Coinbase Global, Inc. Class A Common Stock Goldman Sachs Communacopia + Technology Conference 2026

Well, thank you for having us. It is a delight to be back here with you this year, James. When we went public, we basically served spot trading needs for both retail and institutional customers. Over the last five years, we are really pleased to have really expanded out the number of assets that we offer to our customers to trade, also deepened our institutional business, and built out an infrastructure business, as you noted, James. It is really important to us as the most trusted player within the crypto ecosystem to ensure that we are building durable financial infrastructure to now enable customers, both retail institutions, to buy, trade, sell, engage with crypto in the largest sense. Once we did that, we wanted to make those tools available to others, whether they be other fintechs, banks, or other corporates who wanted to build on our infrastructure.

Today, just to give it as a point of reference, Bitcoin spot trading makes up about 10%, just over, of our total revenue. When we went public, that was over 50%. We have really diversified. Our subscription services revenue now is about $2.5 billion on an annualized basis, meaningfully higher than it was when we went public, where it was less than 5% of our total revenue at the time. That has grown on the back of stablecoins. Stablecoins have seen tremendous product market fit over the last five years, huge volume in terms of payments, trading, settlement now happening on stablecoin rails. That concept of tokenizing a US dollar has now opened up the doors to tokenizing many other assets, and we can talk more about that in the later days. It all comes down to we are building on a solid foundation.

We start with the premise of safely storing assets with our custody products. We store more crypto than any other player. Roughly 12% of the world's on-chain assets are held on our platform. On top of that, we have deep liquidity, so we can really provide best pricing when people are trading. We have the whole set of compliance security controls that live on top. It is an ecosystem that offering these additional products created a network effect on our deep infrastructure Base, and that is where we keep building and expanding, scaling the infrastructure, expanding the product set.

It's been a sea change, this administration. We were joking in the lobby just about the previous administration was about regulation by enforcement. We were living day to day not knowing how we could ship our products in a compliant manner because we got no guidance. We just got a Wells notice. This administration has just been so much more productive. We have a great SEC and CFTC head who are aggressively moving towards rulemaking. We're very excited about the possibility of the CLARITY Act getting passed by the Senate next week. We have gotten preliminary approval for an OCC charter. So it's been a very productive environment. Globally, we've also gotten our Markets in Crypto-Assets license. Last year, the GENIUS Act, which was a stablecoin act, passed. So it's just this whole confluence of great things that are pushing the whole ecosystem forward.

Yeah. It's funny. I think this is really much a validation of our whole strategy, which was we got in the digital asset space very early, 13 years ago. Seeing all of these competitors get into the space is just, it's like, "Yep, we were right." This is a disruption of the existing financial system, and so we're kind of excited about all these different players wanting to get into it. It validates the space. It helps us bring things forward. We're big believers in free markets.

At the same time, I think it's kind of the analogy I like to use is just, you had Amazon that was digital native in e-commerce, just like we are digital native and crypto native products and infrastructure, and then competing against those who kind of have legacy systems and architectures. Because we invested in that so early, I think we just have a very unique proprietary advantage in terms of thinking about the way that the systems are built out, the types of talent that we want to hire. So we feel really good about the space as it evolves. It's definitely more competitive, but there's a reason that everybody is playing in it right now.

The vision for the Everything Exchange is actually quite simple. We want one place where customers can trade any asset, any time. We started, as Alesia was mentioning, with crypto spot trading. That was our core. Over time, we have built more and more products to help support this. We launched derivatives, which reached an all-time high in market share in Q2. We recently launched our prediction markets product, which is at $100 million annualized revenue run rate, one of our fastest-growing revenue products of all time. We launched our traditional equities product in Q1. It is about having one place, one platform, where everybody can trade and access all of these different assets. In terms of right to win, we are the number one regulated crypto custodian in the world, and I think that we have these roots in security, safety, trust with our customers.