Coinbase Global, Inc.

Welcome to the Coinbase Q1 2026 earnings call. Before we get into the good stuff, some disclaimers. During today's call, we may make forward-looking statements that may vary materially from our actual results. Please refer to our SEC filings and this slide of the presentation for more information concerning risks, uncertainties, and other factors that could cause these results to differ. In addition, Our discussion today will include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the earnings presentation on our Earned Investor Relations website.

Hello, everyone, and welcome to our Q1 2026 earnings call. My name is Alicia Haas, and I'm the Chief Financial Officer of Coinbase. You may see a new face on this call with us today. My great guys over there. I want to introduce you all to Sean Agarwal. Sean is our chief business officer, and he's our newest head of investor relations. You're going to see a lot more of him, but I want to tell you a story about Sean. Sean is our OG head of IR. Sean led our Series E fundraise back in 2018. He was my right hand as we went public in 2021, and I could not be more delighted to introduce him to his first public company earnings call and bring him back to this new set of investors that we have with us today. So welcome, Sean. And I'm going to turn it over to him. He's going to walk us through our agenda and what to expect at our earnings call today.

Thank you, Alicia. And hi, everyone. Really excited to be here and back in the IRC. As Alicia mentioned, my name is Sean Agarwal, and I'm the Chief Business Officer and Head of Investor Relations at Coinbase. I'll be emceeing our call today. And in addition to Alicia and I, I am joined by my esteemed colleagues, Brian Armstrong, our co-founder and CEO, Emily Choi, our president and COO, and of course, Paul Grewal, our chief legal officer. All right, diving in, our agenda today is that we'll start with comments from Brian and Alicia on Coinbase's strategy and Q1 performance. We'll then have time to address questions from both our X and analyst communities. So with that, Brian, over to you.