Robinhood Markets Inc (HOOD) 2025 Q4 法說會逐字稿

Thank you to everyone for joining Robinhood's Q4 and full year 2025 earnings call, whether you're tuning into the live stream or here with us in person. With us today are Chairman and CEO, Vlad Tenev; CFO, Shiv Verma; and VP of Corporate Finance and Investor Relations, Chris Koegel.

感謝各位參加 Robinhood 2025 年第四季及全年財報電話會議，無論您是觀看直播還是親臨現場。今天與我們在一起的有董事長兼執行長 Vlad Tenev；財務長 Shiv Verma；以及企業財務與投資者關係副總裁 Chris Koegel。

Vlad and Shiv will offer opening remarks and then open the call to Q&A. During the Q&A portion of the call, we will answer questions from the audience, which includes institutional research analysts, finance content creators, who may hold an ownership position in Robinhood and both institutional and retail shareholders.

Vlad 和 Shiv 將致開幕詞，然後開放問答環節。在電話會議的問答環節，我們將回答觀眾提出的問題，其中包括機構研究分析師、金融內容創作者（他們可能持有 Robinhood 的股份）以及機構和散戶股東。

As a reminder, today's call will contain forward-looking statements. Actual results could differ materially from our current expectations, and we may not provide updates unless legally required. Potential risk factors that could cause differences, including regulatory developments that we continue to monitor are described in the press release we issued today, the earnings presentation and our SEC filings, all of which can be found at investors.robinhood.com.

再次提醒，今天的電話會議將包含前瞻性陳述。實際結果可能與我們目前的預期有重大差異，除非法律要求，否則我們可能不會提供更新資訊。可能導致差異的潛在風險因素，包括我們持續關注的監管發展，已在我們今天發布的新聞稿、收益報告和提交給美國證券交易委員會的文件中進行了描述，所有這些文件都可以在 investors.robinhood.com 上找到。

Today's discussion will also include non-GAAP financial measures. Reconciliations to the GAAP measures we consider most directly comparable can be found in the earnings presentation.

今天的討論還將包括非GAAP財務指標。與我們認為最直接可比較的 GAAP 指標的調整表可在收益報告中找到。

With that, please welcome Vlad and Shiv.

接下來，請歡迎弗拉德和希夫。

Well, hello, everyone. It's great to speak with you today. We're back with a live audience this time from our global headquarters in Menlo Park. And for the first time with Shiv as CFO, following in Jason's big footsteps. Welcome, Shiv.

大家好。今天能和你交談真是太好了。這次我們帶著現場觀眾回到了位於門洛帕克的全球總部。而這次，Shiv 接過了 Jason 的重任，擔任財務長。歡迎你，希夫。

Thank you.

謝謝。

Great to see all the shareholders and institutional analysts in the audience. So let's get right into it, shall we? So as a reminder, we're focused on our three part strategy: number one in active traders, number one in wallet share for the next generation and our long-term arc, number one global financial ecosystem.

很高興看到各位股東和機構分析師蒞臨現場。那麼，我們就直接進入正題吧？因此，再次提醒大家，我們專注於我們的三部分策略：活躍交易者數量第一，下一代錢包份額第一，以及我們的長期目標——成為全球第一的金融生態系統。

Looking back on 2025, it was an incredible year of incredible product velocity across all three of our arcs. First, active traders. We want active traders to feel like they're at a disadvantage trading anywhere, but Robinhood. It's a big priority for us, and we're seeing big results. In Q4, prediction markets volumes doubled -- more than doubled yet again with over 12 billion contracts traded in 2025, which is the first full year of prediction markets. Customers have already traded over $4 billion so far in 2026. So we're seeing the momentum continue.

回顧 2025 年，那一年我們在所有三個發展階段都取得了令人難以置信的產品成長速度。首先是活躍交易者。我們希望活躍交易者感覺，除了 Robinhood 之外，他們在任何地方交易都處於劣勢。這是我們的首要任務，而且我們已經看到了顯著的成效。第四季度，預測市場交易量翻了一番——2025 年（預測市場的第一個完整年度）的交易量再次翻了一番還多，超過 120 億份合約。截至目前，客戶在 2026 年的交易額已超過 40 億美元。所以我們看到這種勢頭仍在繼續。

We also expanded our equities offering with the launch of shorting. We love giving our customers more tools to navigate the markets, and we see them responding. Over $11 billion of equity notional volume in the first couple of months since shorting went out. Second, wallet share. We continue to make progress building out our financial super app and becoming our customers' primary and secondary financial account.

我們也透過推出賣空業務擴大了股票產品供應範圍。我們樂於為客戶提供更多工具來駕馭市場，我們也看到了他們的正面回饋。做空機制關閉後的頭幾個月，股票名目交易量超過 110 億美元。其次，錢包份額。我們不斷推進金融超級應用程式的開發，力爭使其成為客戶的主要和輔助金融帳戶。

So a lot of attention typically goes to our active trading offerings, and it should, but we've also been making a ton of progress broadening our offering and attracting more long-term investing to the platform. Over 40% of our total assets are now across ETFs, advisory, retirement and cash. So it's great to see customers trusting us with more of their financial lives.

因此，人們通常會非常關注我們的活躍交易產品，這當然沒錯，但我們也在擴大產品範圍、吸引更多長期投資者加入平台方面取得了巨大進展。目前，我們總資產的 40% 以上分佈在 ETF、諮詢服務、退休金和現金等領域。很高興看到客戶信任我們，將他們財務生活中的更多面向交給我們管理。

Robinhood Gold Card, up over 5 times in 2025 to 600,000 customers. It's reached over $10 billion in annualized spend. Customers love the product. They love the 3% rewards, but also the intuitive user experience, the metal card and the solid Gold card and capabilities like virtual and single-use cards and all the family features. As we've been rolling out the card, we built increasing confidence in the economics. So we plan to continue accelerating the rollout, more than doubling the amount of customers with Gold cards this year to well over 1 million by the end of the year.

Robinhood Gold Card 預計到 2025 年用戶數將成長 5 倍以上，達到 60 萬用戶。其年度支出已超過100億美元。顧客們都很喜歡這款產品。他們喜歡 3% 的獎勵，也喜歡直覺的用戶體驗、金屬卡和純金卡，以及虛擬卡和一次性卡等功能和所有家庭功能。隨著我們不斷推廣這張卡，我們對它的經濟效益越來越有信心。因此，我們計劃繼續加快推廣速度，今年將擁有金卡的客戶數量增加一倍以上，到年底將超過 100 萬人。

Robinhood Banking. So we began the rollout of Robinhood Banking in the past few months. Customers are really excited about this. We're building the kind of banking experience that was once limited to the ultra wealthy. Strong early results with our initial over 25,000 funded customers, who have brought in over $400 million in balances.

Robinhood 銀行服務。因此，在過去的幾個月裡，我們開始推出 Robinhood Banking 服務。顧客們對此感到非常興奮。我們正在打造一種曾經只有超級富豪才能享受到的銀行服務體驗。我們最初的25,000多名獲資助客戶取得了強勁的早期成果，他們帶來了超過4億美元的餘額。

And perhaps the thing that gets me most excited, over 50% of our funded customers using banking have enrolled in direct deposit. So as we look at this, it makes us more confident that we're achieving product market fit with this offering.

最令我興奮的是，超過 50% 的已獲得銀行服務的客戶已經開通了直接存款服務。因此，當我們審視這一點時，我們更加確信，我們推出的這款產品實現了與市場的契合。

Now third arc, global financial ecosystem, our long-term arc. We're making good early progress as we expand to different markets across the world. BitStamp continuing to scale, volumes up 2 times since we closed in June. BitStamp product and engineering teams have been humming. So it's great to see so much progress here. We're also making progress expanding internationally now with 0.75 million customers outside the US.

現在是第三個弧線，全球金融生態系統，我們的長期弧線。我們在拓展全球不同市場的過程中，早期進展順利。BitStamp持續擴張，交易量自6月關閉以來成長了2倍。BitStamp的產品和工程團隊一直在高效運作。很高興看到這裡取得了這麼大的進展。我們目前在國際市場也取得了進展，在美國以外擁有 75 萬名客戶。

Just last week, we launched ISAs in the UK, which is the local tax advantage account in the UK. And this was actually the top request from our UK customers. So really excited to deliver it for them. I'm excited to watch these business scale as we launch in more and more new jurisdictions and we round out the product offerings. I think in a couple of years, we're going to look back, and we'll really have underestimated how big our international business can be.

就在上週，我們在英國推出了 ISA，這是英國當地的稅收優惠帳戶。這其實是我們英國客戶最迫切的需求。非常興奮能為他們送貨。隨著我們在越來越多的新地區推出產品並完善產品線，我很高興看到這些業務不斷成長。我認為幾年後，當我們回顧過去時，我們會發現我們真的低估了國際業務的規模。

Now taking all this together, our relentless product velocity has driven another strong year of results. Strong double-digit year-over-year market share gains across equities, options, crypto and margin, which, by the way, includes positive net transfers, positive inflows from all of our major brokerage competitors for the last 8 quarters in a row, which is pretty amazing there.

綜合以上所有因素，我們持續不斷的產品迭代速度又帶來了另一個強勁的業績年。股票、選擇權、加密貨幣和保證金交易的市場份額均實現了強勁的兩位數同比增長，順便一提，這其中包括正淨轉移，即過去 8 個季度來自我們所有主要經紀競爭對手的正資金流入，這非常了不起。

I think we've got a lot of headroom here. Our customers grow faster than the industry. We continue to deliver new products, new capabilities. And we're seeing our customers continuing to trust us with more and more of their financial lives. So total platform assets grew nearly 70% year over year to $324 billion. Net deposits, a record $68 billion, which is a 35% growth rate.

我認為我們還有很大的發展空間。我們的客戶成長速度比行業平均更快。我們不斷推出新產品、新功能。我們看到客戶越來越信任我們，並將他們財務生活中越來越多的部分託付給我們。因此，平台總資產年增近 70%，達到 3,240 億美元。淨存款達到創紀錄的 680 億美元，成長率達 35%。

Gold subscribers grew nearly 60% year-over-year, Shiv, 4.2 million. So revenues, putting it all together, which were less than $3 billion a year ago, grew to $4.5 billion in 2025. So it's great to see that 50-plus percent revenue growth for the second straight year. So quite amazing.

黃金會員用戶年增近 60%，Shiv 達到 420 萬。因此，總收入（一年前還不到 30 億美元）到 2025 年成長到 45 億美元。很高興看到公司連續第二年實現超過 50% 的營收成長。真是太神奇了。

So before I get into our 2026 road map, which should be very fun, I'll turn it over to Shiv to walk through more of the business and financial results.

所以在我詳細介紹我們的 2026 年路線圖之前（這應該會非常有趣），我會把麥克風交給 Shiv，讓他進一步介紹業務和財務表現。

All right.

好的。

Over to you, sir.

接下來就交給您了，先生。

Thank you, Vlad. So I'm excited to be here for my first earnings call. To get started, there's three key takeaways I want to get across. First, 2025 was a record year for Robinhood with strong growth and profitability. We had records across net deposits, Gold subscribers, revenue, adjusted EBITDA and EPS, just to name a few. All of this was driven by incredible product velocity and our relentless focus on efficiency. And we also finished the year strong with a record Q4. Revenues and adjusted EBITDA were both records and 2026 is off to a good start.

謝謝你，弗拉德。所以我很興奮能來到這裡參加我的第一次財報電話會議。首先，我想強調三個關鍵要點。首先，2025 年是 Robinhood 創紀錄的一年，實現了強勁成長和獲利。我們創下了淨存款、黃金會員、收入、調整後 EBITDA 和每股盈餘等方面的記錄，這只是其中幾個例子。這一切都歸功於我們驚人的產品迭代速度和對效率的不懈追求。而且，我們第四季業績創下歷史新高，為這一年畫下了圓滿的句點。營收和調整後 EBITDA 均創歷史新高，2026 年開局良好。

Now second, our business continues to diversify. We're now up to 11 businesses with over $100 million in annualized revenue and several more are making great progress, including Robinhood Legend, which is really close, and the Gold Card, which is on track for this year. Additionally, Trade PMR, futures, index options and Robinhood Banking are all scaling really nicely.

其次，我們的業務正在不斷多元化發展。目前已有 11 家企業年收入超過 1 億美元，還有幾家企業正在取得巨大進展，包括 Robinhood Legend（即將實現）和 Gold Card（預計今年將實現）。此外，交易 PMR、期貨、指數選擇權和 Robinhood Banking 的業務擴展性都非常好。

And third, in 2026, we plan to ramp up our product velocity even faster, while delivering another year of profitable growth. There is a massive opportunity in front of us, and we see the path to compound shareholder value for years to come. All right. So let's review 2025 results, and this is all compared to last year. First, revenues were a record $4.5 billion, up 52% year over year, as Vlad said, and up over 3 times in the past three years.

第三，在 2026 年，我們計劃進一步加快產品迭代速度，同時實現另一個獲利成長年。我們面前蘊藏著巨大的機遇，我們看到了未來幾年股東價值持續成長的道路。好的。那麼讓我們回顧一下 2025 年的結果，所有結果都與去年進行了比較。首先，正如弗拉德所說，營收創下 45 億美元的紀錄，年增 52%，並且在過去三年中增長了 3 倍多。

Adjusted EBITDA was also a record of $2.5 billion, and that was up 76%. And adjusted EBITDA margins were also a new high of 56%. We also delivered incremental adjusted EBITDA margins above 70% for the third straight year. And at the same time, we managed our share count closely, leading to record EPS of $2.05. And our philosophy is that the denominator matters. And over time, managing the share count closely should deliver value to shareholders.

調整後 EBITDA 也創下 25 億美元的紀錄，成長了 76%。調整後的 EBITDA 利潤率也創下 56% 的新高。我們也連續第三年實現了調整後 EBITDA 利潤率超過 70%。同時，我們嚴格控制了股份數量，實現了創紀錄的每股收益 2.05 美元。我們的理念是，分母很重要。隨著時間的推移，嚴格控制股份數量應該能為股東創造價值。

So let's look at Q4, and this is all compared to last year as well. First, revenues grew 27% to a record $1.3 billion as our customers remain engaged and continue to trust Robinhood with even more of their assets. Net deposits continue to be robust with over -- with $16 billion of net deposits in Q4. That's our eighth straight quarter with over $10 billion of net deposits. And trading volumes grew to new highs across equities, options, futures and event contracts as we continue to win market share and saw record net buying from our customers.

那我們就來看看第四季度，所有數據都與去年同期相比。首先，由於客戶保持活躍並繼續信任 Robinhood，將更多資產交給我們管理，公司收入成長了 27%，達到創紀錄的 13 億美元。淨存款持續強勁成長，第四季淨存款超過 160 億美元。這已經是我們連續第八個季度淨存款超過100億美元了。隨著我們持續贏得市場份額，股票、選擇權、期貨和事件合約的交易量均創下新高，我們的客戶淨購買量也創下紀錄。

Now interest-earning assets were also up 39%, driven by strong growth in the cash sweep program, margin and our credit card loan book as we continue to win larger customers and deepen relationships with existing customers. Margin in particular, has been great. It's up over 100% in the past year. In Robinhood Gold, that also grew 58% to a record 4.2 million subscribers. We think Gold is the best deal in financial services, and we're going to keep adding to its value prop.

現在，生息資產也成長了 39%，這得益於現金掃款計畫、利潤率和信用卡貸款組合的強勁成長，因為我們不斷贏得更大的客戶，並加深與現有客戶的關係。利潤率尤其出色。過去一年上漲超過100%。Robinhood Gold 的用戶數量也成長了 58%，達到創紀錄的 420 萬人。我們認為黃金是金融服務領域最划算的投資，我們將持續提升其價值主張。

And on expenses, Q4 adjusted OpEx plus SBC was $597 million as we manage expenses to approximately $15 million below our latest outlook. All right. So let's move to 2026. As we built our annual plan, there were three areas that we focused on. First, we want to continue accelerating our product velocity. Customers are responding incredibly well to our new product initiatives. We're gaining market share, launching innovative products and entering new markets. We believe shipping even more products and value to customers can deliver outsized growth for years to come.

在支出方面，第四季調整後的營運支出加上SBC為5.97億美元，我們控制支出，使其比我們最新的預期低約1500萬美元。好的。那麼，讓我們展望2026年。在製定年度計劃時，我們重點關注了三個領域。首先，我們希望繼續加快產品迭代速度。客戶對我們的新產品計劃反應非常好。我們正在擴大市場份額，推出創新產品，並進入新市場。我們相信，向客戶提供更多產品和更多價值，可以在未來幾年帶來巨大的成長。

Second, we aim to deliver another year of 20% plus net deposit growth. This year, we reached nearly 1/3 of $1 trillion in assets across the platform, and we're well on our way to exceeding $1 trillion of assets in the coming years with our rapid product velocity and the $100 trillion-plus generational wealth transfer already underway.

其次，我們的目標是連續第二年實現淨存款成長20%以上。今年，我們平台上的資產規模已接近 1 兆美元的三分之一，憑藉我們快速的產品迭代速度和已經開始的超過 100 兆美元的世代財富轉移，我們很有可能在未來幾年內突破 1 兆美元的資產規模。

And third, we built our plan to deliver another year of profitable growth. Even as we invest for growth, much like the robust revenue growth we've seen over the past few years, we are staying lean and disciplined in the way we allocate capital and operate as a business. So to our expense outlook. For 2026, our outlook for adjusted OpEx and SBC is in a range of $2.6 billion to $2.725 billion. This translates to an 18% year-over-year expense growth at the midpoint, which is below the 22% growth rate we managed to in 2025 on a comparable basis. So just to give you a little bit more color on how we built the plan, the 18% expense growth is in three areas.

第三，我們制定了計劃，以實現另一年的獲利成長。即使我們像過去幾年一樣，透過投資實現強勁的收入成長，但我們仍然保持精簡和自律，合理分配資本並嚴格執行業務營運。接下來談談我們的支出展望。2026 年，我們對調整後的營運支出和 SBC 的預期範圍為 26 億美元至 27.25 億美元。這意味著以中間值計算，年度支出成長率為 18%，低於我們在 2025 年以可比較基準實現的 22% 的成長率。為了讓您更清楚地了解我們是如何制定計畫的，18% 的費用成長體現在三個方面。

First, about 5 percentage-points of that growth is going into our existing businesses, net of any productivity improvements. These businesses drove the vast majority of our $1.5 billion of revenue growth in 2025, and we want to keep scaling them and gaining market share. Second, about 3 percentage-points are from the full year cost effect of our 2025 acquisitions of BitStamp and Trade PMR. Now these expenses will also come with a full year effect on revenue growth as well.

首先，扣除任何生產力提升後，大約有 5 個百分點的成長將流入我們現有的業務。這些業務推動了我們 2025 年 15 億美元營收成長的絕大部分，我們希望繼續擴大這些業務的規模並獲得市場份額。其次，約有 3 個百分點來自我們 2025 年收購 BitStamp 和 Trade PMR 的全年成本影響。現在，這些支出也會對全年的收入成長產生影響。

And third, about 10 percentage points or more than half of the 18% growth is into new and scaling businesses. This is our biggest area of investment as we continue to accelerate product velocity. Now some of these investments include the Robinhood Gold Card, Robinhood Banking, Strategies, prediction Markets, Cortex, Robinhood Social, Robinhood Ventures, the Robinhood Chain, tokenized real-world assets and continuing international expansion. It's a pretty long list.

第三，18% 的成長中約有 10 個百分點或超過一半的成長來自新興企業和規模化企業。這是我們最大的投資領域，我們將繼續加快產品迭代速度。目前，這些投資包括 Robinhood Gold Card、Robinhood Banking、Strategies、預測市場、Cortex、Robinhood Social、Robinhood Ventures、Robinhood Chain、代幣化現實世界資產以及持續的國際擴張。清單很長。

And as a reminder, we underwrite all investments to strong ROIs, and we'll stay nimble as we execute against our plan. And as I said at the outset, we'll continue to be lean and disciplined in the way we allocate and operate. So before turning it back to Vlad, I also just want to share a little bit on what we're seeing and the strong momentum into 2026.

再次提醒大家，我們所有投資都以高投資報酬率為目標，我們將在執行計畫的過程中保持靈活。正如我一開始所說，我們將繼續保持精簡和嚴謹的資源分配和運作方式。所以在把話題轉回弗拉德之前，我還想和大家分享一下我們目前看到的情況以及到 2026 年的強勁勢頭。

As you saw in the release, in January, equity trading volumes were up over 50% year over year and options volumes were up 20%. We also had all-time highs in net buying, event contracts, futures and margin. And while it's early, so far in February, the average daily trading volumes are up across all categories versus January levels. And Q1 net deposits are also off to a good start with $7 billion plus so far in the quarter, including over $2 billion last week.

正如你在新聞稿中看到的，1 月股票交易量年增超過 50%，選擇權交易量較去年同期成長 20%。淨買進量、活動合約、期貨和保證金交易量也均創歷史新高。雖然現在還為時過早，但截至目前，2 月份所有類別的平均每日交易量均高於 1 月份的水平。第一季淨存款也開局良好，本季迄今已超過 70 億美元，其中上週超過 20 億美元。

So it's fantastic to see customers engage to start the year. Putting it all together, we are incredibly excited about our plan and momentum entering 2026 as we work to drive another year of profitable growth. The team continues to ship for customers and our financial North Star remains the same, maximize earnings per share and free cash flow per share for shareholders over time.

很高興看到顧客們在新的一年一開始就積極參與。綜上所述，我們對2026年的計畫和發展勢頭感到無比興奮，我們將努力推動2026年實現另一個獲利成長年。團隊繼續為客戶交付產品，我們的財務北極星目標仍然不變，即隨著時間的推移，最大限度地提高股東的每股盈餘和每股自由現金流。

Vlad, back to you.

弗拉德，把機會交還給你。

Thank you, Shiv. You're starting to get a taste of what this killer next to me can do in the CFO position. So very excited. We compromise, by the way, Shiv prefers to stand. So we decided to do half the earnings call seated and half standing.

謝謝你，希夫。你開始體會到我身邊這位「殺手」在財務長這個職位上能做到什麼程度了。太激動了！順便說一句，我們做出了妥協，Shiv 更喜歡站著。所以我們決定一半時間坐著參加財報電話會議，一半時間站著參加。

All right. Just over a year ago, we shared with you our 10-year vision for Robinhood at our Investor Day in New York City. We were excited about it back then, felt it was very ambitious. But I think in hindsight, we realized we underestimated what we could do in one year, not to mention 10 years. So today, I'm going to tell you what we have planned for in 2026. And we're by no means complacent. This is going to be an ambitious plan.

好的。一年多前，我們在紐約市的投資者日上與大家分享了我們對 Robinhood 的 10 年願景。當時我們對此感到興奮，覺得它非常有雄心壯志。但事後看來，我們意識到我們低估了自己一年內能做的事情，更不用說十年了。今天，我將向大家介紹我們2026年的計畫。我們絕不自滿。這將是一個雄心勃勃的計劃。

As we continue to execute, Robinhood will become increasingly synonymous with the financial service category as the financial super-app. So let's get right into it, starting with what we're doing for active traders. Now I'm not going to go into every little detail of the road map. I'm going to prefer to focus on areas that are particularly meaningful and maybe surprising.

隨著我們不斷推進各項工作，Robinhood 將日益成為金融服務領域的代名詞，成為金融超級應用。那麼，讓我們直接進入正題，首先從我們為活躍交易者所做的事情開始。現在我不會詳細介紹路線圖的每個細節。我更傾向於關注那些特別有意義、或許也令人驚訝的領域。

So prediction markets, fastest-growing business in our history, $300 million-plus run rate in its first year. I think we're just at the beginning of a prediction market super cycle that could drive trillions in annual volume over time. This year is going to be a big year. Olympics are going on right now, World Cup coming in the summer, continued growth in the non-sports categories and of course, our Rothera, which is our JV with Susquehanna coming online.

因此，預測市場是我們歷史上成長最快的業務，第一年的年化收入就超過了 3 億美元。我認為我們正處於預測市場超級週期的開端，隨著時間的推移，這個週期可能會推動每年數兆美元的交易量。今年將是意義非凡的一年。奧運會正在進行中，世界盃將在夏季到來，非體育類業務持續成長，當然還有我們與 Susquehanna 合資的 Rothera 即將上線。

Growth of prediction markets has also led to a greater focus on our app design and personalization. We've been adding so many new products, so many account types, lots more capabilities that it's becoming increasingly important to personalize and continue to chisel the user interface, making sure we're putting the right things in front of the right customers.

預測市場的成長也促使我們更加重視應用程式的設計和個人化。我們增加了許多新產品、許多帳戶類型、更多功能，因此個人化和不斷改進使用者介面變得越來越重要，確保我們將正確的內容呈現在正確的客戶面前。

Now many of you have already noticed the work that we've put in here in the past few months through changes to the home interface, search and discover as well as notifications. This year, you should see this accelerate with more personalization, better cross-asset linking between equities, crypto and prediction markets and us continuing to experiment to ensure that our user experience remains top notch.

現在，你們中的許多人已經注意到，在過去的幾個月裡，我們透過對主頁介面、搜尋和發現以及通知等方面的改進，在這裡投入了大量精力。今年，隨著更多個人化服務、股票、加密貨幣和預測市場之間更好的跨資產連接，以及我們不斷進行試驗以確保用戶體驗保持一流水平，這一趨勢將會加速發展。

Then Cortex. Two big things. Cortex Assistant in the main app, and the goal is to become the best AI for all of your financial needs. Cortex for Legend, to use an analogy, think of Cortex for Legend being to active traders, what Cursor is to software engineers. We think it has the potential to completely transform trading, and we're right at the frontier there. Both are rolling out in the coming weeks and months and scaling throughout the year.

然後是皮層。兩件大事。主應用程式中的 Cortex Assistant 的目標是成為滿足您所有財務需求的最佳人工智慧。打個比方，Cortex for Legend 之於活躍的交易員，就像 Cursor 之於軟體工程師一樣。我們認為它有潛力徹底改變交易方式，而我們正處於這一領域的前沿。這兩項舉措都將在未來幾週和幾個月內推出，並在今年內逐步擴大規模。

Robinhood Social. So Robinhood Social will start rolling out to the first customers very soon. We're really excited about how it will drive discovery and engagement. We're going through internal testing, and we actually just added support for prediction markets into Robinhood Social, and it's looking really good. As we progress throughout the year, I think it will be increasingly obvious that active traders are at a disadvantage using any other platform.

Robinhood Social。因此，Robinhood Social 很快就會開始向首批用戶推出。我們非常興奮地看到它將如何推動發現和互動。我們正在進行內部測試，實際上我們剛剛在 Robinhood Social 中添加了對預測市場的支持，而且效果非常好。隨著時間推移，我認為會越來越明顯地看出，活躍交易者在使用任何其他平台時都處於劣勢。

Turning to wallet share. Now as a reminder, this is about transitioning from serving predominantly traders to serving all of our customers' financial needs. Two big strategic moves that we're making this year that I'm particularly excited about. The first one, we're calling it family investing. Robinhood should be better for you when more of your family members are on the platform. This year, it will really become a multigenerational platform.

轉向錢包分享。再次提醒大家，這次轉型是為了從主要服務交易者轉變為服務我們所有客戶的財務需求。今年我們將採取兩項重大策略舉措，我對此感到特別興奮。第一種，我們稱之為家族投資。如果您的更多家庭成員都在使用 Robinhood 平台，那麼 Robinhood 對您來說應該會更好。今年，它將真正成為一個跨世代的平台。

Now this vision really started with a credit card, which was our first family product. It continued with banking, which is also a first-class family experience. And in 2026, you'll see us bring it to our investing products. Our referral program for advisers is also going live this year, which will connect our customers to high-quality RIAs, which are powered by TradePMR to help them with their comprehensive financial needs. And we believe we can be the major beneficiary of the $100 trillion-plus wealth transfer. And we've got some really exciting things to unveil coming on this front at our big event next month in New York City. So stay tuned for that.

這個願景其實是從信用卡開始的，那是我們第一款以家庭為導向的產品。它繼續從事銀行業務，這也是一項一流的家庭體驗。到 2026 年，您將會看到我們將其應用到我們的投資產品中。今年，我們的顧問推薦計畫也將上線，該計畫將把我們的客戶與由 TradePMR 提供支援的高品質註冊投資顧問 (RIA) 聯繫起來，以幫助他們滿足全面的財務需求。我們相信，我們可以成為這超過 100 兆美元財富轉移的主要受益者。下個月在紐約市舉辦的大型活動上，我們將公佈一些非常令人興奮的消息。敬請期待。

Second big thing, private markets. Now you may have heard me say opening up private markets not only can resolve one of the greatest iniquities in capital markets, but also can be a huge accelerant to our mission as well as our business. This begins with Robinhood Ventures. And Robinhood Ventures, for those of you unfamiliar, will invest in private assets that are often out of reach for retail investors. And these will be packaged and registered funds that we can offer to US retail investors. I think this will be a transformative offering.

第二大變化是私人市場。你們可能聽我說過，開放私人市場不僅可以解決資本市場中最大的不公現象之一，還能大大加速我們的使命和業務發展。這一切始於 Robinhood Ventures。對於那些不太了解的人來說，Robinhood Ventures 會投資於散戶投資者通常無法企及的私人資產。這些基金將被打包註冊，並提供給美國零售投資者。我認為這將是一次具有變革意義的嘗試。

Outside of the US, our customers in Europe got a little taste last year of private company stock tokens with our OpenAI and SpaceX stock token giveaways. More to come on that front soon. And now we think private markets could become even bigger than prediction markets, and I'm really excited about what we're building here.

去年，我們透過贈送 OpenAI 和 SpaceX 的股票代幣，讓美國以外的歐洲客戶體驗了一把私人公司股票代幣的滋味。這方面還有更多消息，敬請期待。現在我們認為私人市場可能會比預測市場更大，我對我們正在建立的東西感到非常興奮。

Finally, building the number one global financial ecosystem. So the big themes here is tokenization. And it's early in the tokenization industry, but we've built a leadership position already. We now have 2,000 stock tokens available to customers in Europe. Now a big part of 2026 will be seizing the tokenization opportunity, which we think is massive.

最後，打造全球第一的金融生態系統。所以，這裡的主要主題是分詞。雖然代幣化產業還處於早期階段，但我們已經建立了領先地位。我們現在向歐洲客戶提供 2,000 股股票代幣。2026 年的一個重要部分將是抓住代幣化機遇，我們認為這個機會非常巨大。

And this means two things very specifically. One is permissionless 24/7 tradable public company stock tokens. -- and two, private company stock tokens, making them actually real and useful for customers. Now our tokenization work dovetails quite nicely with our work on DeFi, which continues to accelerate. Over this year, we'll be launching and scaling Robinhood Chain, which is our Layer 2, making it the best chain to trade real-world assets.

這具體意味著兩件事。一種是無需許可即可全天候交易的上市公司股票代幣；另一種是私人公司股票代幣，使其真正對客戶有用。現在，我們的代幣化工作與我們正在加速發展的 DeFi 工作完美契合。今年，我們將推出並擴展 Robinhood Chain，這是我們的第二層網絡，使其成為交易現實世界資產的最佳區塊鏈。

More on this coming very soon. We'll be continuing to make improvements to Robinhood Wallet, which, of course, will also provide a first-class experience to Robinhood chain. And we're also going to be bringing our centralized and DeFi products closer together so that we can deliver the best of both worlds to our customers.

更多相關資訊即將發布。我們將繼續改進 Robinhood 錢包，這當然也會為 Robinhood 鏈提供一流的體驗。我們也將把中心化產品和 DeFi 產品更緊密地結合起來，以便為客戶提供兩全其美的服務。

You also see us to continue to push into new geographies with several new international markets coming later this year. So before we go to Q&A, I want to share a little more about our progress with AI. So I went in earlier about Cortex, what we're doing to bring Cortex to our customers, both on the mobile app as well as Legend. But we've also made a lot of progress using AI internally.

您還可以看到我們繼續拓展新的地域市場，今年稍後將進入幾個新的國際市場。在進入問答環節之前，我想和大家分享我們在人工智慧方面的進展。所以我之前談到了 Cortex，以及我們正在採取哪些措施將 Cortex 帶給我們的客戶，包括行動應用程式和 Legend。但我們在內部使用人工智慧方面也取得了很大進展。

So when we began this journey a couple of years ago, it became clear to us that we should double down on two areas that we believe would move the needle the most from AI usage, and they are software engineering and customer support. AI in customer support is really cranking. Now over 75% of our cases are solved by AI, including the complex cases that previously required licensed brokerage professionals. And we've built a lot of this tech in-house.

因此，幾年前當我們開始這段旅程時，我們清楚地認識到，我們應該加倍投入到我們認為能夠最大程度推動人工智慧應用的兩個領域，那就是軟體工程和客戶支援。人工智慧在客戶支援領域的應用非常廣泛。現在，超過 75% 的案件都由人工智慧解決，包括以前需要持牌經紀專業人員才能解決的複雜案件。而且我們很多技術都是自主研發的。

Now AI in software engineering, this is an area where our goal is to be the best in the world. We've been focusing on making it as easy as possible for our engineers to get access to new model releases and new capabilities like background agents. We're continuing to see nice results. This year, we're continuing to automate and optimize the entire engineering pipeline from writing code, down to code review all the way to deployment and testing. And this is already turning into real savings and efficiency gains, estimated at 9 figures in 2025 alone.

現在，人工智慧在軟體工程領域，是我們力爭成為世界一流領域的目標。我們一直致力於讓我們的工程師能夠盡可能輕鬆地獲取新模型版本和新功能，例如後台代理。我們持續看到良好的效果。今年，我們將繼續實現整個工程流程的自動化和最佳化，從編寫程式碼、程式碼審查一直到部署和測試。而這已經開始轉化為實際的節省和效率提升，預計僅到 2025 年就能達到 9 位數。

And this is a big reason why we've been able to drive such high product velocity, while keeping our costs down. And 2026 is shaping up to be much bigger. So in addition to CX and engineering, I'm pushing every team at Robinhood to integrate AI into their operations with the goal of being best-in-class at AI across every function.

這也是我們能夠在保持成本低廉的同時，也能實現如此高的產品週轉率的重要原因。而2026年看起來規模會更大。因此，除了客戶體驗和工程團隊之外，我還在推動 Robinhood 的每個團隊將人工智慧融入他們的營運中，目標是在每個職能部門都做到人工智慧領域的一流水平。

Now finally, I think it's worth noting that I started thinking about near-term progress we wanted to make on this vision last summer, and it's meaningfully changed since. The first draft barely had prediction markets. Robinhood Ventures became a real thing, as you know, Shiv, sometime around the second draft.

最後，我認為值得一提的是，我從去年夏天開始思考我們希望在這個願景上取得的近期進展，而從那以後，它已經發生了實質的變化。第一稿幾乎沒有預測市場。如你所知，Shiv，Robinhood Ventures 大約在第二稿左右就變成了現實。

And of course, AI continues to make progress at an accelerating rate with models and agents getting more capable every day. And I think this shows you that our edge is really staying flexible and nimble. Now I've been really proud at how fast we move at Robinhood. Looking ahead, you can really expect us to keep that start-up hustle despite our large size. So road map is full.

當然，人工智慧也以越來越快的速度不斷進步，模型和代理程式每天都在變得更加強大。我認為這表明，我們的優勢在於保持靈活和敏捷。現在，我對 Robinhood 的發展速度感到非常自豪。展望未來，儘管公司規模龐大，但您可以期待我們繼續保持創業時的那種拼搏精神。所以路線圖已經全部規劃好了。

There's so much to do. Let's go to some questions. Welcome back up.

要做的事情太多了。讓我們來回答一些問題。歡迎回來。

All right. Thank you, Vlad. Thank you, Shiv. For the Q&A session, we're going to start by answering shareholder questions from Say Technologies. After the Say questions, we'll turn to live questions from our audience.

好的。謝謝你，弗拉德。謝謝你，希夫。在問答環節，我們將先回答來自 Say Technologies 的股東提出的問題。在回答主持人提問後，我們將轉而回答現場觀眾的提問。

So I'll kick it off with our first question from Say coming from Matt S.

那麼，我先從 Matt S. 提出的第一個問題開始。

Vlad, Shiv. Good to see you. So my question is, any additional updates on Robinhood Social?

弗拉德，希夫。很高興見到你。所以我的問題是，Robinhood Social方面還有其他更新嗎？

Yeah. Robinhood Social, very, very exciting. As I mentioned, we are testing it internally. We recently added Prediction Markets, which I think has made it clear, this is not just a tool for ideas, but also discovery of new assets.

是的。Robinhood Social，非常非常令人興奮。正如我之前提到的，我們正在內部進行測試。我們最近新增了預測市場功能，我認為這已經很清楚地表明，這不僅是一個產生想法的工具，也是一個發現新資產的工具。

I think one of the reasons why these products have like not resonated super well when other companies have tried them is the diversity of content has been relatively low. But now you look at Robinhood, we have so many customers, we have so many assets -- the diversity of content is actually quite high. So I think we're building increasing confidence that this is going to be a great tool for discovery and engagement. So marching towards public launch, I think you'll see that in the coming months, but we're pretty close.

我認為當其他公司嘗試這些產品時，它們沒有引起太大反響的原因之一是內容的多樣性相對較低。但現在你看看 Robinhood，我們擁有如此多的客戶，如此多的資產——內容的多樣性實際上非常高。所以我認為我們越來越有信心，這將是一個很棒的發現和互動工具。因此，我們正朝著公開發布邁進，我想在接下來的幾個月裡你會看到，但我們離目標已經很近了。

All right. Thank you, Vlad. The next question I'll read on his behalf from Rohit P, who asks, what could be the reasons for the more than 40% drop in Hood's share price? And how is leadership addressing the downslope?

好的。謝謝你，弗拉德。接下來，我將代表他讀羅希特·P提出的問題，他問道：Hood 的股價下跌超過 40% 的原因可能是什麼？領導階層是如何因應這種下滑趨勢的？

Yeah. Great question. I'll -- maybe I'll start. We're really focused on the inputs of our business, and we love the inputs that we're seeing. You saw -- you heard from me and Shiv, last quarter and really last year was a year of continued market share gains across pretty much everything. Net deposits of $68 billion through the year, $16 billion in the quarter, which means customers are increasingly trusting us with more and more of their assets.

是的。問得好。我——或許我會開始。我們非常關注業務的投入，而且我們對目前看到的投入非常滿意。你們都看到了——你們也從我和 Shiv 那裡聽到了，上個季度以及去年，我們在幾乎所有領域都持續獲得了市場份額。全年淨存款額達 680 億美元，本季淨存款額達 160 億美元，這意味著客戶越來越信任我們，將越來越多的資產託付給我們。

And as I look forward to the road map of the year, we've got a pipeline of new things that are either in relatively early stages of rollout, such as Robinhood Banking or have yet to roll out like Robinhood Social, Cortex Assistant, we think could be transformative. So inputs are looking good. And I've been through this old hat now as a public company founder and CEO for, what, five-plus years. And we've seen a couple of cycles up and down. We think that over the long run, the business performance tends to lead stock price. So the focus is just on building for customers, making the product better.

展望今年的發展路線圖，我們有一系列新產品正在籌備中，其中一些處於相對早期的推廣階段，例如 Robinhood Banking，而另一些尚未推出，例如 Robinhood Social 和 Cortex Assistant，我們認為這些產品可能會帶來變革。所以輸入資料看起來不錯。而我身為一家上市公司的創辦人和首席執行官，也經歷過這一切，至今已經有五年多了。我們已經經歷了幾個週期的漲跌。我們認為，從長遠來看，企業績效往往會引領股價。所以，重點就在於為客戶打造產品，讓產品變得更好。

Yeah. I couldn't agree more. We're focused on our customers. The one point I'll add is we also have over $1 billion share repurchase program. And during periods of market volatility, it's a really great time to lean into that program.

是的。我完全同意。我們以客戶為中心。我還要補充一點，我們還有超過10億美元的股票回購計畫。在市場波動時期，正是大力推行該計劃的好時機。

Thank you for that. And then the last question from Say is from Luke D, who asks, what is your guys' plan on navigating the rough seas during this crypto downturn and the end of football season? How can we see Robinhood extend its roots to not be so heavily affected by these things?

謝謝。最後一個問題來自 Luke D，他問道：在加密貨幣市場低迷和足球賽季結束的這段艱難時期，你們有什麼計劃來應對？我們如何讓 Robinhood 拓展業務，而不受這些因素的嚴重影響？

Yeah. I mean I'll start with what we're seeing in the product. So crypto, we're moving toward a world where crypto is actually more than an asset class, and it's a foundational technology that's going to underlie the trading of all assets. And you're seeing that with our efforts with tokenization outside the US and of course, the stablecoin partnership with Paxos on USDG.

是的。我的意思是，我先從我們在產品中看到的情況說起。所以，加密貨幣，我們正在邁向一個加密貨幣不僅僅是一種資產類別，而是一種基礎技術的世界，它將成為所有資產交易的基礎。這一點可以從我們在美國以外地區的代幣化工作中看出，當然還有我們與 Paxos 在 USDG 穩定幣上的合作。

So my belief is that in the future, you'll see crypto and traditional financial services increasingly merge. And of course, people will talk about and trade Bitcoin and other assets, and we continue to be long-term bullish on those. But yes, if we play our cards right, crypto will be a tool that is going to be important in giving customers what they need, and it will connect customers to assets that have real fundamental utility.

所以我認為，未來加密貨幣和傳統金融服務將會日益融合。當然，人們會談論和交易比特幣和其他資產，我們仍然長期看好這些資產。但是，如果我們運作得當，加密貨幣將成為滿足客戶需求的重要工具，並將客戶與具有真正基本實用價值的資產聯繫起來。

So we're still executing upon that. And we're not getting distracted by short-term fluctuations in what Bitcoin or other assets are doing. Prediction markets, I think there were questions industry-wide about what would happen as the NFL season comes to a close. But what we're actually seeing is surprising us. So in January, for instance, NBA contracts surpassed NFL in trading activity on our platform. And you're also seeing relevant non-sports contracts generating significant volume.

所以我們還在繼續執行這項計畫。我們不會被比特幣或其他資產的短期波動所分散注意力。我認為，在預測市場方面，整個行業都在關注隨著 NFL 賽季接近尾聲，將會發生什麼。但我們實際看到的景象卻讓我們感到驚訝。例如，今年 1 月，NBA 合約在我們平台上的交易活躍度就超過了 NFL。而且，您還可以看到相關的非體育合約也帶來了可觀的交易量。

For example, in the week after the NFL season ended, the government shutdown contract on our prediction markets platform was like driving significant volume. So I think over the long run, what you're going to see is even though it's now largely sports, prediction markets is more than sports. As we continue to diversify the contracts offered on the platform and improve the customer experience and refine it, more and more contracts will continue to resonate with our traders.

例如，在 NFL 賽季結束後的一周內，我們預測市場平台上的政府停擺合約交易量顯著增長。所以我認為從長遠來看，你會看到，儘管現在預測市場主要涉及體育，但它的範疇遠不止於體育。隨著我們不斷豐富平台上提供的合約種類，改善和完善客戶體驗，越來越多的合約將繼續受到交易者的青睞。

And that's not to mention this year is going to be a big year for sports as well. We've got the Olympics right now. We've got the World Cup later, and that's in addition to March Madness, the NFL season and so many more things. So yes, I think we're just the beginning with our prediction markets business.

更何況，今年對運動界來說也將是碩果累累的一年。我們現在正忙著奧運。我們之後還有世界杯，除此之外還有NCAA男子籃球錦標賽、NFL賽季以及其他很多賽事。所以，是的，我認為我們的預測市場業務才剛起步。

Yeah. And on the business side, a couple of things I'll add. So as I mentioned before, we now have 11 lines of businesses that are doing over $100 million of ARR. So we continue to diversify there. On the crypto front, as Vlad said, we're long-term bullish, but it's important to remember, while we did close to $1 billion of crypto revenue last year, it was only 18% of our overall revenue.

是的。在商業方面，我還有幾點要補充。正如我之前提到的，我們現在有 11 個業務線的 ARR 超過 1 億美元。因此，我們繼續在該領域進行多元化投資。正如弗拉德所說，在加密貨幣方面，我們長期看好它，但需要記住的是，雖然我們去年的加密貨幣收入接近 10 億美元，但這只占我們總收入的 18%。

So we love what we're seeing, but more than 80% still comes from outside of crypto. And our prediction markets, as Vlad said, it's growing. We're diversifying across sports and non-sports and different asset classes. And while the growth rates are great, again, relative to our overall business, it's a smaller portion. So big picture, we're diversifying. We're keep shipping to our customers, and we love both these business lines.

所以我們對目前的情況很滿意，但超過 80% 的資金仍然來自加密貨幣領域之外。正如弗拉德所說，我們的預測市場正在成長。我們正在實現體育和非體育領域以及不同資產類別的多元化發展。雖然成長率很高，但相對於我們的整體業務而言，它所佔比例較小。所以從大局來看，我們正在實現多元化發展。我們會繼續為客戶發貨，我們非常喜歡這兩項業務。

All right. Thank you. That concludes our shareholder questions from Say Technologies. Thank you again to Matt for joining us live. Now we'll move to Q&A from our in-person audience.

好的。謝謝。以上就是Say Technologies公司向股東提出的問題。再次感謝Matt參與我們的直播。現在我們將進入現場觀眾的問答環節。

So we ask that each person who's interested in asking a question, raise your hand and limit yourself to one question. Alex, would you like to ask a question?

因此，我們要求每個有興趣提問的人舉手，並且每個問題限問一個。Alex，你想問個問題嗎？

Alex MarGraf from KeyBanc. Vlad, maybe on the prediction markets front, with the close of the JV, can you give us a sense as to what the team is working on and from a product standpoint outside of greater list of contracts, what we might expect this year?

來自 KeyBanc 的 Alex MarGraf。弗拉德，關於預測市場方面，隨著合資企業的關閉，您能否讓我們了解團隊正在做什麼，以及從產品角度來看，除了更多合約之外，我們今年可以期待些什麼？

Yeah. So thus far, if you've been watching closely, you've really seen us refine the down funnel trading experience, particularly with sports. So we've added more tools like combos and player contracts for traders that want to go deeper. We've also started increasingly leveraging our advantages, which are we have lots of assets on the platform. We can connect things together to show you related contracts contextually in the places, where they matter most.

是的。所以到目前為止，如果你一直密切關注，你會發現我們已經不斷改進下行漏斗交易體驗，尤其是在體育方面。因此，我們為想要進行更深入研究的交易者增加了更多工具，例如組合和球員合約。我們也開始越來越多地利用我們的優勢，那就是我們在平台上擁有大量資產。我們可以將各種資訊連結起來，在最重要的地方，以上下文的方式向您展示相關的合約。

We've also completely revamped search and discovery as well as home to make them multi-asset and include prediction markets. So one thing is how are we going to show prediction markets contextually, where it's relevant to customers across all of our app services. Can we show relevant ones in the stock detail pages, so that if you're considering investing in an equity, you get the whole picture of not just the options contracts, but also the prediction markets that are connected.

我們還徹底改造了搜尋和發現功能以及主頁功能，使它們支援多資產並包含預測市場。所以，其中一個問題是，我們將如何根據上下文，在所有應用程式服務中向客戶展示與客戶相關的預測市場。我們能否在股票詳情頁面顯示相關信息，以便您在考慮投資股票時，不僅可以了解期權合約，還可以了解與之相關的預測市場。

So I think you'll see more of that. You'll see first-time prediction markets customers, which we're seeing an increasing number of people coming to Robinhood, not because they want to trade equities or crypto, but because they've heard of our prediction markets offering, they want exposure to that. So streamlining that. So if you're a first-time prediction markets customer, we not only make it easier for you to get into the product, but also make it so that we can easily cross-sell you to things like retirement or other products. I think that's an area where we have a unique advantage being a super app.

所以我覺得你會看到更多這樣的情況。你會看到一些首次使用預測市場服務的客戶，我們看到越來越多的人來到 Robinhood，不是因為他們想交易股票或加密貨幣，而是因為他們聽說過我們的預測市場服務，他們想接觸這方面的內容。所以要簡化這個過程。因此，如果您是預測市場的新客戶，我們不僅會讓您更容易上手使用該產品，還會讓您更容易交叉購買退休或其他產品。我認為，作為一款超級應用，我們在這方面擁有獨特的優勢。

And you mentioned Rothera. I think Rothera is particularly interesting because it gives us vertical control over the entire experience. We have control over what contracts we can list and also greater control over the pricing and economics. And our philosophy really with all exchange partners is I think the exchange layer is increasingly going to get commoditized over time, just as you've seen it in kind of other asset classes.

你還提到了羅瑟拉。我認為 Rothera 特別有趣，因為它讓我們能夠對整個體驗進行垂直控制。我們可以控制哪些合約可以上架，對定價和經濟效益也有更大的控制權。我們對所有交易所合作夥伴的理念是，我認為隨著時間的推移，交易所層將會越來越商品化，就像你在其他資產類別中看到的那樣。

And what we'd like to do is optimize for the outcome that's best for customers. So we want to make sure customers get the best price, the best economics, the best experience. And I think Rothera is a big critical part of us driving that.

我們希望實現的是對客戶最有利的結果。所以我們希望確保客戶獲得最優惠的價格、最佳的經濟效益和最佳的體驗。我認為 Rothera 是我們推動這一進程中至關重要的一部分。

Great. Thank you, Vlad. Other questions from our in-person audience? (Event Instructions)

偉大的。謝謝你，弗拉德。現場觀眾還有其他問題嗎？（活動須知）

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Maybe just following up on that last one on prediction markets. I'm curious, maybe a two parter. Just curious, most recently, can you maybe talk about the mix between sports and non-sports. I appreciate you are quite optimistic on the outlook for nonsports over time, but most of the media would indicate that currently, it's mostly sports.

或許只是想就上次關於預測市場的文章做個後續。我很好奇，或許會分成​​兩個部分。我很好奇，最近您能否談談運動與非運動之間的融合？我很欣賞你對非體育領域的長期前景持樂觀態度，但大多數媒體都表示，目前非體育領域仍然以體育為主。

And along the same lines, just thinking about prediction markets, how are you thinking about incentivizing new users? It's been a successful strategy across the brokerage business, the IRA product. You definitely have some new competitors in this space that are advertising quite aggressively. So how are you thinking about that one as a way to attract people to that product?

同樣地，就預測市場而言，您打算如何激勵新用戶？這項策略在經紀業務和個人退休帳戶（IRA）產品領域都取得了成功。這個領域肯定出現了一些新的競爭對手，他們的廣告攻勢非常猛烈。那麼，您覺得用這種方式來吸引人們購買該產品會怎麼樣？

Yeah, absolutely. I think that recently, certainly, our efforts have been on making the sports experience really good, but we've also diversified quite a bit. We've diversified into lots of nonsports offerings, and we now have thousands of contracts available. And I think you'll see us continue to make the experience there better in two ways.

是的，絕對的。我認為，最近我們確實致力於提升體育體驗，但我們也進行了相當程度的多元化發展。我們已將業務多元化拓展到許多非體育領域，現在有數千份合約可供選擇。我認為你會看到我們繼續從兩個方面改善那裡的體驗。

So one is just in the same way that we've done for sports, putting custom data and information and tools around some of these contracts so that customers can understand them. Then the second thing is surfacing them, when customers need them and when they're the most relevant. And we saw particular success with that with the government shutdown and related contracts.

所以，其中一種方法就像我們為體育所做的那樣，圍繞這些合約添加客製化數據、資訊和工具，以便客戶能夠理解它們。其次，要確保在客戶需要它們的時候以及它們最相關的時候，能夠及時地將它們呈現出來。我們尤其在政府停擺和相關合約方面取得了成功。

So I think we feel really good about this actually progressing towards greater diversification. I think it will be similar to the news. Sports are a big part of the news. They bring people together, but there's all sorts of events that are going on, on a regular basis that customers care about and offer active traders trading opportunities. So I think you'll see it continue to diversify as time goes on.

所以我覺得我們對公司朝著更多元化的方向發展感到非常滿意。我覺得會跟新聞報道類似。體育是新聞的重要組成部分。它們將人們聚集在一起，並且定期舉辦各種各樣的活動，這些活動都是客戶關心的，並為活躍的交易者提供交易機會。所以我認為隨著時間的推移，它將繼續多元化發展。

He asked another question, which I think was for you.

他又問了一個問題，我覺得是問你的。

Yeah, it was how are we gaining customers and kind of activation. So a couple of ways there. First, our huge advantages, as Vlad mentioned, are 27 million customers. So when we can surface things that are relevant to customers, that's a great way to onboard.

是的，關鍵在於我們如何獲得客戶以及如何進行客戶啟動。所以有幾種方法可以實現這一點。首先，正如弗拉德所提到的，我們最大的優勢是擁有 2700 萬客戶。所以，當我們能夠向客戶展示與他們相關的內容時，這是一個很好的引導方式。

The second is we're looking at new ways to activate customers. So you may have just seen we have referrals, for example. We have learn and earns, where if you learn about the product, you can have a customer or your friend also join. So the team is continuing to experiment both at the top of funnel and the mid-funnel to see how customers can onboard. But as Vlad mentioned, we're going to improve the product. We're going to flew the onboarding funnel. And what we're seeing thus far is really exciting.

第二點是，我們正在尋找啟動客戶的新方法。例如，您可能已經看到我們有轉診服務。我們有「學習賺錢」的機制，如果你了解了產品，就可以邀請顧客或朋友一起加入。因此，團隊正在繼續在銷售漏斗的頂部和中部進行試驗，以了解客戶如何順利完成註冊。但正如弗拉德所說，我們將改進產品。我們將飛越用戶註冊流程漏斗。目前我們看到的情況確實令人振奮。

Yeah. And to put on my Shiv hat, we're going to continue to be very ROI-driven and focused on the economics with promotions and marketing activities that we continue to do. I think when we enter new assets and new products, it's less of like just blowing out marketing right away, but making sure we get the product experience right, the economics work well. And then you've seen us get gradually, but steadily more aggressive on the marketing front over time.

是的。以 Shiv 的身份來說，我們將繼續以投資回報率為導向，專注於我們持續進行的促銷和行銷活動的經濟效益。我認為，當我們推出新資產和新產品時，與其說是立即大肆宣傳，不如說是確保產品體驗到位，從而確保經濟效益。然後，你們也看到了，隨著時間的推移，我們在行銷方面變得越來越積極主動。

James Yaro, Goldman Sachs.

James Yaro，高盛集團。

So you recently added Indonesia as a new market. I was hoping you might be able to expand a little bit on international expansion. Where do you see or what are the best markets in which you're planning to invest? How do you compare and contrast the attractiveness of the opportunity set in those markets and also the go-to-market strategy? And perhaps if you could just sort of maybe differentiate between Europe versus Asia.

所以你們最近把印尼新增為一個市場。我希望您能就國際擴張方面再詳細談談。您認為哪些市場最值得投資？您如何比較和對比這些市場中的機會集的吸引力以及市場進入策略？或許，如果能稍微分辨一下歐洲和亞洲就好了。

Yeah. I mean I think this year is going to be a big year for international expansion in the markets that we've already been live, namely UK and EU, you're going to see us continue to round out the product suite. And respond to customer feedback and also introduce new platform-level capabilities that actually are more useful outside the US but can scale to every country.

是的。我的意思是，我認為今年對於我們已經進入的市場，特別是英國和歐盟市場來說，將是國際擴張的重要一年，你會看到我們繼續完善產品組合。同時，回應客戶回饋，並推出新的平台級功能，這些功能在美國以外地區更有用，但可以擴展到每個國家。

So multicurrency wallets as an example there, which we recently introduced in the UK. UK recently also added stock and shares ISAs, which is the retirement wrapper there. So in that market, you're actually seeing us go deeper and start going into market-specific functionality, leveraging our technology platform. In the EU, EU is interesting because it's a little bit different how we're thinking about it.

例如，我們最近在英國推出的多幣種錢包。英國最近也推出了股票和股份個人儲蓄帳戶（ISA），這是英國的退休儲蓄產品。因此，在這個市場中，你實際上會看到我們深入挖掘，開始開發特定市場的功能，並利用我們的技術平台。歐盟很有意思，因為我們對它的思考方式有點不同。

The EU is a test case for what Robinhood could look like if it was built entirely on crypto technology, on crypto rails. So we don't have traditional stocks there, but we have stock tokens. So that's where we're really pushing hard on tokenization. I think you should see that accelerate this year, too, because admittedly, the first version of our tokenization offering didn't have significant advantages over holding traditional stocks.

歐盟可以作為 Robinhood 如果完全基於加密技術、按照加密軌道構建的模式，其發展方向的一個試驗案例。所以我們沒有傳統的股票，但我們有股票代幣。所以，這就是我們大力推進代幣化的地方。我認為今年這種情況也會加速發展，因為不得不承認，我們代幣化產品的第一個版本與持有傳統股票相比並沒有明顯的優勢。

But once we unlock the power of DeFi, then you get 24/7 trading, you get the ability to self-custody your stock. So you're actually seeing the introduction of advantages that are very difficult to replicate using the traditional rails. And some of the disadvantages like things that people care about, like protection and things like that, we're going to continue to remove.

但一旦我們釋放了 DeFi 的力量，你就能進行 24/7 全天候交易，還能自主託管你的股票。所以你實際上看到的是，使用傳統 Rails 很難複製一些優勢。而有些人們關心的缺點，像是安全保障等等，我們將繼續消除。

So I think by the end of this year, you'll get to a point where the tokenized offerings are better than the traditional offerings, which is going to be really exciting. And we're going to continue to close the gap with other offerings in the EU as well. And then turning to Southeast Asia and the rest of the world. You'll see us launching in several new markets. And with each new market, you should expect less time bringing up core features because we've spent time working with the regulator and also building these things with international in mind, it should be much quicker to ramp up in each market than in the first few.

所以我認為到今年年底，代幣化發行將會比傳統發行更好，這真的會令人興奮。我們將繼續縮小與歐盟其他產品的差距。然後轉向東南亞和世界其他地區。你會看到我們進軍多個新市場。隨著每個新市場的推出，您應該會發現推出核心功能所需的時間越來越少，因為我們已經花時間與監管機構合作，並且在構建這些功能時也考慮到了國際市場，因此在每個新市場的啟動速度應該比前幾個市場快得多。

Similar good example, we didn't launch retirement in the US until what was it, 2022. Well, in the UK, it's much, much sooner to add the local retirement wrapper after launch. So you'll see that continue. So where are we now 0.75 million international customers, yes, I think you'll see that getting into the millions relatively quickly. And like I mentioned earlier, before too long, we'll be looking back and we'll say, wow, this business scaled much faster than we predicted. So we feel good.

類似的例子是，美國直到 2022 年才推出退休制度。在英國，上市後很快就會加上本地退休包裝。所以你會看到這種情況繼續下去。所以我們現在的情況是：75萬國際客戶，是的，我認為你會看到這個數字很快就達到數百萬。正如我之前提到的，不久之後，當我們回顧過去時，我們會說，哇，這項業務的擴張速度比我們預測的要快得多。我們感覺很好。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Thank you. Thanks for having me. Great results as always. There's been some news today that have heard some of your competitors on the impact of AI. And like in scratching my head, I'm thinking, isn't Robinhood sort of the best AI company out there. Why aren't these things are actually huge tailwinds for you?

謝謝。謝謝邀請。一如既往，效果很棒。今天聽到了一些關於人工智慧影響的新聞，其中一些來自你們的競爭對手。我搔著頭想，Robinhood 不是目前最好的 AI 公司之一嗎？為什麼這些事情對你來說不是巨大的助力呢？

Well, I think they are. So if you look at -- and I think AI is going to completely transform all aspects of financial services. On the trading side, we have the bets that we're making with Cortex on Legend and also Cortex in the app. And we also think -- and by the way, Cortex Assistant, which is the AI assistant that's integrated into Robinhood is rolling out in the coming weeks. So we're refining it internally, and that's like going to roll out to customers very soon.

嗯，我覺得他們是。所以如果你觀察一下——我認為人工智慧將徹底改變金融服務的各個方面。在交易方面，我們使用 Cortex 對 Legend 進行投注，也在 Cortex 應用程式中進行投注。我們還認為——順便一提，整合到 Robinhood 中的 AI 助理 Cortex Assistant 將在未來幾週內推出。所以我們正在內部進行改進，很快就會向客戶推出。

In terms of AI and advisory, two things there. I think you're going to see a lot of transformation in the industry. One side of it is going to be amazing self-serve tools, which is giving you an advisory-like experience, where the individual user is calling the shots. The second is the workflows of an actual human adviser are going to be redefined and streamlined, and they'll be able to service more customers at dramatically lower cost. And we've got efforts underway for both.

就人工智慧和諮詢而言，有兩點需要注意。我認為你會看到這個行業發生很多變化。一方面，它將提供強大的自助服務工具，為您提供類似諮詢服務的體驗，讓使用者自主掌控一切。第二點是，實際人工顧問的工作流程將被重新定義和簡化，他們將能夠以更低的成本服務更多的客戶。我們目前正著手進行這兩項工作。

Actually, in the first one, Cortex providing advice to customers. We've started having conversations with regulators about how to bring that safely to customers. And we've got the technology to do it. Cortex has made tremendous progress. So it's just a matter of making sure that, that rolls out safely, and we think it has the potential to transform the wealth management industry.

實際上，在第一個例子中，Cortex 向客戶提供建議。我們已經開始與監管機構討論如何安全地將這項技術帶給客戶。我們擁有實現這一目標的技術。Cortex公司取得了巨大的進步。所以關鍵在於確保它安全順利地推出，我們認為它有潛力改變財富管理產業。

Steven Chubak, Wolfe.

史蒂文·丘巴克，沃爾夫。

So you'd mentioned underwriting to strong ROIs when building your expense plan. Is there anything we should infer about the level of revenue growth that you're budgeting for when building the plan? And just how much flexibility you have in the model given your commitment to achieving profitable growth and also significant inroads that you've made in embedding AI to drive greater efficiencies over time?

所以你在製定支出計劃時提到了承保以獲得強勁的投資回報率。在製定計劃時，我們應該如何推斷您預算的收入成長水準？鑑於您致力於實現獲利成長，並且在嵌入人工智慧以逐步提高效率方面取得了顯著進展，您在該模式中究竟有多少靈活性？

Yeah. Great question. Thank you, Steve. So a couple of things I'll point to. First, our mantra is still profitable growth. We are a growth company. We're going to continue to invest for growth. We're seeing great things from our customers. So we're going to keep doing it profitably. So I think you can infer that from us, that means very simply, we expect revenue to grow faster than expenses, and that's how we build our plan.

是的。問得好。謝謝你，史蒂夫。所以我想指出幾點。首先，我們的宗旨仍然是獲利成長。我們是一家成長型公司。我們將繼續投資以促進成長。我們從客戶那裡得到了很好的回饋。所以我們會繼續獲利地做這件事。所以我認為你可以從我們這裡推斷出，這意味著很簡單，我們預計收入成長速度將超過支出成長速度，而這就是我們制定計畫的方式。

In terms of the ROI, we underwrite each thing to a good ROI on a stand-alone basis. So if it's a new product, we look at what is the long-term IRR, what can the margins be? And now more importantly, can it scale? It used to be, hey, a $10 million business moves the needle. Now it's -- can this be a $100 million business in a few years. Those are just a couple of things we look at.

就投資報酬率而言，我們對每項投資都進行了獨立評估，以確保其具有良好的投資報酬率。所以如果是新產品，我們會考慮長期內部報酬率（IRR）是多少，利潤率可以達到多少？更重要的是，它能否規模化？以前人們常說，價值 1000 萬美元的企業就能產生影響力。現在的問題是——這能否在幾年內發展成為價值 1 億美元的企業？以上只是我們考慮的幾個面向。

Every time we do marketing, we look at both the payback periods and incrementality and make sure that those are also good investments. To your question on can we stay nimble? Absolutely. We're a technology company at heart, about 85% to 90% of our costs are fixed. So this gives a lot of flexibility. But big picture, we don't want to oversteer. And so what you're going to see us is keep investing for growth. We love what we're seeing. And if anything changes, we have our hands on the wheel. But otherwise, we feel great about the plan that we built.

每次進行行銷時，我們都會考慮投資回收期和增量收益，並確保這些都是好的投資。關於你提出的「我們能否保持靈活？」這個問題？絕對地。我們本質上是一家科技公司，大約 85% 到 90% 的成本是固定成本。因此，這提供了很大的靈活性。但從大局來看，我們不想矯枉過正。因此，你們將會看到我們繼續投資以實現成長。我們很喜歡我們所看到的。如果情況有變，我們也能掌控局面。但除此之外，我們對所製定的計畫感到非常滿意。

Patrick Moley, Piper. You're up.

派崔克·莫利，派珀。輪到你了。

I had another one on prediction markets, but I was hoping you could put a little bit more meat on the bones around Rothera. We estimate that you could see a 45% bump in economics, if customers utilize contracts that are listed on your own venues. So could you just talk about some of the puts and takes there? Why not migrate all of your prediction market volume onto this JV over time? And what are the benefits that you see in continuing to partner with other prediction market venues?

我還有一篇關於預測市場的文章，但我希望你能詳細說說羅瑟拉的情況。我們估計，如果客戶使用您自己平台上列出的合同，您的經濟效益可能會提高 45%。那麼，您能否談談其中的一些買賣情況？為什麼不逐步將你所有的預測市場交易量轉移到這個合資企業呢？您認為繼續與其他預測市場平台合作有哪些好處？

Yeah. Maybe I don't know, if you have a comment on the economics, but I'll just tell you our primary North Star is how to deliver the best product experience to our customers. So we do anticipate that a significant portion of our volume will move over to Rothera. But that's not sort of our North Star. Our North Star is giving customers the best pricing, the best experience.

是的。或許我不知道，如果您對經濟方面有什麼看法，但我只想告訴您，我們最重要的目標是如何為我們的客戶提供最佳的產品體驗。因此，我們預計我們相當一部分的業務量將轉移到 Rothera。但這並非我們的指路明燈。我們始終秉持的宗旨是：為客戶提供最優惠的價格和最佳的體驗。

And on the brokerage side, you've seen it with crypto now that we have BitStamp. You've seen it with how we route orders on equities that we prioritize execution quality, making sure customers get great execution. So I don't think that's going to change depending on the asset.

在經紀業務方面，現在有了 BitStamp，加密貨幣領域也出現了這種情況。您已經看到，我們在股票訂單的路由方式上優先考慮執行質量，確保客戶獲得良好的執行效果。所以我認為這種情況不會因為資產的不同而改變。

On the economic side, so the way it works is customers today pay $0.02, $0.01 goes to Robinhood as the SCM and then $0.01 goes to the exchange. When we have Rothera, we then control the full unit economics. I think your 45% number is referencing that -- we own 45% of the JV, Susquehanna owns 45% and MIAX owns the other 10%.

從經濟角度來看，目前的運作方式是，客戶支付 0.02 美元，其中 0.01 美元歸 Robinhood 作為供應鏈管理 (SCM) 費用，另外 0.01 美元歸交易所費用。有了 Rothera，我們就能完全掌控單位經濟效益。我認為你說的 45% 這個數字是指這個——我們擁有合資企業 45% 的股份，Susquehanna 擁有 45% 的股份，MIAX 擁有剩餘的 10% 的股份。

But the nice part is, as Vlad said, we'll control the full product stack and we'll control the full monetization. So there's a lot of levers you can do with that. You can give more value to customers. You can improve the unit economics. So we're super excited to get it online, both for the product experience, but also for the monetization as well.

但正如弗拉德所說，好處在於我們將控制整個產品棧，並且我們將控制整個獲利模式。所以你可以利用它做很多事情。您可以為客戶創造更多價值。你可以改善單位經濟效益。因此，我們非常興奮地將它上線，這不僅是為了提升產品體驗，也是為了實現盈利。

And by the way, we're also going to be open to other futures commissions merchants and other counterparties connecting, and we'll be competing for that business, not just providing an additional execution venue for our orders, but we'd like to build a compelling market for getting other firms access to our marketplace.

順便說一句，我們也歡迎其他期貨佣金商和其他交易對手接入，我們將參與競爭，不僅為我們的訂單提供額外的執行場所，而且我們希望建立一個有吸引力市場，讓其他公司能夠進入我們的市場。

Evan, Stock Market News.

埃文，股市新聞。

I appreciate you guys. Congrats on a fantastic quarter, as always. I want to ask you guys a little bit more about Robinhood Social in 2026 and kind of how you guys view targets and stuff there this year? And also if you view that as like an international segment or something you really focus on the US first?

感謝大家。一如既往，恭喜你們取得了出色的季度成績。我想再問大家一些關於 Robinhood Social 在 2026 年的發展前景，以及你們今年對它的目標和預期有何看法？而且，如果你把這看成是一個國際市場，那麼你首先關注的肯定是美國市場吧？

Yeah, that's a great question. I think with this product, since it benefits so much from a dense network, and we want to make sure that the product experience works really well and is integrated nicely into the rest of Robinhood. You'll likely see us launching and scaling it in the US before international.

是的，這是一個很好的問題。我認為，由於這款產品受益於密集的網絡，我們希望確保產品體驗能夠真正有效，並與 Robinhood 的其他部分完美融合。你可能會看到我們先在美國推出並擴大規模，然後再走向國際市場。

But over time, I think you'll see it coming international as well, particularly as the translation technologies get better and better, and you can have international customers benefiting from English content in the US. So you should expect it to come into international as well, but I'd expect the first -- for the first period of time to be iterated on in the US.

但隨著時間的推移，我認為你會看到這種情況走向國際，特別是隨著翻譯技術的不斷進步，國際客戶也可以從美國的英文內容中受益。所以你應該預料到它也會進入國際市場，但我預期第一階段——也就是最初的一段時間——會在美國進行迭代。

David Smith, Truist.

David Smith，Truist。

Institutional volumes on BitStamp saw a nice pickup in the fourth quarter, even as retail volumes declined from the third quarter like Robinhood app volumes. Could you comment about how you're expecting that institutional retail mix to evolve over time, given your plans for the product offerings? And any thoughts on pricing across both retail with the app and BitStamp as well as institutional pricing?

BitStamp 的機構交易量在第四季度出現了不錯的增長，儘管零售交易量像 Robinhood 應用的交易量一樣從第三季度開始下降。鑑於您對產品供應的計劃，您能否談談您預計機構零售組合將如何隨時間演變？對於零售（包括透過應用程式和 BitStamp）以及機構定價，您有什麼想法？

Yeah. Maybe I'll talk about the exchange. You can hit pricing, Shiv. Yes, we've been really excited about the growth in BitStamp. I think that team has been cranking. And as we've integrated, we've actually seen an increase in market share and increase in revenues and business performance, which I think is relatively rare for acquisitions.

是的。或許我會談談這次交流。Shiv，你可以爭取到合適的價格。是的，我們對BitStamp的成長感到非常興奮。我認為那支隊伍最近狀態很好。隨著整合的進行，我們實際上看到了市場份額、收入和業務績效的成長，我認為這在收購中是相對罕見的。

And I think what's going on there is when we first started talking to our institutional customers, I remember I was at a lunch around the time of our CAN event to catch a token. And they had some fairly basic complaints. They were like you're dropping our packets on the exchange side. Well, our biggest request for an improvement is just making sure that all of our packets are properly processed, things like that.

我認為當時的情況是，當我們第一次與機構客戶交談時，我記得我當時正在參加一個午餐會，時間大約是我們的 CAN 活動期間，目的是獲得一個代幣。他們的抱怨相當基本。他們就像在說，你們把我們的資料包丟在交易所那邊了。我們最大的改進需求是確保所有資料包都能正確處理，諸如此類的事情。

So low-hanging fruit on just exchange resilience, reliability, how many transactions per second the matching engine can process has been huge. And of course, we've got plenty more of that coming. And one benefit we have to bear, which is our retail offerings is very attractive to institutions. And we have a great recipe for bringing in the retail volume, which in turn makes it more attractive for institutions to quote and make markets on exchange. And this is before all of our efforts to bring our tokenized offerings, which, of course, BitStamp will be a big part of.

因此，僅僅在交易所的彈性、可靠性以及匹配引擎每秒可以處理的交易數量方面，就已經取得了巨大的進步。當然，我們以後還會推出更多這樣的內容。我們必須承擔的一個好處是，我們的零售產品對機構客戶非常有吸引力。我們有一個吸引零售交易量的好方法，這反過來又會使機構在交易所報價和做市變得更有吸引力。而且這還不包括我們為推出代幣化產品所做的所有努力，當然，BitStamp 將是其中的重要組成部分。

On the pricing side, a couple of things I'll point you to. On the retail side, one big change we made last year is we moved to smart order exchange routing, which really means we want to be competitive for all types of customers. What we have found out before is for the most competitive customers, we actually need to lower pricing. And so that's what we did and now we have the volume tiers.

關於價格方面，我有幾點要注意。在零售方面，我們去年做出的一個重大改變是轉向智慧訂單交換路由，這實際上意味著我們希望對所有類型的客戶都具有競爭力。我們先前發現，對於最具競爭力的客戶，我們實際上需要降低價格。所以我們就這麼做了，現在我們有了銷售分級。

And you saw a little bit of this in Q4, where there was less market volatility and the casual trader stepped away, but we saw really strong engagement from the more active traders. And because of that, they're on the higher tiers and this pricing come down a little bit. For us, we don't goal the teams on pricing. That's an output metric. We goal them on market share, and we're continuing to win market share there.

第四季也出現了一些這種情況，當時市場波動性較小，普通交易者減少了交易，但我們看到更活躍的交易者參與度非常高。正因如此，它們屬於較高等級，價格也相應降低一些。對我們來說，我們不以價格作為衡量球隊的標準。這是一個產出指標。我們的目標是贏得市場份額，而且我們正在不斷贏得市場份額。

And so what we would expect is during periods of lower market volatility, you'll probably see more active traders engaged, which will bring down the overall take rate, and that's what we saw a little bit in Q4. And just to give you a little bit of color in January, to start the year, we're about 5 basis points lower relative to the average rebate rate we saw in Q4. And again, that's just due to more active traders being engaged relative to the more casual trader.

因此，我們預計在市場波動性較低的時期，可能會有更多活躍的交易者參與，這將降低整體成交率，而我們在第四季度就看到了這種情況。為了讓大家對一月份的情況有個大致了解，也就是新年伊始，我們的返利率比第四季的平均回饋利率低了約 5 個基點。這同樣是因為活躍交易者比休閒交易者參與度更高。

Yeah. And another thing that I didn't mention, but which we're very excited about is the growth and scaling of our perpetual futures offerings outside the US we've really continued making that product better and better, giving active traders access to better tools and more flexibility on the leverage. And we are -- I mean, we're getting really good feedback. So I think you should expect more things in the perpetual futures department this year.

是的。還有一件事我沒有提到，但我們非常興奮，那就是我們在美國以外的永續期貨產品的成長和規模擴大。我們一直在不斷改進該產品，讓活躍的交易者獲得更好的工具和更大的槓桿靈活性。我的意思是，我們得到了非常好的回饋。所以我認為今年永續期貨領域應該會有更多動作。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Awesome. Great. Maybe just back to prediction markets. Vlad and Shiv, what is your appetite for launching contracts in fundamental equities, so things like on KPIs and other earnings metrics that you could potentially link in with your equities trading business. So like an active trader experience that would also have a layer of fundamental investing as opposed to the other contracts. And then just on timing of Rothera, any info on more sort of precise timing on when you might launch that?

驚人的。偉大的。或許我們應該回歸預測市場。Vlad 和 Shiv，你們對推出股票基本面合約有什麼興趣？例如基於關鍵績效指標和其他獲利指標的合約，這些合約可能與你們的股票交易業務掛鉤。所以，這就像是一種積極的交易體驗，它還包含一個基本面投資層面，這與其他合約有所不同。關於 Rothera 的發佈時間，能否提供更具體的發佈時間資訊？

Yeah, sure. We're very interested in the potential to list more prediction markets around company KPIs and fundamentals because obviously, people come to Robinhood and they're -- one of the big draws is we think we're the best place to invest in stocks. So the more we create an ecosystem of information and products around individual stocks, I think the more useful that will be with customers.

當然可以。我們對圍繞公司 KPI 和基本面推出更多預測市場的潛力非常感興趣，因為很明顯，人們來到 Robinhood，其中一個很大的吸引力是，我們認為我們是投資股票的最佳場所。因此，我認為，我們圍繞個股構建的資訊和產品生態系統越多，對客戶就越有用。

And we have some company-related prediction markets already. You can see, for example, Tesla deliveries and things of that nature. As far as like financial KPIs, I think that's an area, where we need some regulatory relief. So we're continuing to have conversations about that. But yes, right now, like not to get into the gory details, but some of these could fall into securities-based swaps and be under SEC. So there is some ambiguity and relief needed in order for us to list those.

我們已經有一些與公司相關的預測市場了。例如，你可以看到特斯拉的交付以及類似的事情。至於財務KPI之類的指標，我認為這方面我們需要一些監管上的放鬆。所以我們還在繼續討論這個問題。但是，是的，現在，我不想深入細節，但其中一些可能屬於證券互換，並受美國證券交易委員會的監管。因此，我們需要一些模糊性和緩解措施才能列出這些內容。

And then on the Rothera piece, our goal is to get it operational, actually just closed last week, and we're targeting by middle of this year. So stay tuned.

至於 Rothera 項目，我們的目標是讓它投入運營，實際上上週剛完成交接，我們的目標是在今年年中之前完成。敬請期待。

Devin Ryan, Citizens.

德文·瑞安，市民。

Another AI question. And the question is really combining tokenization kind of instant settlement 24/7 with AI. And I'm thinking like the future Agentic AI, where it would seemingly allow for kind of exponential scaling of trading volume from here, maybe micro lending, a lot of other applications.

又一個人工智慧問題。真正的問題在於如何將代幣化帶來的全天候即時結算與人工智慧結合。我想到的是未來的智慧體人工智慧，它似乎可以實現交易量的指數級成長，或許還能應用於小額貸款以及許多其他領域。

So it would be great to get thoughts on how you see tokenization and AI coming together. What do you think the time frame for that to happen is? And then what does that mean for Robinhood? It seems like you guys are really well positioned, but I see it as like something that could exponentially change transaction activity. I'd love to get your thoughts as well.

所以，很想聽聽您對代幣化和人工智慧如何結合的看法。你認為這件事需要多長時間才能發生？那麼，這對 Robinhood 意味著什麼？你們似乎已經佔據了非常有利的位置，但我認為這可能會對交易活動產生指數級的影響。我也很想聽聽你的想法。

Yeah. I mean what I'll tell you, one of the compelling reasons why we're interested in tokenization outside the US and actually unlocking access to DeFi for our stock tokens is that it makes it easier and more interoperable to write agents and have software that integrates with these offerings because there is a robust ecosystem of developers that are integrating with these blockchain protocols.

是的。我的意思是，我要告訴你的是，我們對美國以外的代幣化感興趣，並真正為我們的股票代幣解鎖 DeFi 訪問權限的一個重要原因在於，它使得編寫代理程序和擁有與這些產品集成的軟體變得更加容易和更具互操作性，因為有一個強大的開發者生態系統正在與這些區塊鏈協議集成。

And actually, you could argue the integration on the blockchain side is much easier and more streamlined than the typical like API integrations with brokerages. So I think that's going to be exciting to watch. I think it's a little bit early to proclaim that like a certain chain or a certain crypto will become the way that AI agents communicate and pay each other.

實際上，可以說區塊鏈方面的整合比與經紀商進行典型的 API 整合要容易得多，也更加精簡。所以我覺得那將會是一場精彩的比賽。我認為現在就斷言某個特定的區塊鏈或某種加密貨幣將成為人工智慧代理之間溝通和支付的方式還為時過早。

But I think if that does happen to be the case with the tokenized stocks offerings and also as we go live with our stablecoin partnership with Paxos, we'll actually be really well positioned to do well and compete for the agents business in that world.

但我認為，如果代幣化股票發行真的如此，而且隨著我們與 Paxos 的穩定幣合作正式上線，我們實際上將處於非常有利的地位，能夠在這個領域取得成功並參與代理商業務的競爭。

Roy, Crossroads.

羅伊，十字路口。

My question was on international expansion as well as Rothera. Specifically, as you're rolling out internationally, I'm kind of curious how you prioritize which products to initially launch? And is there a potential scenario or market where we see predictions markets being the first?

我的問題是關於國際擴張以及 Rothera 公司的情況。具體來說，隨著你們的產品走向國際市場，我很好奇你們是如何決定要優先推出哪些產品的？是否存在這樣一種潛在情境或市場，預測市場會率先出現？

I thought you were going to ask me about that 50% direct deposit attach rate on our banking offering. You want to know about international prediction markets. Yes. So right now, prediction markets for us are US only. And I think we're in an interesting position because, as I mentioned in the EU, we have like crypto-powered Robinhood on crypto rails, and we also have the ability to scale our traditional brokerage business outside the US.

我以為你要問我關於我們銀行服務中50%的直接存款附加費率的問題。你想了解國際預測市場。是的。所以目前，我們的預測市場僅限於美國。我認為我們處境很有趣，因為正如我在歐盟提到的那樣，我們有像 Robinhood 這樣的加密貨幣平台，而且我們有能力將我們傳統的經紀業務擴展到美國以外的地區。

So in addition to like traditional prediction markets ex-US, there's also the possibility of rolling out on-chain versions. So that's something we're looking at. I think you should expect some movement, but we don't have anything concrete to announce there.

因此，除了像美國以外的傳統預測市場之外，還有可能推出鏈上版本。所以這是我們正在研究的方向。我認為應該會有一些進展，但我們目前還沒有任何具體消息可以宣布。

Ramsey El-Assal, Cantor.

拉姆齊·埃爾-阿薩爾，坎托爾。

I was wondering if you could comment a little bit further on the push into private markets in terms of the asset types that will be available through your platform? And also any color on sort of time line and/or regulatory or operational hurdles you need to get through to field those products?

我想請您進一步談談貴公司進軍私募市場，以及貴公司平台將提供的資產類型？另外，關於產品上市所需的時間安排和/或監管或營運方面的障礙，您有什麼看法？

Shiv is actually has been running this product in addition to being CFO. So I'll let him speak to it.

除了擔任財務長之外，Shiv 實際上還負責營運這款產品。那就讓他來談談這件事吧。

Yeah. No, thank you. We're super excited about Prediction Markets. Big picture, we're in the quiet period for our first offering. Our N2 is publicly on file with the SEC, so we can't say too much more than that, but we're really excited to get this out for customers.

是的。不，謝謝。我們對 Prediction Markets 感到非常興奮。從整體來看，我們目前正處於首次產品上市的靜默期。我們的 N2 已向美國證券交易委員會公開備案，所以我們不能透露太多，但我們非常高興能將這款產品推向市場。

When you look at the vision, the goal is that any private assets that have not been traditionally offered to retail, you should be able to offer in these 40 Act registered funds. Chairman Atkins came out recently and said these are the best vehicles to offer access to retail. And so you're going to see us to continue to push there. If you look at our filing, it gives us kind of broad capabilities to do that. But in general, these funds, if you look in the market, hold all types of assets.

從願景上看，目標是任何傳統上未向零售客戶提供的私人資產，都應該能夠透過這些根據《證券交易法》第 40 條註冊的基金進行提供。阿特金斯主席最近公開表示，這些是進入零售業的最佳途徑。所以你們會看到我們繼續朝著這個方向努力。如果你看一下我們的備案文件，你會發現它賦予了我們相當廣泛的能力去做這件事。但總的來說，如果你觀察市場，你會發現這些基金持有各種類型的資產。

It can be private equities, it can be real estate, it can be credit. And so as we think about them, we think about what are our customers looking for, what are they most engaged in. But over time, you should see us be able to offer all of these asset classes. So stay tuned, and we're super excited.

它可以是私募股權，可以是房地產，也可以是信貸。因此，當我們思考這些問題時，我們會思考我們的客戶在尋找什麼，他們最關注什麼。但隨著時間的推移，您應該會看到我們能夠提供所有這些資產類別。敬請期待，我們非常激動。

Ed Engel, Compass Point.

艾德‧恩格爾，指南針點。

How do you think about the opportunity around Trump accounts and of their launch this year? Have you heard anything about how these could be structured or whether Robinhood could even play a special role here?

您如何看待川普帳號及其今年推出所帶來的機會？你有沒有聽說過關於這些項目如何建構的信息，或者Robinhood是否能在這裡發揮特殊作用？

Unfortunately, I can't share too much of the details of what we heard, but we've been involved in this effort from the very beginning. We were part of the first summit on Trump accounts at the White House. And I've made it clear to the administration, to the President personally that I think this is a game-changing initiative. It's really one of the few initiatives that pretty much everyone agrees on regardless of where you lie on the political spectrum and is very in line with our mission of making sure everyone benefits from our financial markets.

很遺憾，我不能透露太多我們聽到的細節，但我們從一開始就參與了這項工作。我們參加了在白宮舉行的關於川普帳戶的首次峰會。我已經向政府，甚至向總統本人明確表示，我認為這是一項具有變革意義的舉措。無論你的政治立場如何，這都是為數不多的幾乎所有人都同意的舉措之一，而且與我們確保每個人都能從金融市場中受益的使命非常契合。

So yes, from the very beginning, we've said if we're fortunate enough to play a role, we will give our best people to make sure that this effort goes as smoothly and it's as high quality as possible because I think it being really high quality and being done with sort of like exceptional engineering is going to be a big part of its success. And I think the administration has done a really, really nice job with the rollout. There was a nice Trump account Summit just a couple of weeks ago. And you can tell with all the folks making contributions and donating large amounts of money that I think the future of the program is incredibly bright.

所以，是的，從一開始我們就說過，如果我們有幸參與其中，我們將派出最優秀的人才，確保這項工作順利進行，並儘可能做到高質量，因為我認為，高質量的工作和卓越的工程技術將是其成功的重要因素。我認為政府在推廣方面做得非常出色。就在幾週前，舉行了一場不錯的川普帳戶高峰會。從大家的慷慨捐款和大量捐款來看，我認為這個計畫的未來一片光明。

Can you talk about your use of promotions and how that's evolving or expected to evolve in 2026? Is the size of the promotion budget expected to be bigger or smaller this year than last year? And as we think about 2026, does asset growth remain your focus? Or are there other customer behaviors that you really want to prioritize?

您能否談談貴公司在促銷方面的運用，以及這種運用在 2026 年將如何發展或預計如何發展？今年的推廣預算預計會比去年多還是少？展望2026年，資產成長是否仍是您的關注重點？或者，您是否更希望優先考慮其他客戶行為？

Yeah, I can start with this one, Vlad. So first, on the promos, as we've said before, we really love the ROI that we're seeing. So we're going to continue to use them. One thing we're doing this year more than last year is we're making them more personalized. So the great thing about having phenomenal engineering is using AI and ML models, you can actually make it much more personalized over time, which is great for customers, but it also is a great ROI.

是的，弗拉德，我可以先從這個開始。首先，關於促銷活動，正如我們之前所說，我們非常滿意目前所看到的投資報酬率。所以我們會繼續使用它們。今年我們比去年做的一件事是，我們讓它們更有個性。擁有卓越的工程技術的好處在於，利用人工智慧和機器學習模型，隨著時間的推移，你可以使其更加個人化，這對客戶來說很棒，而且投資回報率也很高。

In terms of the overall relative to last year, it was about 25% last year, and I would expect it to be roughly in that ZIP code for this year again as we continue to make additional investments. Our top KPIs remain the same. It's market share for active traders, it's net deposits and gold subscribers for wallet share and then it's NFAs and institutional accounts for our third arc.

與去年相比，整體成長率約為 25%，我預計今年隨著我們繼續加大投資，成長率也將大致維持在這個範圍內。我們的關鍵績效指標維持不變。對於活躍交易者而言，它是市場份額；對於錢包份額而言，它是淨存款和黃金訂閱用戶；對於我們的第三個弧線而言，它是非期貨協會和機構帳戶。

One thing that we've been focusing a lot internally is in addition to growing net deposits 20% plus year-over-year, how do we really accelerate top of funnel growth even faster as well, and we have a lot of great ideas there. So our focus is going to remain the same, but we're going to keep investing. Vlad, anything you want to add?

我們內部一直在重點關注的一件事是，除了淨存款年增 20% 以上之外，我們如何更快地加速漏斗頂端客戶的成長，我們在這方面有很多好點子。因此，我們的重點將保持不變，但我們將繼續投資。弗拉德，你還有什麼要補充的嗎？

The one thing that we didn't mention that just sort of flew under the radar is the market share growth. We've really had really strong results that have exceeded our expectations. Those of you who may be looking at the latest 606 reports probably noticed that the 606 reports show that it looks like we've become #1 in options industry-wide, which business goes on, but I thought it was just a good example of how the team is relentlessly making the experience better.

我們沒有提及，但卻被大家忽略的一點是市佔率的成長。我們取得了非常出色的成績，遠遠超出了我們的預期。那些查看最新 606 報告的人可能已經注意到，606 報告顯示我們似乎已成為整個期權行業排名第一的公司，業務仍在繼續，但我認為這只是團隊不斷努力改善用戶體驗的一個很好的例子。

Amit, Amit Investing.

Amit，Amit Investing。

Congrats on a great quarter. My question is on banking. How do you guys see this expanding this year as you begin rolling it out? And I guess where do you think the flywheel takes place as more people bring more of their assets on? I know you guys are getting a very competitive rate on the savings APY. Can you speak to a little bit more of the business fundamentals and what it can do to further expand and diversify the business as banking rolls out?

恭喜你本季表現出色。我的問題與銀行業有關。隨著今年計畫的逐步推廣，你們覺得這個計畫會如何發展壯大？那麼，隨著越來越多人投入更多的資產，你認為飛輪效應會在哪裡發生呢？我知道你們的儲蓄年利率非常有競爭力。您能否再詳細談談業務基本面，以及隨著銀行業務的拓展，它能如何進一步擴大和多元化業務？

Yeah, absolutely. Yes. So banking has gone off to a very strong start. You've heard us say over $400 million in assets on the platform. More than half of the people that fund end up funding with their direct deposit, which is pretty amazing attach rate so early in the product's life cycle. And we recently rolled out an increase to the rate that we offer on deposits. So 3.5% APY.

是的，絕對的。是的。所以銀行業開局非常強勁。你們都聽我們說過，該平台上的資產超過 4 億美元。超過一半的出資人最終選擇透過直接存款出資，這在產品生命週期的早期階段是一個相當驚人的出資率。我們最近提高了存款利率。所以年利率為3.5%。

I think what customers really appreciate about this offering is for customers that trust us with a significant portion of their assets. So if you have $100,000 or more across all Robinhood products, the experience on banking, the intent is for it to be flawless. So what people love is for those customers, we give you that APY, not just on savings, but also on checking.

我認為客戶真正欣賞這項服務的原因在於，客戶信任我們，將他們相當一部分資產託付給我們。因此，如果您在所有 Robinhood 產品上擁有 10 萬美元或以上的資金，那麼您在銀行服務方面的體驗將是完美無瑕的。所以人們喜歡的是，我們不僅為儲蓄帳戶，也為支票帳戶提供年利率。

So not having to worry about moving money around to optimize the yields and having enough in checking to pay your bills, I think, has been a huge pain reliever for customers, along with all the premium features like cash delivery in the markets that, that's gone live, really, really positive feedback.

因此，不必擔心為了優化收益而轉移資金，並且支票帳戶裡有足夠的錢來支付賬單，我認為這極大地減輕了客戶的痛苦，再加上市場上的現金交付等所有高級功能，都得到了非常積極的反饋。

In terms of ecosystem benefit, we always look for how to integrate our products together. And I think we've been able to do that with the banking product, even though it's actually in a separate app, which has been pretty interesting. The fact that you redeem to get the 3% cash back into brokerage has provided a very strong and durable link between the two products.

從生態系效益的角度來看，我們始終在尋找如何將我們的產品整合在一起的方法。我認為我們已經能夠透過銀行產品做到這一點，儘管它實際上是在一個單獨的應用程式中，這非常有趣。透過兌換獲得 3% 的現金回饋到經紀帳戶，這一事實在兩種產品之間建立了非常牢固和持久的聯繫。

And moreover, a bank account is actually, the one prerequisite, well, more or less, there's other ways to fund your account. But by and large, everyone that opens up a Robinhood account has to have a pre-existing bank account for them to move money in and out of.

而且，銀行帳戶實際上是唯一的先決條件，當然，還有其他方式可以為你的帳戶充值。但總的來說，所有開設 Robinhood 帳戶的人都必須先有一個現有的銀行帳戶，才能進行資金的轉入和轉出。

And so by sort of like offering them that experience in-house, we can make it even more seamless with the ability to budget better, set goals, move large amounts of money between the accounts seamlessly and allowing customers to have access to the industry-leading APY without leaving the platform and bucketing it as a savings account separately, which I think is resonating.

因此，透過提供類似內部體驗的服務，我們可以讓客戶更好地進行預算、設定目標、在帳戶之間無縫轉移大筆資金，從而使整個過程更加順暢，並允許客戶在不離開平台的情況下獲得行業領先的年利率，並將其作為單獨的儲蓄賬戶進行管理，我認為這引起了客戶的共鳴。

So you should see us continue to double down on that. The integration points will be thoughtful and very, very clear. And the banking team has got some aggressive goals. We think we can grow this thing.

所以你們應該會看到我們繼續加倍投入這項工作。整合點將經過深思熟慮，並且非常非常清晰。銀行團隊制定了一些雄心勃勃的目標。我們認為我們可以把這個項目做大。

On the flywheel piece, it's super simple. The more net deposits you have on Robinhood, the more assets, the better your experience is. So as Vlad said, if you have the $100,000 tier, that's across all of your different assets, you get even more value. Customers bring even more assets. We continue to give them even more value. And we're seeing that across all of our products and in particular, banking. So super excited to give customers another way to trust us with their assets.

飛輪部分非常簡單。在 Robinhood 平台上，你的淨存款越多，資產越多，你的體驗就越好。正如弗拉德所說，如果你擁有 10 萬美元的資產，涵蓋你所有的不同資產，你就能獲得更多價值。客戶帶來了更多資產。我們將繼續為他們創造更多價值。我們在所有產品中都看到了這種情況，尤其是在銀行業務方面。非常高興能為客戶提供另一種信任我們、將資產託付給我們的方式。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

Just wanted to ask about tokenization. I was hoping you could update us on your partnership on the stablecoin side, how you see that ramping and contributing? What are some of the milestones here in '26?

我想問一下關於分詞的問題。我希望您能向我們介紹一下您在穩定幣方面的合作關係，以及您如何看待該合作的推進和貢獻？2026年有哪些里程碑事件？

And then more broadly on the tokenization of real-world assets, maybe you could speak to some of the steps you're taking, including across private markets, how you see that contributing, including the US to the business over the next 12, 24 months versus, say, looking out over the next five years? And what do you see as some of the key hurdles to adoption?

然後，更廣泛地來說，關於現實世界資產的代幣化，您能否談談您正在採取的一些措施，包括在私募市場，您認為這些措施將如何在未來 12 到 24 個月內（包括美國）為業務做出貢獻，以及展望未來五年會如何？您認為推廣應用的主要障礙有哪些？

Yeah. I'll field that one, Mike. Thank you. So I think we have pretty good confidence that tokenization of private markets is going to be very powerful and highly resonant outside the US. And it would clearly work very, very well inside the US as well, pending the hurdles around accreditation and all the other things, crypto market structure.

是的。這個問題我來回答，麥克。謝謝。所以我認為我們有相當大的信心，私人市場的代幣化將在美國以外產生非常強大的影響，並引起高度共鳴。而且，如果克服認證方面的障礙以及加密貨幣市場結構等其他所有問題，它在美國也顯然會運作得非常非常順利。

When we were running our stock token giveaway of OpenAI and SpaceX in the EU, we saw that it resonated with customers. And remember, this is just -- it was a giveaway. It was relatively small amounts of these companies, and they were not tradable. But even so, you could tell that there's a hunger among the retail customer base for exposure to these private companies.

我們在歐盟進行 OpenAI 和 SpaceX 的股票代幣贈送活動時，發現它引起了客戶的共鳴。記住，這只是——這是一次贈送活動。這些公司的股份數量相對較少，而且不可交易。但即便如此，你也能看出零售客戶群渴望接觸這些私人公司。

So a big part of this year is figuring out the path to offering a compelling product for private markets, both in the US with Robinhood Ventures and overseas through tokenization and just making sure we work with our regulators to offer these products safely and in a form that resonates with customers. But where early signs are that if we unlock it such a differentiated offering, there's really no other place, where you can get it at scale through a reputable, trusted financial institution. So if we can unlock that, it's going to be very differentiated and drawing a lot of assets.

因此，今年的一大重點是找到為私人市場提供有吸引力的產品的途徑，包括在美國透過 Robinhood Ventures 以及在海外透過代幣化，並確保我們與監管機構合作，以安全且能引起客戶共鳴的形式提供這些產品。但早期跡象表明，如果我們能夠推出這樣差異化的產品，那麼在其他任何地方，你都無法透過信譽良好、值得信賴的金融機構大規模地獲得它。所以如果我們能解鎖這個功能，它將會非常獨特，並吸引大量資源。

[Tannor], Future Investing.

[Tannor]，未來投資。

My question was just regarding broader capital allocation strategy for you guys for international expansion. Are you guys planning on essentially going after those licenses yourself as you enter new regions and countries? Or do you want to acquire to enter and expand into new regions?

我的問題主要是關於貴公司在國際擴張方面的整體資本配置策略。你們是否計劃在進入新的地區和國家時，自行申請這些許可證？或者，您是否想透過收購進入並拓展新的地區？

Gosh, I hate not answering Tannor's question, but it's capital allocation. So I think you have to take it.

哎呀，我很遺憾不能回答 Tannor 的問題，但這涉及資本配置。所以我認為你必須接受它。

No, we partner super closely on capital allocation. I think the main point is it will be both. There will be some countries where we will do it organically. You saw that in the UK, you saw that in the EU. There will be some countries where we are accelerate by going nonorganically.

不，我們在資本配置方面有著非常緊密的合作關係。我認為關鍵在於兩者兼具。有些國家我們會以有機的方式進行。你在英國看到了這一點，你在歐盟也看到了這一點。在某些國家，我們將透過非有機成長的方式加速發展。

For example, WonderFi, our Canadian acquisition, which hasn't closed yet. And there'll be some companies where we'll do both. And so for us, we want to be able to serve customers in every single country. What we look for is what's speed to market and what's the best ROI, and then we're kind of indifferent to which way we get there.

例如，我們正在收購的加拿大公司 WonderFi，目前尚未完成收購。有些公司我們會同時採用這兩種方法。因此，我們希望能夠為每個國家的客戶提供服務。我們追求的是產品上市速度和最佳投資報酬率，至於實現目標的方式，我們則不太在意。

And by the way, one of the first books Shiv recommended to me was the outsiders. So if anyone is looking for a good book on capital allocation, that was a nice one. Yes, I think what I've said in the past around this is we don't want to get into the business of stapling platforms and doing these like massive infrastructure integration projects.

順便一提，希夫推薦給我的第一本書就是《局外人》。所以，如果有人想找一本關於資本配置的好書，這本就不錯。是的，我想我過去也說過，我們不想涉足平台整合和進行大規模基礎設施整合專案這類業務。

I think if you've seen what has happened in the past to our big competitors, that's sort of like what has ground them to a halt. Not to say we won't continue to make acquisitions, but I think the acquisitions you've seen us make currently, it's great assets, great teams with complementary technologies that we don't already offer in-house, example being BitStamp, which has gone smoothly.

我認為，如果你了解我們主要競爭對手過去遭遇的情況，就會明白這在某種程度上是如何讓他們停滯不前的。並不是說我們以後不會繼續進行收購，但我認為你們目前看到的我們進行的收購，都是非常優秀的資產，擁有我們內部尚未提供的互補技術的優秀團隊，例如 BitStamp，收購過程非常順利。

So I think where you get into trouble is if you just get like a duplicative stack and then you end up spending years integrating. So we're very cognizant of that. But yes, otherwise, we're going to continue to acquire. We're going to continue to make our core platform better and internationally scalable, and we'll have both paths available to eventually serve customers in every jurisdiction.

所以我覺得麻煩的地方在於，如果你得到一個重複的技術棧，然後最終花費數年時間進行整合。所以我們對此非常清楚。但是，除此之外，我們還會繼續收購。我們將繼續改進我們的核心平台，使其更具國際可擴展性，我們將提供兩種途徑，最終為每個司法管轄區的客戶提供服務。

All right. Well, that concludes the Q&A portion of our call. Before we end the call, I'd like to pass it back to Vlad or Shiv for any closing remarks.

好的。好了，問答環節到此結束。在結束通話之前，我想把電話轉回弗拉德或希夫，讓他們做最後的總結演講。

I just want to welcome Shiv. And again, thank you for all the engagement from the entire community, not just sell-side analysts, but also buy side and our finance content creators. 2025 was a big year. 2026, we're definitely not getting complacent.

我只想歡迎Shiv。再次感謝整個社區的積極參與，不僅包括賣方分析師，也包括買方分析師和我們的財經內容創作者。 2025年是意義非凡的一年。 2026年，我們絕對不會掉以輕心。

There's so much to do. The road map is full, and the team is just cranking because we see a unique opportunity to become the primary beneficiary of the $100 trillion-plus wealth transfer. So brick by brick, thank you for being with us on the journey.

要做的事情太多了。路線圖已經排得滿滿噹噹，團隊正在全力以赴，因為我們看到了一個獨特的機會，可以成為超過 100 兆美元財富轉移的主要受益者。所以，一步一腳印，感謝你們一路陪伴我們。