市場看起來都不一樣，對不同的顧客群來說看起來也不一樣。

I don't have a simple way of answering that question for you.

我無法用簡單的方式回答你的問題。

Gus Gala, Monness, Crespi, and Hardt.

Gus Gala、Monness、Crespi 和 Hardt。

I wanted to talk a little bit about the competitive environment between September and October. September was a fantastic month in terms of outgrowing the market at spot in October seemed to reverse that. Just trying to parse out, is this competitive pressure, like present in the system, maybe seeing more aggressive pricing competition from peers in terms of promos, incentives stealing away? Or is it just a mix issue? Just trying to understand what's going on there.

我想稍微談談九月到十月間的競爭環境。9 月現貨市場表現非常出色，遠超市場平均水平，但 10 月的情況似乎發生了逆轉。我只是想弄清楚，這是否是系統內存在的競爭壓力，例如來自同行的更激烈的價格競爭，以及促銷和激勵措施的衝擊？或只是混音問題？我只是想弄清楚那裡發生了什麼事。

We've always faced competition. We are a platform that has multiple customer types, multiple products. And so we all have faced competition since we've been founded on different products, different customer groups within our portfolio. Our focus and our goal is always to deliver the most trusted and easiest to use products to our customers. And we've been really proud of our continued growth in market share, trading volumes, size, and scaling up these various product offerings.

我們一直都面臨競爭。我們是一個擁有多種客戶類型和多種產品的平台。因此，自我們創立以來，由於我們各自的產品不同，客戶群也不同，我們都面臨競爭。我們始終專注於為客戶提供最值得信賴、最容易使用的產品。我們一直為我們在市場份額、交易量、規模以及各種產品供應規模方面的持續成長感到非常自豪。

So when you think about the competitive pressures in the month of October, there's nothing specific to talk about generally, we are always looking for ways to continue to build and delight our customers.

所以，當你想到十月份的競爭壓力時，一般來說沒有什麼特別值得一提的，我們一直在尋找方法來繼續發展並取悅我們的客戶。

Yes. I hope we answered your question on that. I was a little distracted because I was tracking the prediction market about what Coinbase will say on their next earnings call.

是的。希望我們已經解答了您的問題。我當時有點分心，因為我一直在關注市場對 Coinbase 在下次財報電話會議上會說什麼的預測。

I just want to add here the words Bitcoin, Ethereum, blockchain, staking and Web3 to make sure we get those in before the end of the call.

我只想在這裡補充比特幣、以太坊、區塊鏈、質押和 Web3 這些詞，以確保我們在通話結束前提到它們。

All right well, we've taken all of our questions. That's it for today.

好了，我們已經回答了所有問題。今天就到這裡。

Thanks for joining us. We'll talk to you again next quarter.

謝謝您的參與。我們下個季度再跟你談。

Before we end, I just want to invite anybody to join us on our X Spaces call next week. And so please follow us on X.

在結束之前，我想邀請大家參加我們下週的 X Spaces 電話會議。所以請在X上關注我們。

Brian and I will be taking additional questions on Monday.

我和布萊恩將於週一回答更多問題。