Coinbase Global Inc (COIN) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to the Coinbase fourth quarter and full-year 2025 earnings call. My name is Anil Gupta, and 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.

下午好，歡迎參加 Coinbase 2025 年第四季及全年財報電話會議。我叫 Anil Gupta，是 Coinbase 的投資人關係副總裁。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 comments from Brian and Alesia and then take questions.

今天的電話會議將首先由布萊恩和阿萊西亞發言，然後回答問題。

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

接下來，我將把麥克風交給布萊恩。

(technical difficulty) crypto prices, but Bitcoin remains the best-performing asset class of the past decade. We've been through cycles like this many times at Coinbase, and adoption continues to grow, regulatory clarity is on the horizon and more bullish than ever. Moreover, we've successfully diversified the business where stablecoins, subscription and services revenue, and now trading of other asset classes like stocks, prediction markets, and commodities means our revenue is less correlated to crypto price fluctuations.

（技術難題）加密貨幣價格，但比特幣仍然是過去十年表現最佳的資產類別。Coinbase 經歷過許多這樣的週期，用戶數量持續成長，監管前景明朗，比以往任何時候都更樂觀。此外，我們已成功實現業務多元化，穩定幣、訂閱和服務收入，以及現在股票、預測市場和大宗商品等其他資產類別的交易，意味著我們的收入與加密貨幣價格波動的相關性較低。

We launched the Everything Exchange in Q4 and are seeing early signs of success. Global trading volume and market share doubled year over year, reaching new all-time highs. Just last week, as crypto prices fell, gold and silver futures drove record notional volume on our exchange.

我們在第四季推出了萬物交換平台，並已看到初步的成功跡象。全球交易量和市佔率年增一倍，創歷史新高。就在上週，隨著加密貨幣價格下跌，黃金和白銀期貨在我們交易所的名目交易量創下歷史新高。

We hit our highest 24-hour trading volume in over a year, in fact, and Base set a new transaction all-time high with AI agents adopting stablecoin wallets. Base is quickly establishing itself as the onchain home for AI. So looking ahead, our strong balance sheet and progress on the Everything Exchange gives us the ability to continue investing in these market conditions. We'll keep buying Bitcoin. We'll continue to buy our stock back, and we won't stop building.

事實上，我們達到了一年多以來最高的 24 小時交易量，而 Base 也創下了 AI 代理採用穩定幣錢包以來的新交易記錄。Base 正迅速確立其作為鏈上人工智慧平台的地位。展望未來，我們強勁的資產負債表和萬物交易所的進展使我們能夠在當前的市場環境下繼續投資。我們將繼續購買比特幣。我們將繼續回購股票，並且不會停止建設。

Now I want to talk about how we're going to win in 2026. Financial services is a massive industry, and there's multiple trillions of dollars of revenue up for grabs. Crypto is updating the financial system from trading to payments to lending, and Coinbase is the best positioned company in the world to capitalize on this transformation. Here are four reasons why.

現在我想談談我們如何在2026年贏得勝利。金融服務業是一個龐大的產業，其中蘊藏著數兆美元的收入。加密貨幣正在改變金融體系，從交易到支付再到借貸，而 Coinbase 是世界上最有能力利用這項變革的公司。以下是四個原因。

Number one, we store more crypto than any other company. We're the most trusted brand in crypto, and we work with thousands of institutions, including 5 G-SIB banks and 150 government agencies. Just as one example, we store 12% of all crypto in the world, more than the next four competitors combined. Assets on platform has grown about 3x over the past three years, and these assets are very sticky as we connect more products into them. So that's the first reason.

第一，我們儲存的加密貨幣比其他公司都多。我們是加密貨幣領域最值得信賴的品牌，我們與數千家機構合作，其中包括 5 家全球系統重要性銀行和 150 個政府機構。舉個例子來說，我們儲存了全球 12% 的加密貨幣，比排名第二和第三的四家競爭對手加起來還要多。過去三年，平台上的資產成長了約 3 倍，而且隨著我們將更多產品連接到這些資產中，這些資產的黏性非常強。這是第一個原因。

Number two, we've doubled our trading volume and market share year over year. We started off as the leader in the US. And now, as regulatory clarity has emerged around the world, we're growing our share internationally as well.

第二，我們的交易量和市佔率比去年同期成長了一倍。我們最初是美國市場的領導者。現在，隨著世界各地監管政策的明朗化，我們在國際上的市佔率也不斷擴大。

Number three, we've diversified our revenue streams so that it's not just trading specific. We now have 12 products doing over $100 million in annualized revenue. Subscription and services revenue hit all-time highs, up 5.5x from the peak in 2021, and we generated positive adjusted EBITDA in any market condition and consistently profitable on the adjusted EBITDA and adjusted net income basis over the last two years.

第三，我們實現了收入來源多元化，不再只依賴交易。我們現在有 12 款產品的年收入超過 1 億美元。訂閱和服務收入創歷史新高，比 2021 年的峰值增長了 5.5 倍，我們在任何市場條件下都實現了正的調整後 EBITDA，並且在過去兩年中，我們持續實現了調整後 EBITDA 和調整後淨收入的盈利。

And finally, number four, we have deep crypto expertise at Coinbase. This manifests in the unique products that we've been able to offer. So for example, we were early to offer DEX trading, which now allows us to have millions of crypto assets available to trade. We were early on DeFi borrow or lend.

最後，第四點，Coinbase 擁有深厚的加密貨幣專業知識。這一點體現在我們能夠提供的獨特產品上。例如，我們很早就推出了 DEX 交易，這使得我們現在可以交易數百萬種加密資產。我們很早就涉足了 DeFi 的借貸領域。

We were early on building out the base chain. We've even migrated to our multiparty computation cold storage system, the next generation of it, which has allowed us to accelerate the speed at which customers can complete transactions. So this deep crypto expertise really is one of our core strengths. So for these reasons, we're best positioned to win this transformation as more and more financial services are updated by crypto in this big secular trend.

我們很早就開始建構基礎產業鏈了。我們甚至遷移到了下一代多方運算冷儲存系統，這使我們能夠加快客戶完成交易的速度。因此，這種深厚的加密貨幣專業知識確實是我們的核心優勢之一。因此，基於這些原因，隨著越來越多的金融服務在這個巨大的長期趨勢中被加密貨幣所取代，我們最有能力贏得這場變革。

Now in 2026, we have three top priorities that we're focused on, and I'll quickly run through those. So the first one is to grow the Everything Exchange. In Q2, last year, we introduced our Everything Exchange vision, which is one platform for all tradable assets, whether that's crypto, equities, prediction markets, commodities and more.

現在到了 2026 年，我們有三項首要任務需要重點關注，我將簡要介紹。所以首要任務是發展萬物交易平台。去年第二季度，我們推出了「萬物交易平台」的願景，這是一個涵蓋所有可交易資產的平台，無論是加密貨幣、股票、預測市場、商品等等。

Now thesis here is simple. For customers, the ideal experience is to have access to every investment and trading product that they want in one trusted place, wherever their assets reside. Stocks and prediction markets are natural extensions of our core business, providing a clear path to increasing product stickiness and revenue generation, and it's working.

現在，這裡的論點很簡單。對於客戶而言，理想的體驗是無論他們的資產位於何處，都能在一個值得信賴的地方獲得他們想要的所有投資和交易產品。股票和預測市場是我們核心業務的自然延伸，為提高產品黏性和收入提供了一條清晰的途徑，而且效果顯著。

Early feedback from our customers is very positive. And we see a number of users crossing over to trade commodities and equities alongside their crypto. We hit all-time highs in derivatives volume and revenue in Q4. A few weeks ago, we rolled out prediction markets to 100% of our customers. Soon, we'll add more markets and a dedicated sports hub for prediction markets.

我們收到的客戶早期回饋非常正面。我們看到許多用戶在交易加密貨幣的同時也交易大宗商品和股票。第四季度，我們的衍生性商品交易量和收入均創歷史新高。幾週前，我們向所有客戶推出了預測市場。不久後，我們將增加更多市場，並建立一個專門的運動預測市場中心。

Equities have rolled out. We'll have almost 10,000 tickers live this month. In Q4, we even acquired Echo to enable more efficient onchain capital formation. This can offer unique investment products to our customers on our Everything Exchange from the private market.

股票已經上市。本月我們將有近萬隻股票上線交易。第四季度，我們甚至收購了 Echo，以實現更有效率的鏈上資本形成。這可以為我們的「萬物交易所」上的客戶提供來自私人市場的獨特投資產品。

We're working on shipping tokenized equities, which will be a major positive change to the financial system. And with the crypto forward leadership of the SEC, we believe there's a path to get there. We'll also be expanding the Everything Exchange to more countries around the world. So that's -- our number one priority in 2026 is growing the Everything Exchange.

我們正在努力推出代幣化股權，這將為金融體系帶來重大的正面改變。我們相信，憑藉美國證券交易委員會在加密貨幣領域的前瞻性領導作用，我們一定能夠實現這一目標。我們也將把「萬物交換」平台擴展到世界各地更多國家。所以，我們在 2026 年的首要任務就是發展 Everything Exchange。

Our second priority is that we're scaling stablecoins in payments. Stablecoins are the second killer app in crypto, and most are still underestimating the potential of a digital dollar. In Q4, we hit an all-time high in USDC stored in Coinbase products which helped USDC reach an all-time high market cap of about $75 billion. In 2026, we're focused on expanding stablecoin utility with deeper product integrations, scaling out our payments infrastructure in Coinbase developer platform and Coinbase business. We're even protecting the ability to pay rewards to customers using stablecoin to ensure customers can benefit from this and that regulated US stablecoins remain competitive with offshore or unregulated offerings.

我們的第二個優先事項是擴大穩定幣在支付領域的應用規模。穩定幣是加密貨幣領域的第二大殺手級應用，大多數人仍然低估了數位美元的潛力。第四季度，我們儲存於 Coinbase 產品中的 USDC 數量創歷史新高，這也幫助 USDC 的市值達到了約 750 億美元的歷史新高。2026 年，我們將專注於透過更深入的產品整合來擴展穩定幣的實用性，並在 Coinbase 開發者平台和 Coinbase 業務中擴展我們的支付基礎設施。我們甚至保護了使用穩定幣向客戶支付獎勵的能力，以確保客戶能夠從中受益，並確保受監管的美國穩定幣與境外或不受監管的產品保持競爭力。

If you were designing money from scratch today, you'd get crypto and stablecoins where you can transfer funds anywhere in the world and under a second for less than $0.01. With the unrivaled efficiency gains, all signs point to stablecoins continuing to grow. We're even seeing these AI agents adopt stablecoins for payment, and I believe that stablecoins will be the default payment method for AI agents. Okay. So that's our second priority, stablecoins and payments.

如果今天讓你從零開始設計貨幣，你會得到加密貨幣和穩定幣，它們允許你以不到 0.01 美元的價格，在一秒鐘內將資金轉移到世界任何地方。憑藉無與倫比的效率優勢，種種跡象顯示穩定幣將繼續成長。我們甚至看到這些人工智慧代理商開始採用穩定幣進行支付，我相信穩定幣將成為人工智慧代理商的預設支付方式。好的。所以，穩定幣和支付是我們的第二優先事項。

Our third and final priority in this 2026 timeframe is to bring the world onchain. Now onchain is a key part of our business strategy and our mission, and this is the broad term that we use for DeFi, self-custodial wallets, and full adoption of decentralized technology as opposed to centralized intermediaries. We're seeing growing adoption of self-custodial wallets around the world, which let people store their funds and instead of trusting a third party.

我們在 2026 年的第三個也是最後一個優先事項是讓世界上鍊。現在，鏈上技術是我們業務策略和使命的關鍵部分，這是我們用來指代 DeFi、自架錢包以及全面採用去中心化技術（而非中心化中介機構）的廣泛術語。我們看到世界各地越來越人開始使用自託管錢包，這種錢包允許人們儲存自己的資金，而無需信任第三方。

With just a smartphone and an Internet connection, anyone can get access to more financial services, improved financial services, and participate in the global economy. We have a winning onchain strategy. And in 2026, you'll see more DeFi integrations in the Coinbase app. You'll see scaled adoption of the base app with its new focus on trading. We'll continue to increase transaction volume on the base chain, and all of the above will increase the percentage of onchain activity powered by Coinbase infrastructure.

只需一部智慧型手機和網路連接，任何人都可以獲得更多金融服務、更好的金融服務，並參與全球經濟。我們擁有致勝的鏈上策略。到 2026 年，Coinbase 應用將會有更多 DeFi 整合。隨著基礎應用程式專注於交易功能，其用戶規模將會擴大。我們將繼續增加基礎鏈上的交易量，以上所有措施都將提高由 Coinbase 基礎設施支援的鏈上活動百分比。

So in closing, as crypto continues to update the financial system, Coinbase is the best positioned company to capitalize on this transition and bring more economic freedom to the world.

最後總結起來，隨著​​加密貨幣不斷革新金融體系，Coinbase 是最有能力掌握這項轉變機會並為世界帶來更多經濟自由的公司。

Now I'll turn it over to Alesia.

現在我把麥克風交給阿萊西亞。

Thanks, Brian. Good afternoon, everyone. 2025 was a strong year for Coinbase, both operationally, as Brian just highlighted, and financially. We executed consistently against our goals. We delivered or outperformed our revenue and expense guidance that we provided every quarter.

謝謝你，布萊恩。大家下午好。正如布萊恩剛才提到的，2025年對於Coinbase來說是強勁的一年，無論從營運或財務方面來看都是如此。我們始終如一地實現了既定目標。我們每個季度都達到或超過了我們給出的收入和支出預期。

Our 2025 total revenue was $7.2 billion, a 9% year-over-year increase. Subscription and services revenue reached $2.8 billion, up 23% year over year and more than 5.5 times higher than the prior cycle peak in 2021. As Brian noted, we are pleased to see the growth of the number of products generating $100 million of annualized revenue. And equally, if not more, pleased to see many of these products scale. And we are working hard to see more products join the $250 million, $500 million and $1 billion annualized revenue club.

我們2025年的總營收為72億美元，年增9%。訂閱和服務收入達到 28 億美元，年增 23%，比 2021 年上一輪週期高峰高出 5.5 倍以上。正如布萊恩所指出的，我們很高興看到年收入達到 1 億美元的產品數量有所增長。而且，更令人高興的是，看到其中許多產品實現了規模化。我們正在努力讓更多產品加入年收入 2.5 億美元、5 億美元和 10 億美元俱樂部。

Turning to our Q4 results. I'm going to start with some highlights. We did have quarter-over-quarter softer market conditions. Crypto market cap was down 11% quarter over quarter. However, we outperformed the market on total trading volume, driven by strong derivatives volume growth.

接下來來看看我們第四季的業績。我先從一些重點內容說起。市場狀況確實環比疲軟。加密貨幣市值季減11%。然而，在衍生性商品交易量強勁成長的推動下，我們的總交易量超過了市場平均值。

Deribit saw another all-time high quarter. Q4 marked our ninth consecutive quarter of native unit inflows. This is inflows to our assets on platform, where customers then in turn stake, they custody, they engage in USDC. So we're seeing growth in native units despite the price headwinds.

德里比特率又創下歷史新高。第四季是我們連續第九個季度實現原生單元流入。這是流入我們平台上的資產，客戶隨後會在該平台上進行質押、託管和參與 USDC 交易。儘管面臨價格逆風，我們仍然看到原生產品銷售成長。

It was our 12th consecutive quarter of adjusted EBITDA profitability. We are a business that is prepared for volatility. We have diversified over the last four years. Our transaction revenue is diversified and will continue as we execute against the Everything Exchange. As we mentioned, we have 12 products with over $100 million of annualized revenue, and we are scaling them. Half of those are over $250 million.

這是我們連續第 12 季實現調整後 EBITDA 獲利。我們是一家能夠應對市場波動的企業。過去四年，我們實現了多元化經營。我們的交易收入來源多元化，隨著我們在 Everything Exchange 平台上的運作，這種多元化將持續下去。正如我們之前提到的，我們有 12 款產品，年收入超過 1 億美元，我們正在擴大這些產品的規模。其中一半超過 2.5 億美元。

As we enter the first quarter and see even more volatility, what we are pleased to see is that our retail customers are HODL-ing like they always have; but those who are in the market, they are buying the dip. Every week, we've seen net buying versus selling on our platform as we've entered this year. And as Brian mentioned, Coinbase is buying the dip. We've deployed $1.7 billion to repurchase shares. We fully offset our 2025 dilution from stock-based compensation, and we're buying Bitcoin.

隨著我們進入第一季度，市場波動性進一步加劇，令人欣慰的是，我們的零售客戶仍然像往常一樣持有股票；而那些進入市場的人，則在逢低買入。今年以來，我們每週都能看到平台上的淨買入量大於淨賣出量。正如布萊恩所提到的那樣，Coinbase正在逢低買入。我們已投入17億美元用於回購股票。我們透過股票選擇權激勵完全抵消了 2025 年的股權稀釋，並且我們正在購買比特幣。

So let's dive into the details. Q4 total revenue was $1.8 billion, down 5% quarter over quarter. Q4 transaction revenue was $983 million, down 6% quarter over quarter, while subscription and services revenue was $727 million, down 3% quarter over quarter.

那麼讓我們深入了解一下細節。第四季總營收為18億美元，季減5%。第四季交易收入為 9.83 億美元，季減 6%；訂閱和服務收入為 7.27 億美元，季減 3%。

Turning to expenses. Total operating expenses were $1.5 billion, up 9% quarter over quarter and in line with our outlook. Technology and development, general and administrative, and sales and marketing expenses collectively increased 14% quarter over quarter, primarily driven by costs associated with the recently closed acquisitions of Deribit and Echo and higher USDC rewards, reflecting the record USDC balances held in Coinbase products.

接下來談談費用。總營運支出為 15 億美元，季增 9%，與我們的預期一致。技術和開發費用、一般和行政費用以及銷售和行銷費用合計環比增長 14%，主要原因是最近完成的對 Deribit 和 Echo 的收購相關的成本以及更高的 USDC 獎勵，這反映了 Coinbase 產品中持有的 USDC 餘額創歷史新高。

When you exclude deal-related costs associated with our M&A activity in 2025, tech and dev, G&A plus sales and marketing would have increased 11% on a quarter-over-quarter basis. We ended the year with 4,951 full-time employees, up 3% quarter over quarter, as we continue to invest in product team development, customer support, and compliance infrastructure. Adjusted EBITDA in the fourth quarter was $566 million, and adjusted net income was $178 million.

若排除 2025 年與我們併購活動相關的交易成本，技術及開發、一般及行政費用加上銷售及行銷費用將較上季成長 11%。截至年底，我們擁有 4,951 名全職員工，比上一季成長 3%，我們將繼續投資於產品團隊發展、客戶支援和合規基礎設施。第四季調整後 EBITDA 為 5.66 億美元，調整後淨利為 1.78 億美元。

On a GAAP basis, we reported a net loss of $667 million, primarily driven by a $718 million unrealized loss on our crypto investment portfolio and a $395 million loss on strategic investments, which includes our investment in Circle.

以美國通用會計準則 (GAAP) 計算，我們報告淨虧損 6.67 億美元，主要原因是加密貨幣投資組合未實現虧損 7.18 億美元，以及戰略投資虧損 3.95 億美元，其中包括我們對 Circle 的投資。

As I mentioned, we're adding to our crypto investment portfolio on a weekly basis. We've modestly increased the size of our weekly purchase to build positions in these price markets. Importantly, we remain in a very strong capital and liquidity position. We ended the year with $11.3 billion in cash and cash equivalents and total available resources of approximately $14.1 billion when you include our crypto assets held for investments and collateral.

正如我之前提到的，我們每週都會增加加密貨幣投資組合。我們略微增加了每週的購買規模，以便在這些價格市場中建立部位。重要的是，我們仍然擁有非常雄厚的資本和流動性。截至年底，我們持有現金及現金等價物113億美元，加上用於投資和抵押的加密資產，可用資源總額約141億美元。

As our stock price declined during Q4 and through early February, we took the opportunity to begin repurchasing our stock within our previously approved authorization. As of today, we have repurchased $1.7 billion of our common stock, fully offsetting dilution from stock-based compensation for the year 2025. We secured an $815 million notional discount to the average price we issued that stock-based compensation in 2025. In January, our Board approved an additional $2 billion share repurchase authorization, which we plan to continue to deploy opportunistically when we see price dislocations and to manage down our future dilution from stock-based compensation.

由於我們的股價在第四季和二月初持續下跌，我們抓住機會，在我們先前核准的授權範圍內開始回購股票。截至今日，我們已回購價值 17 億美元的普通股，完全抵銷了 2025 年股票選擇權激勵計畫造成的股權稀釋。我們爭取到了 2025 年以股票選擇權平均價格 8.15 億美元的名義折扣。1 月份，我們的董事會批准了額外的 20 億美元股票回購授權，我們計劃在價格出現偏差時繼續擇機部署該資金，以減少未來因股票選擇權激勵而導致的股權稀釋。

Now I'm going to touch briefly on our Q1 outlook. Through February 10, we have generated approximately $420 million of transaction revenue.

現在我將簡要地談談我們第一季的展望。截至2月10日，我們已創造了約4.2億美元的交易收入。

Markets have experienced heightened volatility as we began the year. And so, while we always caution extrapolation, it's even more important when we see volatility spikes. For the first quarter, we expect subscription and services revenue to be in the range of $550 million to $630 million, reflecting the lower average crypto price environment we are in, lower interest rates, and lower staking protocol rewards rates compared to the fourth quarter.

今年年初以來，市場波動性加劇。因此，雖然我們總是謹慎地進行推斷，但在出現波動性飆升時，這一點就顯得尤為重要。第一季度，我們預計訂閱和服務收入將在 5.5 億美元至 6.3 億美元之間，這反映了我們所處的加密貨幣平均價格環境較低、利率較低以及質押協議獎勵率較低，與第四季度相比有所下降。

On the expense side, we expect technology and development plus general and administrative expenses to be flat quarter over-quarter in the same range we guided last quarter in the range of $925 million to $975 million. Similarly, we expect sales and marketing expenses to be flat to down quarter over quarter in the range of $215 million to $315 million, with our performance in the range largely depending on performance marketing opportunities and the USDC balances on our platform.

在支出方面，我們預計技術和開發費用加上一般和行政費用將與上一季持平，與我們上一季指導的範圍相同，在 9.25 億美元至 9.75 億美元之間。同樣，我們預計銷售和行銷費用將與上一季持平或下降，在 2.15 億美元至 3.15 億美元之間，我們的業績將主要取決於效果行銷機會和我們平台上的 USDC 餘額。

Overall, while crypto markets remain cyclical, we believe Coinbase enters 2026 from a position of strength. We have a more diversified revenue base. We have a scaled global platform and with the balance sheet that we can be flexible to continue and invest through the cycle.

總體而言，儘管加密貨幣市場仍具有週期性，但我們認為 Coinbase 進入 2026 年時將處於強勢地位。我們的收入來源更加多元化。我們擁有一個規模化的全球平台，並且憑藉穩健的資產負債表，我們可以靈活地在整個週期中持續投資。

With that, let's go to questions.

接下來，我們進入問答環節。

All right. We'll take our first questions submitted to us on X. Our first one comes from @MikePovey65, who asks, are you making any headway on positive outcomes regarding the CLARITY Act?

好的。我們將回答大家提交給我們的關於 X 的第一個問題。第一個問題來自 @MikePovey65，他問道：關於 CLARITY 法案，你們在取得積極成果方面有什麼進展嗎？

Yeah, I can take that one. So the answer is yes. I'm actually quite optimistic that we'll get something through here in the next few months. And I just want to say a big shout out of appreciation to everyone in the Senate and the administration. I think they're doing all the hard work here really to help bring this to a good place.

好的，我可以接受。所以答案是肯定的。我其實相當樂觀，覺得未來幾個月我們能有一些進展。我也要向參議院和政府的每一位成員表達我深深的感謝。我認為他們真的付出了很多努力，才讓這件事朝著好的方向發展。

And there's lots of constituents around the table. I'd say the crypto industry is united in their asks and the things that are important to them. Other constituents are around the table, of course, as well. And I think there's an opportunity to make a win-win outcome here for everyone, for banks and crypto companies and the US citizen and everyone.

桌邊坐著很多選民。我認為加密貨幣產業在訴求和對他們來說重要的事情上是一致的。當然，其他成員也在場。我認為這是一個實現雙贏的機會，對銀行、加密貨幣公司、美國公民以及所有人都有好處。

And so, what we've really focused on is what matters most to our customers, preserving the benefits of crypto, making sure that there's not any kind of protectionism happening for incumbents, but we just want to have a good level playing field. And I think that everyone understands that, and they're all leaning in to try to create a good outcome here.

因此，我們真正關注的是客戶最關心的事情，即維護加密貨幣的優勢，確保不會出現任何保護主義行為來維護現有企業的利益，我們只是希望創造一個公平的競爭環境。我認為大家都明白這一點，大家都在努力爭取取得好的結果。

The GENIUS Act was just passed six months ago. So we're careful to make sure that nothing is being relitigated there. But I think there's a good path to get something through. And really, others are doing the majority of the work here, and we try to add in commentary where helpful, but hopefully, we'll get to a good outcome in the next few months.

《天才法案》六個月前才剛通過。所以我們非常謹慎，確保不會有任何案件在那裡重新審理。但我認為有一條很好的途徑可以實現目標。實際上，大部分工作都是其他人做的，我們只是在有幫助的地方添加一些評論，但希望在接下來的幾個月裡，我們能取得好的結果。

Our second question is from @internet_token, who asks, with Base TVL and sequencer revenue growing strongly in late 2025, what percentage of overall subscription and services revenue do you expect Layer 2 activity from Base and partners to contribute in 2026? And are there plans to further incentivize builders there?

我們的第二個問題來自 @internet_token，他問道，鑑於 Base TVL 和 Sequencer 收入在 2025 年末強勁增長，您預計 Base 及其合作夥伴的 Layer 2 活動在 2026 年將貢獻多少百分比的訂閱和服務總收入？是否有計劃進一步激勵當地建築商？

I'll start with this one, Brian, and then hand it over to you. So first, I just want to a little bit correct the question. Base revenue, we monetize both directly and indirectly. Directly, we're monetizing Base through sequencer fees. And those sequencer fees are recorded in other transaction revenue, not in our subscription and services revenue.

布萊恩，我先來，然後交給你。首先，我想稍微修正一下這個問題。基本收入，我們透過直接和間接兩種方式來獲利。直接來說，我們透過音序器費用來實現 Base 的獲利。這些序列器費用計入其他交易收入，而不是計入我們的訂閱和服務收入。

However, Base benefits us indirectly as well. And indirectly, we are using Base to monetize throughout our stack, both for Coinbase builders and our own products. And so for example, USDC on Base does drive USDC revenue through subscription and services. We don't have a forecast that we're offering today, but our goal throughout all of our products and services is to continue to drive quality, drive users to our platform to monetize through the stack of products and services we offer. But Brian, do you want to touch on incentives?

但是，Base 也間接地使我們受益。間接地，我們正在利用 Base 在我們的整個技術堆疊中實現貨幣化，包括 Coinbase 建構器和我們自己的產品。例如，USDC on Base 透過訂閱和服務推動 USDC 收入。我們目前沒有預測，但我們所有產品和服務的目標都是不斷提高質量，吸引用戶使用我們的平台，並透過我們提供的產品和服務組合來實現盈利。但是布萊恩，你想談談激勵機制嗎？

Yeah. So for the second part of the question about what incentives we're putting out there to build -- for builders on Base. So we're doing this in a number of different ways. We do give out grants called Base grants for builders. We're improving our developer tools all the time just to make it simple for folks to onboard.

是的。所以，關於問題的第二部分，即我們正在推出哪些激勵措施來鼓勵基地建設——針對基地建設者。所以我們正透過多種不同的方式來實現這一點。我們確實會向建築商發放名為「基礎補助金」的資助。我們一直在改進開發者工具，以便讓使用者更容易上手。

And we're getting distribution from any of these builders through our apps. So an example of this recently is like these AI agents that have been spinning up, we put out some really useful tools for developers to just get any AI agent a crypto wallet and begin to make stablecoin payments and begin to complete agentic commerce essentially. And that started to get quite a good amount of traction. We're exploring a Base token as well, which we've mentioned in the past.

我們正透過我們的應用程式從這些開發商那裡獲得分銷管道。最近的一個例子就是這些人工智慧代理，我們為開發者提供了一些非常有用的工具，讓他們可以為任何人工智慧代理添加加密錢包，開始進行穩定幣支付，並開始完成代理商務。而這種做法開始獲得相當不錯的迴響。我們也在探索基礎代幣，之前也提到過。

And then the Base app itself, which is taking this more trading-focused approach, we think it can help driving distribution for builders on Base. So yeah, these are all ways that we're growing adoption. And the Base chain itself works well across payments, trading, DeFi, a multitude of use cases. So our goal is to help it be really like the primary utility layer for crypto, all built on Ethereum.

然後，Base 應用程式本身採用了這種更注重交易的方式，我們認為它可以幫助推動 Base 上開發者的分銷。是的，這些都是我們提高使用者採納率的方法。Base 鏈本身在支付、交易、DeFi 等眾多應用程式場景中都能很好地運作。因此，我們的目標是幫助它真正成為加密貨幣的主要實用層，完全基於以太坊構建。

And our third and final question from X comes from @ChiefSkurp, who asks, what product or platform initiative are you most excited about that investors may be underestimating today?

X 的第三個也是最後一個問題來自 @ChiefSkurp，他問道：您最看好哪項產品或平台計劃，而投資者可能低估了它？

Yeah. Well, I think the two I'd draw folks' attention to are the Everything Exchange, right? I think it's a big vision that how do we get all tradable assets onchain. And the end state of this is that we'd want to see 24/7 global markets, anybody can come in and participate. There's a more level playing field, democratizes access to a lot of this.

是的。嗯，我覺得應該讓大家注意一下 Everything Exchange，對吧？我認為這是一個宏大的願景，即如何將所有可交易資產放到鏈上。最終目標是建立一個全天候24小時運作的全球市場，任何人都可以參與其中。這樣一來，競爭環境更加公平，也讓更多人能夠平等地獲得這些資源。

And it will just make it much easier to do capital formation, price discovery. I think the ideal outcome here is we'd be one of the top exchanges in the whole world across any asset class. That's really the vision for the Everything Exchange. And because we have this deep crypto expertise, I think, and crypto is the most important technology updating the financial system right now, I think we'll have an advantage there.

這將使資本形成和價格發現變得更加容易。我認為最理想的結果是，我們能夠成為全球所有資產類別中頂尖的交易所之一。這就是萬物交易所的願景。因為我們擁有深厚的加密貨幣專業知識，而加密貨幣是目前更新金融體系最重要的技術，我認為我們在這方面會具有優勢。

The second one I'd point people to are stablecoin payments. I mean, I think we're still in the very early days of this. Stablecoins have already gotten pretty big, but I think that we're just scratching the surface. And payments globally would -- they flow to the path of least resistance. And stablecoin rails are just -- they're faster, they're cheaper, more global. And so today, about half of 1% of global GDP runs on crypto rails. I don't see any reason why that couldn't be 10% or 20% in the next decade.

我推薦的第二種方法是穩定幣支付。我的意思是，我認為我們還處於這個領域的非常早期階段。穩定幣已經發展得相當成熟，但我認為我們目前只是觸及了冰山一角。全球支付也會如此──資金會流向阻力最小的路徑。而且穩定幣軌道——速度更快、成本更低、更全球。因此，如今全球 GDP 的約 0.5% 都依賴加密貨幣。我看不出未來十年內這個比例為什麼不能達到 10% 或 20%。

And so we think there's a lot of room to run there as well.

所以我們認為那裡也還有很大的發展空間。

All right. We'll now take questions from our research analysts. Questions were submitted to us in writing, and we'll take one question per analyst and optimize to cover as broad a range of topics as possible without being repetitive.

好的。現在我們將回答研究分析師提出的問題。我們收到的問題都是以書面形式提交的，我們將從每位分析師的問題中挑選一個進行解答，並儘可能涵蓋廣泛的主題，同時避免重複。

Our first question comes from Andrew Jeffrey at William Blair, who asks, please discuss line of sight to Everything Exchange monetization. What are your thoughts on the timing about revenue diversification?

我們的第一個問題來自 William Blair 的 Andrew Jeffrey，他問道：請討論一下 Everything Exchange 的貨幣化前景。您認為實現收入多元化的時機如何？

Thank you for this. Diversification has long been a focus of ours. So when I look at 2026, what I would focus on is diversification of tradable assets under the Everything Exchange. Derivatives will be a big growth driver, we believe, in 2026. We have good momentum both across the US and our international markets. We have momentum coming from the integration of options into our platform from the Deribit acquisition that we did in late 2025. So we believe that this can be a large part of our future story and strategy.

謝謝。多元化一直是我們的重點發展方向。所以，展望 2026 年，我關注的重點是萬物交易所下可交易資產的多元化。我們相信，衍生性商品將在 2026 年成為重要的成長驅動力。我們在美國和國際市場上都擁有良好的發展勢頭。我們在 2025 年底收購 Deribit 後，將選擇權整合到我們的平台中，為我們帶來了發展動力。因此，我們相信這將成為我們未來發展和策略的重要組成部分。

In addition, within the last few weeks, as Brian shared, we have rolled out prediction markets and we have rolled out equities. There's early encouraging signals, but we don't want to get ahead of ourselves. So we will share more updates at the end of Q1 when we have more than weeks and days of data under our belt.

此外，正如布萊恩所說，在過去的幾周里，我們推出了預測市場和股票市場。目前有一些令人鼓舞的早期跡象，但我們不想操之過急。因此，我們將在第一季末分享更多更新信息，屆時我們將累積數週甚至數天的數據。

We're really proud that historically, we've had achievements in driving diversification. We have 12 products, as we mentioned, with over $100 million of annualized revenue. Derivatives is included in that. We're working hard to scale, and we see more and more of these products able to graduate and hope that they will join the $250 million tier of the annualized revenue where we already have 6 of those 12 products.

我們非常自豪的是，從歷史上看，我們在推動多元化方面取得了成就。正如我們之前提到的，我們有 12 款產品，年收入超過 1 億美元。衍生性商品也包含在內。我們正在努力擴大規模，我們看到越來越多的產品能夠達到目標，並希望它們能夠躋身年收入 2.5 億美元的行列，目前我們已經有 6 款產品達到了這一年收入的 12 倍。

Ultimately, the goal of all of these products is that we are driving assets on platform on our platform. We are growing those native units, driving that flywheel. Where customers hold their assets, we hope they will trade more products. And the more tradable products we give to them, that will drive the monetization on trading. And underpinning that with our subscription and services, we store those assets. We provide platforms like USDC, which is a clear benefit to be able to trade in and out of various markets and other horizontals that will really support that trading growth.

歸根究底，所有這些產品的目標都是讓我們的平台上的資產得以發展。我們正在發展這些本土單元，驅動這個飛輪。我們希望客戶在持有資產的地方能夠交易更多產品。我們提供給他們的可交易產品越多，交易的貨幣化程度就越高。我們透過訂閱和服務來儲存這些資產。我們提供 USDC 等平台，這顯然有利於買賣各種市場和其他橫向交易，這將真正支持交易成長。

Next question is from Ken Worthington at JPMorgan, who asks, could your economic relationship with Circle change depending upon language in a market structure bill? In particular, could passage of a bill such as CLARITY that eliminates promotional payments to stablecoin holders directly eliminate or directly curtail Coinbase's participation in Circle reserve fee income?

下一個問題來自摩根大通的 Ken Worthington，他問道：市場結構法案中的措辭是否會影響您與 Circle 的經濟關係？具體來說，像 CLARITY 這樣的法案如果獲得通過，直接取消向穩定幣持有者支付促銷款項，是否會直接取消或限制 Coinbase 參與 Circle 儲備金收入？

Yes. So the short answer to your question is no. We don't see any way that this market structure legislation would change our economic relationship with Circle. The part that's being debated in the Senate draft for clarity is actually the House draft already received a strong bipartisan vote and didn't have any restrictions on these stablecoin rewards. But some drafts we saw, actually more like amendments, I would say, in the Senate banking draft, were contemplating that and thus prohibiting rewards essentially in various ways.

是的。所以，對於你的問題，簡短的回答是：不。我們認為這項市場結構立法不會以任何方式改變我們與Circle的經濟關係。參議院草案中正在討論以求澄清的部分，實際上眾議院草案已經獲得了兩黨的強力支持，並且對這些穩定幣獎勵沒有任何限制。但我們看到的一些草案，實際上更像是修正案，在參議院的銀行法案草案中，正在考慮這一點，因此本質上以各種方式禁止獎勵。

And the irony actually is if that were to go into law, it would actually make us more profitable because we would just continue to receive the economics from Circle, but today, we pass the majority of that along to the customer. If we were prohibited from doing that, ironically, it would just make us more profitable. But we actually don't want that to happen for a number of reasons.

諷刺的是，如果這項規定成為法律，實際上會讓我們更加盈利，因為我們將繼續從 Circle 獲得經濟收益，但如今，我們將大部分收益轉嫁給了客戶。諷刺的是，如果我們被禁止這樣做，只會讓我們更加有利可圖。但實際上，出於多種原因，我們並不希望這種情況發生。

One is that we think it's better for customers. We think it's better for the United States of America so that these regulated stablecoins can be competitive on a global stage. And it's already allowed under the GENIUS Act, which just became law five months ago. So our strong point of view is that that should continue to be allowed, and we'll keep fighting for that.

一是我們認為這對顧客更有利。我們認為，讓這些受監管的穩定幣在全球舞台上具有競爭力，對美國更有利。而且，根據五個月前剛生效的《天才法案》，這種做法是被允許的。因此，我們的強烈觀點是應該繼續允許這樣做，我們將繼續為此而奮鬥。

Our next question is from Owen Lau at Clear Street, who asks, the valuation of the whole sector, including tokens and equities has come down. How does Coinbase think about the opportunities in larger-scale buybacks and M&A?

下一個問題來自 Clear Street 的 Owen Lau，他問道，包括代幣和股票在內的整個行業的估值都下降了。Coinbase 如何看待大規模股票回購和併購帶來的機會？

Thanks for the question, Owen. So we're very focused on it. As I mentioned in my opening comments, we ended the year in a strong financial position with over $11 billion in cash and cash equivalents. We are focused on buybacks. As I mentioned in my prior comments, we've deployed $1.7 billion to repurchase 8.2 million shares under our buyback program. That includes Q4 through February 10.

謝謝你的提問，歐文。所以我們非常關注這件事。正如我在開場白中提到的，我們在年底財務狀況良好，擁有超過 110 億美元的現金及現金等價物。我們專注於股票回購。正如我之前提到的，我們已經投入 17 億美元，根據我們的股票回購計畫回購了 820 萬股股票。其中包括截至2月10日的第四季。

2025 was an incredible year for us on the M&A front. We completed 10 acquisitions/acqui-hires, and each one helped us enable acceleration in our product roadmap, including Deribit, which is the largest crypto deal of all times. We're deploying our money into Bitcoin purchases. We significantly grew our portfolio in 2025. We doubled the number of BTC native units we held in our investment portfolio.

2025年對我們來說是併購領域豐碩的一年。我們完成了 10 項收購/人才引進，每一項都幫助我們加速了產品路線圖的推進，其中包括 Deribit，這是有史以​​來最大的加密貨幣交易。我們將資金投入比特幣購買。2025年，我們的投資組合大幅成長。我們將投資組合中持有的BTC原生代幣數量增加了一倍。

So we are going to continue down all those paths. We're going to continue buying Bitcoin, continue buying back, continue to look at opportunistic M&A, and continue to really dynamically manage the opportunities that we see ahead of us. We feel very proud that we've delivered 12 consecutive quarters of positive adjusted EBITDA. And so we've proven that we can drive profits in any market environment. We will continue to do so in 2026 and then allocate that capital with the highest ROI to our business.

所以我們會繼續沿著這些道路往下走。我們將繼續買入比特幣，繼續回購，繼續尋找併購機會，並繼續積極主動地管理我們面前的機會。我們非常自豪地宣布，我們已經連續 12 個季度實現了調整後 EBITDA 為正值。因此，我們已經證明，我們可以在任何市場環境下實現盈利。2026年我們將繼續這樣做，然後將投資報酬率最高的資金分配給我們的業務。

Our next question is from Patrick Moley at Piper Sandler, who asks, what have you seen in terms of prediction market adoption to date among Coinbase customers? Do you have plans to build your own prediction market venue? Or are you comfortable continuing to act as a retail distribution for existing venues?

下一個問題來自 Piper Sandler 的 Patrick Moley，他問道：到目前為止，您在 Coinbase 客戶中看到了哪些關於預測市場採用的資訊？你們有計劃建立自己的預測市場平台嗎？還是您願意繼續作為現有場館的零售經銷商？

Yeah, I can take that one. So our prediction markets really just rolled out to 100% of customers about a couple of weeks ago. So it's early days, but so far, the interest has been great. Super Bowl weekend was a really great moment where a lot of customers got to experience it for the first time. And we're making lots of improvements rapidly on both the UX, adding more markets, having a dedicated sports hub where people can see live scores and things like that.

好的，我可以接受。所以，我們的預測市場大約在兩週前才真正向所有客戶全面推出。現在還處於早期階段，但到目前為止，大家的興趣非常濃厚。超級盃週末是一個非常美好的時刻，許多顧客都第一次體驗到了這項運動。我們正在快速改進用戶體驗，增加更多市場，並設立專門的運動中心，讓人們可以在那裡查看即時比分等等。

And frankly, just marketing and getting the word out. I think a lot of Coinbase customers are delighted to find out that this is available in the app because they already store quite a lot of assets with us. And so we just need to make them aware of it, and I think it's going to be a really good outcome.

坦白說，就是做市場推廣，把消息傳出去。我認為許多 Coinbase 用戶都很高興地發現該應用程式提供了這項功能，因為他們已經在我們這裡儲存了大量資產。所以，我們只需要讓他們意識到這一點，我認為這將是一個非常好的結果。

We launched it with our partnership with Kalshi, and they've been a great partner. It's not an exclusive arrangement. We also have the ability to launch our own markets. Nothing to announce on that at the moment, but we're keeping all options open.

我們與 Kalshi 合作推出了這款產品，他們一直是非常棒的合作夥伴。這並非獨家協議。我們還有能力開拓自己的市場。目前還沒有什麼可以宣布的，但我們會保留所有可能性。

Our next question is from James Yaro at Goldman Sachs. Do you think we're heading into another crypto winter? How long until the cycle could begin to recover? And how should investors think about the KPIs suggesting that the cycle could begin to turn?

下一個問題來自高盛的詹姆斯·亞羅。你認為我們會再次進入加密貨幣寒冬嗎？這個週期多久才能開始恢復？那麼，投資人該如何看待那些顯示經濟週期可能開始轉變的關鍵績效指標呢？

Yeah, I can touch on that. So in general, we don't try to predict the future too much here. We see our job as just building great products and services for our customers, and then we leave the investment decisions to them.

是的，我可以談談這方面。所以總的來說，我們這裡不會過度嘗試預測未來。我們認為我們的工作就是為客戶打造優秀的產品和服務，至於投資決策，就交給他們自己去做。

I will say that in general, I kind of enjoy these periods sometimes when the market is down ironically just because it allows us to keep building. There's opportunities in every market, whether it's up and down. And so it gives us a chance to buy Bitcoin. It gives us a chance to buy back our stock.

總的來說，我有時反而挺享受市場低迷的這段時期，因為諷刺的是，這讓我們有機會繼續成長。無論市場行情好壞，每個市場都蘊藏機會。因此，這給了我們購買比特幣的機會。這給了我們回購股票的機會。

And we've been through so many cycles like this in crypto. I actually don't think it's that connected to core KPIs like you asked about or some sort of fundamentals. There's a lot of kind of Monday morning quarterbacking happening where people will look backwards and say, oh, it must be because of Kevin Warsh is an inflation hawk or quantum computing is on the horizon or something. And I actually think markets are a little bit more like psychological things where people think someone else is going to think something, so they try to get ahead of it.

我們在加密貨幣領域經歷過太多類似的周期了。我其實不認為它跟你問到的核心KPI或某些基本要素有那麼大的關聯。現在經常出現事後諸葛亮式的分析，人們會回顧過去，然後說，哦，這一定是因為凱文·沃什是通貨膨脹鷹派，或者量子計算即將到來之類的原因。實際上，我認為市場更像是一種心理現象，人們會認為其他人會想些什麼，所以他們會試圖搶先一步。

And I don't think this market correction is that connected to any fundamentals. We're still seeing good growth of stablecoin adoption and other kind of indicators. So I'd say in this environment, we are seeing traders on our -- like at these prices, we're seeing people on our platform who are net buyers. But I would leave the investment decisions to you all on this call.

而且我認為這次市場調整與任何基本面因素都沒有太大關係。我們仍然看到穩定幣的採用率和其他指標呈現良好的成長動能。所以我覺得在這種環境下，我們看到我們平台上的交易者——例如在這樣的價格水平下，我們看到我們平台上有很多淨買家。但我會把投資決策留給大家在這次電話會議上決定。

Next question is from Ben Budish at Barclays. Can you talk about your 2026 spending plans? Given a variety -- given a wide variety of potential top-line outcomes in 2026, how do you think about need to spend versus want to spend? And where is there most flex in the cost base? Is it marketing, venture moonshot type investments, et cetera?

下一個問題來自巴克萊銀行的本·布迪什。能談談您2026年的支出計畫嗎？考慮到 2026 年可能出現的各種不同的整體結果，您如何看待需要支出和想要支出之間的關係？成本結構中最具彈性的環節在哪裡？是行銷、創投、類似登月計畫的投資等等嗎？

Thanks, Ben. I love the way you frame this as need to spend versus want to spend because I would definitely say there's lots of employees who want to spend. Well, that's our job to figure out the right investments for the company and making sure that we're deploying our capital prudently.

謝謝你，本。我喜歡你把這個問題定義為「需要消費」與「想要消費」之間的區別，因為我肯定會說有很多員工都想消費。嗯，我們的工作就是為公司找到合適的投資，並確保我們謹慎地部署資本。

So 2025 was an investment year. We included a chart in our shareholder letter that showed that the majority of our year-over-year increase went into, first and foremost, sales and marketing. USDC rewards were the single largest contributor to year-over-year expense growth in connection to the year-over-year all-time high we saw in USDC held in Coinbase products. Another 16% of the year-over-year increase was driven by M&A, the majority of which was deal-related expenses and not core to our operations.

所以2025年是投資年。我們在致股東的信中附上了一張圖表，顯示我們同比增長的大部分首先投入了銷售和行銷。USDC 獎勵是導致 Coinbase 產品中 USDC 持有量創歷史新高的年度支出成長的最大單一因素。同比增幅的另外 16% 是由併購推動的，其中大部分是與交易相關的費用，並非我們的核心業務。

When you look at our Q1 expense outlook, the range in the outlook is flat to our Q4 expense outlook. So while we had growth in 2025, right now, as we enter 2026, we are focused on flat for the first quarter. While we take into consideration the conditions we operate in, it's very dynamic as we've just rolled out a number of new products and services. And so we are going to be nimble as we go through the year and look at the opportunities that we have ahead of ourselves versus our expenses. And so we are keeping our eye on the ball. But right now, for Q1, flat to Q4.

從我們第一季的支出展望來看，其範圍與第四季的支出展望基本上持平。因此，雖然我們預計 2025 年將實現成長，但現在，隨著我們進入 2026 年，我們專注於第一季保持穩定。雖然我們會考慮我們所處的經營環境，但由於我們剛剛推出了一系列新產品和服務，情況瞬息萬變。因此，我們將靈活應對今年的各種情況，權衡我們面臨的機會和支出。所以我們會密切關注事態發展。但就目前而言，第一季與第四季持平。

Our next question is from Robbie Bamberger at Baird. Yesterday, a Wall Street Journal article said that BlockFill was suspending customer withdrawals. And today, Coinbase has reportedly had issues with customers trying to buy, sell and transfer.

我們的下一個問題來自 Baird 公司的 Robbie Bamberger。昨天，《華爾街日報》的一篇文章稱，BlockFill 暫停了客戶的提款服務。據報道，Coinbase 今天在用戶嘗試進行買賣和轉帳時遇到了一些問題。

Was the Coinbase issue just a tech mishap and not a more severe issue? Does the amount of leverage in the crypto ecosystem increase the risk that we may be more prone to customer freezes during quick pullbacks?

Coinbase 的問題只是技術故障，而不是更嚴重的問題嗎？加密貨幣生態系統中的槓桿水平是否會增加我們在價格快速回檔期間更容易出現客戶凍結的風險？

I'll take this one. If anyone wants to add, please jump in. We did have an event yesterday where some users briefly experienced interruptions in their ability to buy, sell, and transfer crypto on our retail and prime platform. Derivatives and equities trading remain undefected. This was a result of a technical issue, unrelated to trading volume, unrelated to any market conditions.

我選這個。如果還有人想補充，請暢所欲言。昨天我們確實發生了一起事件，一些用戶在我們零售和高級平台上購買、出售和轉帳加密貨幣的功能短暫中斷。衍生性商品和股票交易依然正常進行。這是技術問題導致的，與交易量無關，也與任何市場狀況無關。

The issue is now resolved. We've made significant investments in our platform to hopefully mitigate these types of events and outages that historically have been driven by volume changes and feel very proud of our investments, but we will still have technical bumps at points in time.

問題已解決。我們已經對平台進行了大量投資，希望能減輕此類事件和故障的發生，這些事件和故障歷來都是由流量變化引起的。我們為這些投資感到非常自豪，但我們仍然會在某些時候遇到技術問題。

Next one is from Alex Markgraff at KeyBanc Capital Markets. As you work to scale the Everything Exchange, can you describe the strategy for bringing customer assets to Coinbase? To what extent do you believe -- do you expect equities and prediction markets to act as a front door to net new users?

接下來是來自 KeyBanc Capital Markets 的 Alex Markgraff 的演講。在努力擴大 Everything Exchange 規模的過程中，您能否描述將客戶資產轉移到 Coinbase 的策略？您在多大程度上認為——或者說，您是否預期股票和預測市場能夠成為吸引新用戶的入口？

Sure. So our strategy overall, we call it the asset accumulation flywheel. And it starts with being the most trusted brand in crypto. That causes people to store more assets with us. We store more crypto than any other company in the world, as I mentioned in my opening comments. So when people are storing their assets with us because of this trust, we have an opportunity to connect more and more products into those assets, right?

當然。所以我們的整體策略，我們稱之為資產累積飛輪。而這一切都始於成為加密貨幣領域最值得信賴的品牌。這導致人們在我們這裡存放更多資產。正如我在開場白中提到的，我們儲存的加密貨幣比世界上任何其他公司都多。所以，當人們因為這種信任而將資產存放在我們這裡時，我們就有機會將越來越多的產品與這些資產連結起來，對吧？

And whether that's Coinbase card or they have a loan or they're earning rewards on staking or USDC, and they're also getting access to more and more trading products through the Everything Exchange, we see that the more products people connect into those assets, the more sticky they are. And we use the monetization from that to really complete the flywheel, and we invest back in being the more trusted brand and adding more products.

無論是 Coinbase 卡、貸款、質押獎勵還是 USDC，而且他們還能透過 Everything Exchange 接觸到越來越多的交易產品，我們看到，人們與這些資產關聯的產品越多，他們的黏性就越強。我們利用由此產生的收益來真正完成飛輪效應，並將收益再投資於提升品牌可信度和增加產品數量。

And so, as we've added in some of these asset classes like equities and prediction markets and commodities into the Everything Exchange, the first step is it just makes the product more valuable for our existing users, but we're also seeing it help attract more traditional investors who want to come in and onboard and just have an easiest place to trade every asset class in one spot, maybe get better rewards on their credit card, maybe get a better rate lending out their money.

因此，隨著我們將股票、預測市場和大宗商品等資產類別添加到萬能交易所，第一步是讓產品對我們現有用戶更有價值，但我們也看到它有助於吸引更多傳統投資者加入，讓他們能夠在一個地方最方便地交易所有資產類別，也許還能獲得更好的信用卡獎勵，也許還能獲得更好的借貸利率。

And ultimately, crypto is going to be here to update financial services more broadly and just make better financial services. So that's a little bit about our asset accumulation flywheel strategy.

最終，加密貨幣將會出現，從而更廣泛地更新金融服務，並創造更好的金融服務。以上就是我們資產累積飛輪策略的一些介紹。

Next one is from Ramsey El-Assal at Cantor Fitzgerald. You guys have made some key acquisitions in 2025. Can you help us think through your M&A strategy at this point? What parts of the business are you looking to bolster with M&A? And what types of assets are you looking at?

接下來是來自 Cantor Fitzgerald 的 Ramsey El-Assal。你們在2025年進行了一些重要的收購。您能否幫我們梳理一下您目前的併購策略？您希望透過併購來加強業務的哪些面向？你們在關注哪些類型的資產？

I can take this. Yeah, I think 2025 was a fantastic year for M&A at Coinbase and included some great marquee pickups, Deribit and Echo and others. We made 10 acquisitions and acqui-hires, and each of them accelerates our product roadmap.

我可以接受。是的，我認為 2025 年對於 Coinbase 的併購來說是精彩的一年，其中包括一些非常引人注目的收購，例如 Deribit 和 Echo 等。我們完成了 10 項收購和人才引進，每一項都加速了我們的產品路線圖。

In 2026, we're obviously being very selective as usual, but we're going to be aggressive where assets meaningfully pull forward the roadmap. And thematically, we're looking for incremental M&A opportunities in advancing the Everything Exchange, owning more onchain infrastructure, and bundling stablecoins and payments infrastructure.

2026 年，我們顯然會像往常一樣非常謹慎地進行投資，但對於能夠切實推進路線圖的資產，我們將採取積極進取的態度。從主題上看，我們正在尋找在推進萬物交易所、擁有更多鏈上基礎設施以及將穩定幣和支付基礎設施捆綁在一起方面逐步增加的併購機會。

Our next one is from Pete Christiansen at Citi. There's a recent debate that the original version of L2s as branded shards for scaling is no longer entirely valid as Ethereum L1 is improving its own capacity and L2 decentralization has been slower than expected. The debate further argues that L2s should focus on value-added features, including AI, privacy, et cetera.

接下來是來自花旗銀行的皮特·克里斯蒂安森。最近有爭論認為，L2 作為用於擴容的品牌分片的原始版本已不再完全有效，因為以太坊 L1 正在提高自身的容量，而 L2 去中心化的速度比預期的要慢。這場辯論進一步認為，L2 應該專注於增值功能，包括人工智慧、隱私等等。

What's Coinbase's view on the Base L2 value prop going forward in this respect? And how might potential DeFi regulations shape Base's future?

Coinbase 對此有何看法？潛在的 DeFi 監管法規將如何影響 Base 的未來？

Yeah, sure. So Vitalik had a great post on this recently. And I think in some ways, he's right, Ethereum doesn't need dozens or hundreds of different L2s. We've seen that Base has rapidly become the number one L2 on Ethereum. And it's really -- it's a broad utility that makes it attractive to developers, right? It's really great for payments. It's great for trading. It's great for DeFi. People wanting to build different types of applications can come in.

當然可以。Vitalik最近就此發表了一篇很棒的文章。我認為在某些方面，他是對的，以太坊不需要幾十個或幾百個不同的 L2 快取。我們已經看到，Base 已迅速成為以太坊上排名第一的 L2 加密伺服器。它確實用途廣泛，這對開發者來說很有吸引力，對吧？它在支付方面真的很好用。它非常適合交易。這對去中心化金融（DeFi）來說是件好事。想要開發不同類型應用程式的人都可以來。

And Base, it does have amazing scale, right? It's been able to move really fast, have great speed of execution and frankly, move a little faster than the Ethereum L1, which is by design, I mean, they should be a little bit -- they're probably even more decentralized, a little more cautious, right? But we can inherit a lot of the security constraints from the L1 and then the L2 can move a bit faster. So the scale, speed of execution on Base has been really good.

而基地，它的規模確實非常驚人，對吧？它運行速度非常快，執行速度也很快，坦白說，比以太坊 L1 運行速度還要快一些，這是有意為之的，我的意思是，它們應該更快一些——它們可能更加去中心化，更加謹慎一些，對吧？但是我們可以繼承 L1 的許多安全約束，然後 L2 可以運行得更快一些。所以Base的規模和執行速度都非常好。

We're also working on adding novel features like you mentioned privacy. I think private transactions or optional private transactions will be a big differentiator. And the Base app is good for distribution, like the Base token we're exploring, et cetera. So there's a lot that we can do there. Longer term, I do think the line between L1s and L2s could be a little blurry. And it's not entirely clear that there's a definition -- a hard definition of one versus the other.

我們也在努力添加一些新功能，例如您提到的隱私保護功能。我認為私密交易或可選的私密交易將是一個很大的區別因素。Base 應用程式非常適合分發，例如我們正在探索的 Base 代幣等等。所以我們可以在那裡做很多事情。從長遠來看，我認為 L1 和 L2 之間的界線可能會有點模糊。而且，對於二者之間是否存在明確的定義──一個涇渭分明的界線──目前還不完全清楚。

So anyway, we'll continue to build Base in rapid succession and just -- I think we can attract a lot of development activity and adoption.

總之，我們將繼續快速建立 Base，我認為我們可以吸引大量的開發活動和用戶採用。

Next question is from Devin Ryan at Citizens. Stablecoin adoption is a 2026 priority, but we've seen market cap flatline for the last couple of months. Why has that been? And what gives you confidence around growth in 2026? And can you give any color around incremental adoption trends?

下一個問題來自 Citizens 的 Devin Ryan。穩定幣的普及是 2026 年的優先事項，但我們看到過去幾個月市值一直停滯不前。為什麼會這樣呢？是什麼讓您對2026年的成長充滿信心？能否就逐步普及的趨勢做一些具體說明？

I'll start here, Brian, if you want to add on. So I think there's two things that are happening. One is we've seen risk appetite be relatively range bound. And when you think about stablecoins, first and foremost, product market fit was as a trading pair to enable global traders to move money across the exchange ecosystem. They used it against the longer tail of assets.

布萊恩，如果你想補充的話，我就從這裡開始吧。所以我認為現在有兩種情況正在發生。一是我們看到風險偏好相對處於區間波動。而當你想到穩定幣時，首先也是最重要的是，產品市場契合度是作為交易對，使全球交易者能夠在交易所生態系統中轉移資金。他們利用這種策略來對付那些長期存在的資產。

We've seen a shift now where there's not as much risk appetite for those longer tail. And so we've seen speculation activity come down a little bit. And as a result, stablecoin market cap has not been expanding because there was no risk and leverage expansion.

我們現在看到一種轉變，即人們對長尾投資的風險偏好有所降低。因此，我們看到投機活動有所下降。因此，由於沒有風險和槓桿擴張，穩定幣市值沒有成長。

The second thing that we see is higher velocity of stablecoin payments, settlements, remittances. So we've seen more transaction volume, but not necessarily a higher market cap as a result of that. So we're monetizing stablecoins in incremental and new ways.

我們看到的第二件事是穩定幣支付、結算和匯款的速度更快。因此，我們看到交易量增加了，但市值未必因此而增加。因此，我們正在以漸進式和新的方式實現穩定幣的盈利。

I think we still have confidence and optimism for 2026 because we are more deeply embedding stablecoins in our products and services. What we've demonstrated is that we have been a key driver of USDC's market cap growth and a key driver of our growth in assets on our platform due to our ability to embed and create differentiated experience with USDC and our products and services. And so we're excited about our ability to continue to do so and to more deeply create value through the payments priorities that Brian articulated as our second growth area and through just the growth of the Everything Exchange, where we believe that using USDC on our platform will become a great experience for our users.

我認為我們對 2026 年仍然充滿信心和樂觀，因為我們正在將穩定幣更深入地融入我們的產品和服務中。我們已經證明，我們一直是 USDC 市值成長的關鍵驅動力，也是我們平台資產成長的關鍵驅動力，因為我們能夠將 USDC 及其產品和服務融入自身，並創造差異化的體驗。因此，我們很高興能夠繼續這樣做，並透過 Brian 提出的第二個成長領域——支付優先事項，以及 Everything Exchange 的成長，更深入地創造價值。我們相信，在我們的平台上使用 USDC 將為我們的用戶帶來絕佳的體驗。

Yeah. I guess the only thing I'd add is that one of the things that gives me confidence about continued growth is just the GENIUS Act passing in the US. And we saw, I think, 150 companies in the three months following that piece of legislation going into law that came out and announced stablecoin integrations. I mean, it's just -- it's faster, it's cheaper, it's more global. There's no company in the world that wants to pay more money for moving their money, right? So I think that, that's an incredible tailwind to the continued adoption of stablecoins.

是的。我唯一想補充的是，讓我對公司持續成長充滿信心的原因之一就是美國通過了《天才法案》。我認為，在該項立法生效後的三個月內，有 150 家公司宣布整合穩定幣。我的意思是，它速度更快、更便宜、更全球性。世界上沒有任何一家公司願意為資金轉移支付更多費用，對吧？所以我認為這對穩定幣的持續普及來說是一個極大的利好因素。

And in particular, it's important that these stablecoins preserve the ability to have rewards programs. The US regulated stablecoins don't exist in a vacuum. In fact, today, they're the minority of all dollar-issued stablecoins globally. And now that we have this legislation, we need to make sure that the US regulated ones can actually remain competitive, right? Like the Chinese Central Bank digital currency came out and said they're going to pay interest on stablecoins. Some of the offshore regulated ones would love it if the regulated ones in the US couldn't pay rewards just because it would make them preserve their profit margins, right?

尤其重要的是，這些穩定幣必須保留設立獎勵計畫的能力。美國監管的穩定幣並非孤立存在。事實上，如今它們在全球所有以美元發行的穩定幣中只佔少數。現在我們有了這項立法，我們需要確保受美國監管的企業能夠真正保持競爭力，對吧？就像中國央行宣布將對穩定幣支付利息一樣。一些受境外監管的公司如果美國境內的受監管公司無法支付獎金，它們肯定會樂見其成，因為這樣可以保住它們的利潤率，對吧？

And so for the US regulated stablecoins to be competitive, bring this industry -- repatriate those reserves and bring it within the US regulatory perimeter, they're going to have to be competitive and paying rewards is a big part of that.

因此，為了讓受美國監管的穩定幣具有競爭力，讓這個行業——將這些儲備金匯回美國並納入美國監管範圍——它們必須具有競爭力，而支付獎勵是其中的一個重要部分。

Our next question is from John Todaro at Needham. Can you provide an update on how much USDC market cap is currently on the Coinbase platform, i.e., a January average or February number?

我們的下一個問題來自 Needham 的 John Todaro。能否提供一下目前 Coinbase 平台上 USDC 的市值情況，例如 1 月的平均市值或 2 月的市值？

We don't provide January, February data on the USDC balances. So I'd point to our Shareholder Letter for our end of year balance in our products as well as any details on the revenue that we earned on USDC in that period.

我們不提供 1 月和 2 月的 USDC 餘額數據。因此，我建議查閱我們的股東信，以了解我們產品的年末餘額以及我們在此期間從 USDC 獲得的收入詳情。

Next one is from Bo Pei at US Tiger. Can you quantify the effective take rate compression from simple to advanced and Coinbase One users? Structurally, where do you see normalized consumer take rates settling over the next two to three years?

接下來是來自美國老虎航空的 Bo Pei 的文章。你能量化從簡單用戶到高級用戶以及 Coinbase One 用戶之間的有效手續費壓縮情況嗎？從結構來看，您認為未來兩到三年內，正常化的消費者接受率會穩定在什麼水準？

Thank you, Bo, for my quarterly take rate question. What we saw in the quarter was a mix shift with more volume going to our advanced product and more trading volume coming from Coinbase One users. So as we grow our Coinbase One members, an increasing amount of trading volume we expect to shift under the Coinbase One membership umbrella. And they benefit from up to no trading fees, although we do still generate a spread on those transactions, which is showing up recorded as retail transaction revenue.

謝謝Bo，回答我關於季度成交率的問題。本季我們看到的是交易結構發生了變化，更多交易量流向我們的高級產品，更多交易量來自 Coinbase One 用戶。隨著 Coinbase One 會員數的成長，我們預期將越來越多的交易量轉移到 Coinbase One 會員系統下。而且他們還能享受幾乎零交易費的優惠，儘管我們仍然會從這些交易中產生價差，而這會被記錄為零售交易收入。

So I don't have a view, and I can't tell you when the take rates will need to compress from simple to advanced. What I can say is we are very focused on growing Coinbase One membership. And I think with the growth of Coinbase One membership, what you will see is more and more trading occur under that membership umbrella.

所以我沒有看法，也無法告訴你什麼時候需要將入門課程的難度降低到高階課程。我可以透露的是，我們目前非常專注於發展 Coinbase One 會員。我認為隨著 Coinbase One 會員數量的增長，你會看到越來越多的交易在該會員體系下進行。

Our next one is from Gus Gala at Monness, Crespi, Hardt. Adoption on commerce and developer rails, you talked about on page 19 of the Shareholder Letter. How do you work with Circle and USDC on real-world volume commercialization? Can you give us an update on the time you expect it takes to get up the S-curve in B2B payments? How is this different from potential revenue S-curve? Contrast that with USDC on Base for more consumer-centric volumes via x402.

接下來要介紹的是來自 Monness、Crespi 和 Hardt 的 Gus Gala。您在股東信第 19 頁談到了在商業和開發者軌道上的採用情況。您如何與 Circle 和 USDC 合作，實際規模化商業化？您能否告知我們預計B2B支付領域S型曲線恢復正常所需的時間？這與潛在收入S曲線有何不同？與此形成對比的是，USDC on Base 透過 x402 為更多以消費者為中心的交易量提供更有效率的交易服務。

So what I will share with you is that we work on our own products as it relates to driving payments on USDC. We partner with Circle on overall items, but we also compete with them. And our goal is to drive a payments vertical, as Brian shared in our goals for 2026, where we create the best place for businesses to come transact in USDC on Base to enable their payments businesses. You'll see more about this as we go through the year. This is early in our product journey, but we're really pleased with the advancements in Q4 to build out the product set and APIs, and now we're working on go-to-market and driving customer growth and adoption.

因此，我要和大家分享的是，我們正在開發與推動 USDC 支付相關的自有產品。我們在整體產品方面與 Circle 有合作關係，但我們也與他們有競爭關係。我們的目標是推動支付垂直領域的發展，正如 Brian 在我們 2026 年的目標中所分享的那樣，我們將打造一個最佳平台，讓企業能夠使用 Base 上的 USDC 進行交易，從而支持他們的支付業務。隨著年數的增加，你會看到更多相關內容。雖然我們產品還處於早期階段，但我們對第四季度在產品組合和 API 建置方面的進展感到非常滿意，現在我們正在努力推向市場，推動客戶成長和普及。

And our final question comes from Dan Dolev at Mizuho. How should we think about the strength of the casual crypto trader in this winter? Any pattern you can call out for when they come back eventually?

最後一個問題來自瑞穗銀行的 Dan Dolev。我們該如何看待冬季非專業加密貨幣交易者的實力？當他們最終回來時，你覺得有什麼規律可以總結嗎？

I guess I will take that one, too. I think that we -- I've been in this seat now, it will be eight years, come April. Emilie has been here in over eight years. Brian has been here 12-plus. We've seen lots of crypto market price cycles at this point in time.

我想我也會選那個。我認為我們──我擔任這個職位至今已經八年了，到四月就滿八年了。艾米莉在這裡已經超過八年了。布萊恩在這裡工作超過12年了。到目前為止，我們已經見證了許多加密貨幣市場的價格週期。

What continues to be true for at least the last 8 years is that the majority of retail consumers on our platform HODL through price declines. They tend to be more active in periods of high volatility. What we're pleased to see in Q1 is for those who are active, they are in a net buy versus sell position. Consumers are tending to be buying a dip right now. But we are seeing more pullback as markets move to a risk off.

至少在過去 8 年裡，我們平台上的大多數零售消費者仍然會持有股票，即使價格下跌。在市場波動劇烈時期，他們往往更加活躍。我們很高興地看到，在第一季度，那些活躍的交易者，他們的淨買入部位大於淨賣出部位。消費者現在傾向逢低買進。但隨著市場轉向避險，我們看到回檔幅度更大。

We've seen this before. It speaks to our goals of diversification, both in the growth of our subscription and services business, but also in diversifying the assets so they can trade anything under the sun and not limited to crypto assets. We're really pleased with what we've released so far. And as we go through the year, we're hoping to demonstrate to you that we can continue to diversify those revenue streams.

我們以前見過這種情況。這體現了我們多元化的目標，不僅體現在我們訂閱和服務業務的成長上，也體現在資產多元化上，這樣他們就可以交易任何資產，而不僅限於加密資產。我們對目前為止發布的內容非常滿意。在接下來的日子裡，我們希望向您證明，我們可以繼續實現收入來源多元化。

All right. Well, that does it for today. Thank you for joining us, and we look forward to speaking to you again on our next call.

好的。好了，今天就到這裡。感謝您的參與，我們期待在下次通話中再次與您交流。