Coinbase Global, Inc.

Our discussion today includes forward-looking statements which may vary materially from our actual results. Please refer to our SEC filings and earnings presentation for information concerning risks, uncertainties, and other factors that could cause these results to differ. In addition, our discussion today includes certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the earnings presentation on our investor relations website.

Hi, everyone. Thanks for joining us live on X. I'm Alesia Haas, CFO of Coinbase, and I'm here with our co-founder and CEO, Brian Armstrong, and a few independent and institutional research analysts. If you haven't already, please head over to our IR website to watch the videos we posted of Brian and I discussing our quarterly results. but in this session right now, we are excited to directly connect with you, our customers, our community, our shareholders and we wanna talk about our quarter and answer questions. So just as a friendly reminder, we're not gonna answer any questions on when XYZ token, we have a robust asset listing process that we follow and we're not gonna talk about any customer support cases but besides from those simple ground rules, it is open question time. So first up, I'd like to introduce Andrew.

Thank you very much. and Brian. It's a pleasure to be here. Appreciate the opportunity. I thought maybe I'd start with a big picture macro question, and I think you touched on it in the quarterly results. It does feel like crypto sentiment has shifted and we've seen Bitcoin rally a lot off of its lows, but it still trades like a risk asset. Even after market today with tech trading off, Do you feel like the case for Bitcoin ownership broadly has evolved? It does seem to me like that base is certainly making the case that Bitcoin can be a global, can be really be global digital collateral in DeFi marketplaces. But can you maybe just comment on how you think sort of the raison d'etre may have shifted?