All right. Thank you, everyone, for joining us. Today with me, we have Alicia from Coinbase. Jigar Patel, Global Head of FinTech at Morgan Stanley.

Galactic, Ken.

Before we get started, let me just read a quick disclaimer. I'd like to remind you that during today's chat, Alicia may make forward-looking statements. Actual results may vary materially from today's statements due to risk, uncertainties, and other factors that are described in SEC filings. Our discussion today may include references to non-GAAP financial measures, and a reconciliation of non-GAAP financial measures is available in the company's latest shareholder letter. All good. So with that out of the way, maybe let's, Alicia, let's start at the crypto markets first. So October 19th, Bitcoin crash, deleveraging. Here we are a couple of months later. The macro backdrop for crypto certainly feels a little bit like crypto winter. At the same time, you now have the tail or the headwinds of tariffs, geopolitics, an ongoing war. And we've seen periods of volatility like this before, but do you think this time it's different?

Thank you for having me. It is great to be back. And there's nothing I like more about talking about crypto volatility. I think the important thing is we are no strangers to volatility here at Coinbase or in the crypto markets, but this is different. And what's different about this period than the 2022 period, as an example, is what we are seeing now is the volatility and the price declines are really institutionally led. And this is no surprise, as with the great success of ETFs and the diversification of crypto becoming more of a mainstream investment asset, you have a heavy institutional role in the markets that did not exist quite candidly back in the prior cycles. That was very retail and then crypto event led. And so with institutional ownership of these assets, we're seeing a much higher correlation with macro events and what is driving institutional trading patterns and risk-off mindsets is then impacting crypto. But when you peel back on what local growth is happening on our platform, what we're really pleased to see is that our consumer investors, our retail investors, are acting like they've done in all prior periods. The vast majority are holding their assets, which we've always seen when we see significant price declines in Bitcoin. coin is we have people that go into hodling mode. And the retail investors that are active are buying the dip. So net-net, we see buyers on our platform on the retail side. What we also see is that we are moving from speculation to utility because despite the fact that the crypto prices have fallen off widely, USDC market cap has had a very modest decline. And that's driven by more growth in utility, more growth in stable coins, which I'm sure we'll talk about later. And I think also this is important because we have always been focused on diversifying our revenue, and so the timing of this works well with the introduction of our Everything Exchange vision that we'll talk more about, and we recently diversified into equities and prediction markets, which will all then trade on different macro drivers, is our belief, and they will have more diversification of the types of trades that we expect our clients to

do. Okay, great. Let's talk about regulation. So, Genius Act, you had that last year.

Volatility to regulation, yes.

Volatility to regulation. Before we get into the company and all the backdrops. So regulation-wise, a genius act last year, a lot of momentum. Clarity Act, it was coming, it was coming, stalled a bit.

Still coming.

Still coming. The White House has put out March 1st, which arguably is a few days past us now, to finalize negotiations around what's in or out of the Clarity Act. Can you give us any update on where it sits today and some of the main topical points that are still being finalized?

Absolutely. So we believe that we'll be able to get to legislation this spring. I think it's important that the crypto companies are all united. We are active. We have a seat at the table. And there's probably not a day that's gone by that there's not some negotiation, some discussion being had to try and bring the Clarity Act to a vote. We believe that there can be a win-win with banks. A lot of what you see publicly just talked about is the rewards issue about who can pay rewards on stablecoins, who can pay yield on stablecoins, and what that means. There's been a lot of research studies put out on both sides about whether or not this would or would not have any impact to the broader market participants. But we believe that there can be a win-win there. What we are trying to do is fight for our customers. We are trying to preserve the benefits of crypto. We are trying to get to clear rules so that once we have rules, we can all go forward and build and have a lot of clarity on what each asset is, what the taxonomy is, what regulator is going to regulate what asset. But we're really optimistic that we're going to get there, and we think that there's going to be a nice solution in coming weeks or months. This spring feels very hopeful, though.

Beyond Clarity Act, are there any other pieces of legislation that people should watch? There was one with the SEC recently changing the treatment of stablecoins as collateral. But any other pieces of regulation that are key?

I think that's a really good call. It wasn't so much a change. It was clarifying what the discount rate can be on stablecoin collateral. And it's treating it akin to a money market with a 2% haircut. We think that all of this clarity will help adoption and help people then be more comfortable with using stablecoins in lieu of fiat for assets that are trading 24-7. So stablecoins are a critical payment leg of any tokenized product. And so tokenized is then the key thing here to talk about of what we are focused on with regulators. The SEC has a great task force. We've been actively meeting with the SEC. We've had, I think, 30 meetings in the last year to try to bring forward rules around tokenization. And these are real tokenized securities, not derivative instruments that you see trading abroad right now. That would be the next kind of pillar of what we really like regulatory clarity on. What are those rules? How does this work in decentralized protocols?

Let's shift into Coinbase now. The company is much different now than it was a few years ago. I think as part of your latest earnings release, there was this phenomenal stat that showed you have 12 products, 100 million plus of AR, six products, or over 250 million plus of AR. So it's the everything exchange. And so can you talk about you've gone from allowing people to first access crypto and then trade crypto to now being able to manage trade-off assets. You've launched Coinbase One, which is growing nicely, and then more recently applying for an OCC trust charter.

Wow, there's a lot to unpack there. We can go in a lot of directions. OCC.

It's all in one. All in one.

um yes we worked really hard to continue to offer our clients the ability to transact with their assets in more and more ways we are also working really hard to diversify the breadth of assets that people can trade on our platform so we started with just spot crypto we moved to derivatives and derivatives is the area that we are probably the most mature is our second pillar of trading. We brought 24-7 perpetual style futures to the United States last year and seen significant growth. We've doubled our trading volume year over year, both in market share and total notional, on the back of strong derivatives growth. We bought Deribit in the last year. Deribit brought us to the market leader in options trading in crypto. So all of this is broadening out the types of assets that our customers can trade on our platform. As we announced the middle of last year, we had ambition to diversify that further. And so just in the last few weeks, we've rolled out equities trading now to all of our retail holders. We've launched prediction markets. And so think about these as just building out pillars of asset types that we want to offer. Our ambition is to bring each of those assets on chain. And so while today they are a regular way in the way of equities, the ambition always is to then take these assets and move them to the new tech stack on chain assets. And we believe that we can serve as that bridge just like we did with USDC. to bring fiat into stablecoins to bring those assets more deeply embedded within our product stack. So that is where we're going. We do now have 12 products that are over $100 million of revenue, as you notice. And we're really working to bring our 13th and our 14th market. But even more importantly to me is I want to move many of them from the $100 million to the $250 million to the $500 million to the billion. We have two at a billion dollars of annual recurring revenue at this point in time. And so we really want to not only diversify the products, but scale our products in market. And that is a key focus of ours right now. The underpinning regulatory environment is the support infrastructure to become the most trusted, most globally adopted brand. And so with the OCC charter that you mentioned, we have applied for an OCC charter. This will enable us to have federal jurisdiction for our custody business. So we can custody an increasing number of assets under one license and one well-respected charter environment. We are a custodian today of over 12% of our crypto market cap. We really have learned how to custody these bearer instruments, and we custody more than 2x any nearest competitor that we can identify. And so if we bring more assets on chain, having the regulatory apparatus to then support the technology that we feel we I think it's important to just continue to earn clients' mandates and custody an increasing number of assets and asset types.

Michelle, let's maybe double-click on one of the products you mentioned now being able to trade stocks on the Coinbase platform. Can you talk about how the early engagement and the adoption of that is going?

We're two weeks in, so I don't have a lot to share.

Especially in a volatile stock environment.

Volatility. It's something we know. Our clients know it too. Too early to share any stats, But we're really pleased with the early and encouraged to see the early engagement from our existing customers. We also announced the partnership with Yahoo with the rollout of 100% offerings to our customers. And so now you can research a stock on Yahoo, click through to Coinbase, and purchase that into your Coinbase portfolio. So early, early days. We'll have to update you on future calls, but encouraged by what we're seeing so far. Okay.

Let's talk about predictions markets. So you have a partnership. You've launched products. how is Predictions Market integrated into Coinbase and maybe any stats or insights you can share on the early days of that adoption?

Another Q1 rollout. We partner with CalShe right now, and so think of us as an introducing broker and then routing our trades or interest in the market to their exchange and their platform. The product is deeply integrated into the Coinbase main app where, again, the goal is that you're trading more and more assets side by side, and you can choose to deep dive, you can see what's trending, you can see what you may be interested in, what your friends may be interested in, and all of those served up. Too early to share staff at this point in time. What I think is important, though, is we are focused on getting a great product experience for our existing customers before we are rolling up marketing dollars to make this a new customer acquisition channel. And so we're going to be iterating and getting the product really dialed in for those customers and more to come as we kind of scale.

let's talk about another product which i guess is not a q1 rollout but an earlier rollout coinbase one yeah so now up to almost a million paid subscribers how is that growing what's in the

roadmap for to keep growing coinbase one customers coinbase one has been one of the areas of focus for our most loyal most engaged customers on our platform and what we began to do last year was roll out increasing rewards and benefits for being a coinbase one member so three major changes one we now offer a Coinbase One credit card so people can use credit and earn up to 4% Bitcoin on any of their spend. This has driven a lot of Coinbase One growth because it's a gated product and we're just getting reports of customer delight in using this product. It creates a flywheel then if they're owning more Bitcoin in their portfolio and then once we find that people own Bitcoin, they are more likely to trade and engage with other products and services on our platform. In addition to the credit card, we also gated USDC rewards behind the Coinbase One membership. So now you have the ability to earn rewards on your USDC balances. You can earn Bitcoin back on your credit card spend. And then we introduced more tiers. So these customers, what we tend to find now, are holding USDC, earning rewards, using a card, buying Bitcoin, diversifying their trading into other coins, most likely to stake in this population and getting more deeply involved in our platform. The combination of tiering the subscriber base to meet customers at any asset size, putting more benefits behind the program is really nice growth that's coming behind that, and there'll be more to

come. By the way, I forgot to mention, I am a Coinbase One customer, so I'm added into that million. Let's talk about tokenized equities. You've seen now one of the first tokenized equities offering with the figure transaction. You've seen some of the traditional exchanges start offering ATS with 24-7 trading. The SEC is starting to put some framework around it. So can you talk about where Coinbase is in its rollout of tokenized equities, and how do you think the market evolves?

Well, I think the market evolves that eventually all the assets that we've ever known or talked about are on-chain assets. So I think that's a matter of when, not an if at this point in time. And you see that by broad institutional interest and adoption of putting assets on chain and now it's a sequencing conversation it's a regulatory clarity question so where we are is active in technology and regulatory clarity conversations with the sec we want tokenized equities to be freely usable and interoperable with d5 protocols and we believe that creates the most benefit to end customers the ability for me to just send you with security my grandmother would turn over her stock certificates and endorse them over to her children I love the idea of my parents being able to gift stock to me directly without, no offense, having to go through a broker. Now, I think it's also important that you get all the benefits of stock ownership, though. We believe that it's important for our clients to own the securities in their own name. I think this really gets to the benefit that I would know who our retail shareholders are. I don't know who my retail shareholders are today as they're held in street name as opposed to individual names. There's a lot of benefits that we see with moving into tokenized equities. But they need the benefit of being able to be self-custodied and move on chain. And that is what we're in active conversations with to try and bring that world into fruition.

Let's pivot to the other side of the Everything Exchange, the institutional side. So you have a large custody business. You work with many of the biggest institutions today. Take us through the roadmap on the institutional side.

The institutional vision for the Everything Exchange is similar to retail. It's stocking the shelves. The key priority this year is to integrate Deribit and bring options side-by-side with Perpetual Futures, with the other derivative products we offer, and crypto. So that is the most near-term stocking the shelves. The benefit of this, and what we're driving for our institutional customers, is deep liquidity in all of these products and the ability to then get cross-margin, to create more leverage-deficient trading, lower cost, less liquidity having to put to work. This is what we're hearing from our institutional clients that they would really benefit from. And over time, then adding more assets to this platform to give them the ability to just be the most capital efficient they can be is our ambition and goal with the Everything Exchange for Institutional Clients.

Can you talk about, as part of that, the Coinbase developer platform? I don't think many people have to focus on that, but between what is it, do you think there's more monetization that becomes unlocked as part of the Clarity Act or any of the regulatory actions in place?

Thanks for that. So the developer platform, think about this as we've talked about the products that we're selling directly to our customers. But as I mentioned earlier, one of the things that we believe that we are uniquely skilled at is we have built products that we can safely store bare instruments. And not only store bare instruments, but make them liquid, make them tradable 24-7, and really reduce the risk. So we have really strong operational controls that we can then bring assets from cold storage to a hot wallet, trade, move those assets off our platform, bring assets from outside vendors back into our platform. This technology is what has enabled us to win 80% of the ETF custody so far, as an example. We are white labeling these tools. We are white labeling our custody business. We are white labeling our exchange, the ability to trade to our broker, and making that available to banks, fintechs, so they all can offer crypto trading to their end users. And we are finding that we are the partner of choice for many institutions. So they can then offer these end services. So we have five GSIBs that we work with. We have over 250 other fintechs and other corporates that are building on our developer toolkits. But really then what you see is that revenue coming to our institutional business. So it monetizes the same way as our institutional businesses. Those have all been tiered pricing. And so the more volume you get into the lower tier set, obviously if you You are building a product on top of our rails, and then you can offer it to a larger group which tend to be in that lower fee set. So that's how you're going to see that monetized through our P&L. But it's really then enabling us to be an infrastructure partner behind a lot of the growth of crypto that you see throughout the ecosystem.

Let's flip over, Lucha, to stablecoins. So I talked about crypto winter. The other analogy we always hear, it feels like stablecoin summer. Everybody loves talking about stablecoins. So you mentioned USDC. How do you think about what's going on with stablecoins in terms of the growth that we're seeing in market, but potentially the exposure to interest rates that they have?

So stablecoins are a digital dollar, and I think we underestimate digital dollars because digital dollars can transact globally. They can transact cheaply. They can transact with speed. You can self-custody them. And so who doesn't want the highest reward, lowest risk, cheapest transaction, most globally acceptable dollar? It has a lot of benefits over other forms of dollars. But at the end of the day, it's a dollar. So yes, it's subject to interest rate headwinds. But the utility of money moving to the lowest friction place is the trend that we are going after. And so what we're seeing is, as we mentioned, with tokenized assets and the trends that you're seeing for tokenized assets, Stablecoins are the payment leg. In DVP, you need to have a 24-7 digital dollar to go against any form of tokenized asset. So just the growth of tokenization leads to the growth of stablecoins. And that trend is different than macroeconomic trading

with headwinds on Bitcoin, as an example.

We're also seeing it have broad adoption in payments. And then we're seeing more adoption with agentic commerce and payments. We saw an all-time high in base transactions driven off the back of agentic commerce and payment use cases. So I think there's a number of tailwinds, just cheaper, faster global payments, moving the tokenization that requires then to have a stablecoin to be the payment leg for DDP and agentic commerce that are all giving stablecoins this tailwind. And so, one, what stablecoin will win then? And so we have seen everyone else wants a stablecoin. Let's go create more stablecoins. Our belief is, like any new technology, and we've all seen this with any new technology, is you have fragmentation before you then have adoption and consolidation. And we are in the fragmentation era of both protocols and stablecoins. And I think what you need to focus on is which ones are getting network effect, where you've seen broad adoption, where is there enough liquidity, because what you need for collateral use is you need liquidity, which ones are meeting global regulatory requirements around, is it a payment stablecoin in the U.S.? Is it NECA compliant in the EU? And so these will start to gain adoption. And then I do believe there's going to be network effects over these stablecoins. We are believers, though, for the network effect, you need to be able to make this economically beneficial to participants, which is why we are active in sharing rewards and making sure people feel like they can benefit economically from these, no different than if they were going to create

their own. I want to go back on just the regulatory point since we're on stablecoin. So we're in the most kind of regulatory-friendly environment that we've seen around crypto, but there's varying jurisdictions of people have to be Genius Act compliant by some point. They have to be MECA compliant by some point. Do you think even with administration changes, there's things on the regulatory front that change that maybe make the U.S. better or worse place in terms of crypto and maybe push things outside?

With the Genius Act today, I think that we can be very competitive on stablecoins, and I think it's very aligned with MECA requirements. But I do think that you will see if we create different barriers that make it unattractive to build in the U.S., just like we saw in the past administration, we saw development move outside and we saw adoption. I mean, stablecoins are more broadly adopted outside the U.S. than they are in the U.S. today. So absolutely, I think that the regulatory environment for global technology where people can hold things in self-custody, you will see money move to the most attractive and most beneficial environment.

Got it. Let's switch over to capital allocation. So we talked about the market downturn. You've talked about using the free cash flow, the profitability that Coinbase has to potentially acquire more Bitcoin and repurchase stock. How do you weigh off that tradeoff? By the way, we had Michael Saylor up here the other day, and he would say, just keep buying Bitcoin, 100% allocation.

We're not doing 100% allocation to Bitcoin. We're an operating company. I don't think of them as a trade-off, though. I think that we view that we committed to be EBITDA positive in all operating environments, and we then believe that we are taking a percentage of our operating income and allocating that to Bitcoin purchases. We are dollar-cost avergers. We are in the market every week. We buy a small amount every week based on a percentage of our operating income. So that is just a steady small dollars going in on a weekly basis to kind of build up a long-term portfolio and align with our business interests and our client interests. Our stock repurchases are different. Our stock repurchases then are driven to offset our dilution as we are very focused on then keeping an eye on total dilution and being opportunistic. So when we see price dislocation in our shares and we believe that we have more opportunity to grow our valuation, we can be opportunistic and put more dollars. We bought $1.7 billion of stock through mid-February, between Q4 and mid-February, and our board authorized another $2 billion to put to work opportunistically and offset future dilution.

The other part of capital allocation, M&A. So 2025, you could say it was a banner year for M&A for Coinbase. You did the Deribit acquisition, I think the largest crypto acquisition announced. But then there was, I think if I had to, probably 10-plus acquisitions. So can you take us through how you, well, A, how the acquisitions have gone from what you can see, and then how do you think about that going forward, especially in a more volatile market environment like this where there could be more opportunities available in Coinbase as the buyer of choice?

As Jigar knows, we have a very sophisticated corporate dev team and a very active corporate dev team. So we did close 10 acquisitions last year. The largest was Darabit. The second largest was Echo. Please note Darabit was, like, up here in terms of size, then Echo was here, and there was like very small things. So we count in that 10, we do aqua hires where we could hire small technical teams that will come in and drive more product development in an organic basis in that approach. So we're always looking for talent to build out more technical talent. We would buy clients, we would buy assets, we'd buy technology, we'd buy licenses. And the deals that we are most likely to be doing in size are ones like Derabit, which introduced us into options. We bought a market leader and what we saw after acquiring Darabit is they grew their transaction volume post Coinbase one because we brought our trusted brand behind it we have a better balance sheet so it's a counterparty institutions were like great products oh now I've got a stronger counterparty I can put more capital to work I can hold more open interest I can trade this is great that's a one plus one equals three for us and so we saw really positive revenue synergies on that as well as then we can drive the cost synergies through the back office the compliance the finance etc So we will always look for those types of deals. When we look going forward to 2026, the reality is we're going to be active in any market that we find ourselves in. We do find, obviously, that private companies don't reprice as quickly as public companies. So sometimes we have to be more patient to deploy that capital. But everything will be in service of our three priorities this year, whether it could be something that would help us build the Everything Exchange to give us more depth in any of those four pillars that I mentioned or to broaden the assets that we can trade on our platform. Two, we're looking for anything that will grow payments use cases and stable coin use cases. And then third is our third goal is to bring more dollars on chain, and that's through base integration, that's through bringing more DeFi applications into the Coinbase main app. So anything in that spirit would be the third area of interest.

Let's, Alicia, go back to 2022, 2023. that volatility in that environment. Today, volatile as well, but Coinbase is a much different company. We talked about just the revenue scale, the product diversity, and the scale. If you had to go back and think about what were the lessons learned over the last three, four years, what would they be?

Well, many of you have probably heard us say this, but when we went public, we had seen volatility, obviously, before we went public. And we communicated to the market that we wanted to break even over a cycle. And the market quickly said, no, no, no, no, no, no. That is not an appropriate strategy, Coinbase. And so we pivoted and committed to then be adjusted EVA.positive in any market environment we found ourselves in. And we realized it was important not only for our investors, but also for our institutional clients, that they saw us to be very strongly financially positioned and able to withstand any volatility in the top-line revenue and make sure that it was translating to positive cash flow. For any of my debt investors in the room, I also hear you and I see you, and this is important to us all as well. So we really pivoted our strategy to being able to generate positive adjusted EBITDA, cash flow in any market environment, and then through our stock repurchase program, use that cash flow to then bring down the dilution from stock-based compensation. So that is our commitment. That is what we now set our eye on. So as we look towards volatility and potential top-line volatility as we go into 2026, we are keeping a close eye on our expenses and making sure that we are not growing expenses that we can't support through any type of environment that we are potentially interested in. But the key here is we are focused on diversifying that revenue and getting away from what we consider the true peaks in volatility in crypto and building more products, more verticals that we think will behave differently in different market environments.

Let's talk about AI. I know you mentioned agentic commerce, but talk about how AI can also play into, and there's the AI, there's the quantum part of it, but how does AI play into a company like Coinbase and where do you use it, where do you see it?

Well, you dropped quantum in there, so let me address quantum first, and then we'll get into the AI because I think they're tangentially related, but we think about them differently. So there's been a lot of talk about the risk of quantum computing to crypto. And what I want to share is that this is something that we are keeping our eye on carefully. we have founded a research team that is actively participating in this, and we will be active in the community to try to ensure that we are lending our technical support and our research and our knowledge to getting the protocols updated so we are completely able to absorb any risk that comes. So while it's not the number one thing we worry about right now, it is something that we are closely paying attention to and watching. With regards to AI, I would say that it is, I'm sure like with every other company you've heard present today, it is top of mind for every employee at Coinbase. So it is built into our hiring. We are now no longer hiring anybody that cannot demonstrate AI proficiency. We are encouraging tinkering throughout our team, so we are looking at who is tinkering with AI. We believe that we are seeing the most progress with bottoms-up AI adoption, which means that the person who owns a process in the company, if given the right tools and support is best able to automate that process and develop an agent to then do that work we are not finding it to be productive to just hire an ai team and then say you know dear ai team please fix my accounts payable process and automate it no we're finding it's best to teach our ai team how to use the tools so we have most of my finance team on cloud right now we have most of our hr team on cloud right now we have very high expectations throughout Coinbase that we are going to use AI proficiently and we are going to all become managers of agents in addition to our workforce. So we haven't had any change to our hiring plans. We've seen the most success in automating areas of our consumer and our compliance support. So on-chain transaction monitoring, consumer compliance and support has been moved to AI for the majority of calls. Some queues are like 80% to 90% now agents. A lot of our institutional onboarding has now moved to agents, digesting all of the information we get from a client to ensure it's compliant with policy and then decisioning it for onboarding. So we'll see more and more of the processes. I mean, it is amazing just week over week what changes, though, right now.

Thank you.

Oh, I didn't talk about Jameset Commerce. The more exciting thing, the revenue opportunity, that's just like on the expense side, and I guess as the CFO I spend a lot of time on my expense side. On the revenue opportunity, we have partnered with Google, Cloudflare, and others to bring forth X402. X402 is an agent protocol which enables agents to transact with stablecoins seamlessly. And we are seeing that with base, with our embedded wallet products, really start to see nice growth. And I think that that is just starting. We are just at the very bottom of that curve. But I do think agentic commerce using stable coins on base and other protocols is going to see material growth over the next few years.

We've covered a lot of ground maybe. Let's talk about, I have a double-sided question here. The most underappreciated thing about Coinbase or what investors often get wrong about Coinbase that you'd want to correct. And then if you think about, you know, you talked about agentic commerce, we talked about stable coins, the proficient use of AI, more friendly regulatory regime. if you could five, ten years out, what are the biggest opportunities for Coinbase?

All right. The thing that people most often get wrong, I would say, is having a very short-term focus and getting too caught up in near-term volatility and not zooming out and looking at the bigger picture. So looking at the fact that Bitcoin's been the best-performing asset over the last ten years, looking at it and saying, oh, there's near-term correlation with equities. Well, if you zoom out and look at this over a longer period of time, there's not. So getting caught in near-term versus longer-term trends, thinking about the tailwinds of moving assets on chain, thinking about just the infrastructure that Coinbase builds year over year to kind of drive forward this world. So near-term versus long-term thinking. Second, how much we have diversified, that we are no longer just a simple Bitcoin trading platform now, that we have 12 products that have over $100 million of annualized revenue to over a billion of annualized revenue, that we're diversified, we're growing, we are mixing. Third, that we are the institutional partner of choice, that really on the developer question, we now are sitting behind and touching transactions through a stack. And whether we're offering them direct to consumers or enabling others to offer them, we are a critical component of infrastructure for this technology. And what if I look out five to 10 years? One, I believe that we're going to see more and more GDP move on chain. So we talked about we're going to tokenize everything. I said it's a matter of when, not if. I think that we will see an increasing amount of trading happening on assets that are on chain. I think we won't talk about it being on chain probably in 10 years. I think that it will just kind of leave behind It'll be chain native. It'll be native. It will be just like we don't talk about like we traded a digital security. We didn't like physically hand a stock certificate across the stock exchange floor. We don't talk about that anymore. We traded an asset. We're going to just trade assets and the technology will kind of hide behind the curtain for most consumers and institutions. And I think that we'll see agents drive micropayments, drive the dominant payment trend.

I have one wild card question if you want to go there. It was around the Coinbase Super Bowl ad. Who selected the karaoke song behind that? It was a great ad, by the way.

It was a great ad. We have a wonderful CMO named Catford, and you can give her all the credit.

Well, Alicia, thank you so much for taking us through Coinbase and sharing your insights.

Thank you so much.