Coinbase Global Inc at Citi TMT Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : That's great to hear. Any views on how you think some of the chess pieces are moving? Obviously, Circle was a very successful IPO and as well as bullish and there's more coming. And you could judge by the bags under my eyes, there's even more coming. So you're going to have a lot more public names to be compared against and things like that. Any views on how you think the industry as a whole just evolves from this or benefits from some of this?

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : That's very fair. Very fair. Thank you for that. I do want to spend a little bit of time on retail. And Brian has pointed out at the recent Crypto Summit that you guys held, which is a great event, 50 million Americans own crypto today. So there's certainly runway to grow. And there's also several of these hybrid more quote-unquote, full suite offerings out there that are getting more competitive by offering crypto. I'd just love to hear, what's Coinbase's strategy to drive the incremental new user to its platform and versus some of these others, including some of the full suite broker-dealers out there? And how do you feel that Coinbase One, the subscription program and the card that's coming soon, how do you view these partnerships playing a role in your new user growth strategy?

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : Does the competitive strategy come down to liquidity? Is that really the heart of it, whoever has the most liquidity wins?

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : I do want to talk about DEX trading.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : I think it's super interesting.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : Well, it's -- you want to --? I mean, I could do it, too.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : Correct. And one of the -- LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. SEPTEMBER 03, 2025 / 6:50PM, COIN.OQ - Coinbase Global Inc at Citi TMT Conference

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : One of the more popular ones is like a unit swap, something like that.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : Correct. But how should -- and DEX volume has been growing significantly faster than centralized volume industry-wide. How should we think about this integration potentially impacting the financial statements of Coinbase?

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : That's helpful. Thank you. A big topic of late is certainly the CLARITY Act, which passed the house now is in the Senate for -- and hopefully, we'll have some news on that coming weeks.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : I think the biggest question that we're getting from investors is what happens after CLARITY. And I guess there's this view that this is big US institutional investor unlock that CLARITY prompts, hopefully. I'd love to hear your view of at least your expectations on how you think the US institutional world behaves after CLARITY. Is it something that you see gradual adoption in growth? Or do you have hedge funds banging out the door right now, getting ready doing prework? How should we think about this?

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : So 2026, we may hear about new partnerships, new integrations, that kind of thing.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : Yeah.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : I think we were having a conversation with somebody at the FDIC at one point, and this was post Genius and they're saying, that's one thing I have to think about. The agencies are going to be writing rules for the next 10 years on this stuff. I mean yes, there is an unlock, but it's still going to be an evolving thing over the coming years.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : Fantastic to hear that. And these partnerships, obviously, I do want to touch upon that a bit. You announced the integration with Chase, which is super interesting. I heard they're an okay bank; they're not the best.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : There's somebody. We can talk later. But you can extend the premise to the partnership with Amex and the new card that's coming out soon, the partnership with Shopify, Stripe, PNC Bank. How should investors think about Coinbase's philosophy towards building new partnerships? And how important is this to the broader growth algorithm?

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : What's interesting when you announced the Amex partnership and the Coinbase One version is it's a perfect partner because membership has its privileges, right? And I remember the tag. I'm old enough to remember that tagline. I -- and we get the question from investors, I'm sure it's a little bit of both, but it seems like it's a revenue diversification play by hoping to get more of your MTUs on a subscription plan, but it's also a membership acquisition or user acquisition play as well. I mean, do you think about it?

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : Certainly, we know this in fintech credit is a great user acquisition tool, but you have to be very careful, obviously. I mean, can you just think about some of the -- discuss some of the thoughtfulness you put into building that product and managing things like credit loss and fraud and things like that?

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : Okay. That's super helpful. Thank you. Do want to talk to you a little bit about some of the treasury plays that they've certainly gotten a lot of attention this year. How is Coinbase playing a role in this space? And do you see treasury plays becoming a large part of Coinbase institutional business over time? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. SEPTEMBER 03, 2025 / 6:50PM, COIN.OQ - Coinbase Global Inc at Citi TMT Conference

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : I do want to talk about base. In previous live, I used to cover the smartphone industry in the early days.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : And we used to change --

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : We do have a pump pilot, actually.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : It was great for Solitaire. I think about it. But we used to track when there's multiple operating systems, how many developers are in each. So I kind of think of Base and some of these other chains that are coming out with some of your competitors and partners a little bit in that vein. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. SEPTEMBER 03, 2025 / 6:50PM, COIN.OQ - Coinbase Global Inc at Citi TMT Conference

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : And recently, we've observed a really sharp increase in Base transactions and addresses in recent months. I suspect that in part because of some of the new partnerships that you've signed for sure. But if you could just walk us through what are some of the key behaviors and trends that you're tracking on Base. And how should investors think about the potential for increased activity over the next few years?

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : Seems really exciting. And I'm sure there's a ton of innovation that you're seeing on the platform there and some new ideas and things like that. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. SEPTEMBER 03, 2025 / 6:50PM, COIN.OQ - Coinbase Global Inc at Citi TMT Conference

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : I do need to touch upon AI. We touched upon it a little bit last year. And I completely recognize it is early days. But in my view, it's not what AI can do for crypto, what crypto can do for AI. Maybe perhaps as a governance tool. We hear about these AI hallucinations and things like that. And it makes sense that a decentralized ledger that's immutable could solve a lot of these issues.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : I'd love to hear what are some of your early thoughts on AI, crypto perhaps serving AI?

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : That's super interesting. Obviously, stablecoins have been a mega hot topic this year. But I don't want to talk about stablecoins. We already covered it.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : I think you've covered it. I want to talk about the tokenization of everything. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. SEPTEMBER 03, 2025 / 6:50PM, COIN.OQ - Coinbase Global Inc at Citi TMT Conference

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : I want to talk about the tokenization of everything.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : The next area that I think we're getting calls on all the time is certainly tokenized equities. You're hearing about private equity. You could tokenize everything. And there's been press reports that indicate that Coinbase has been seeking SEC approval to potentially offer tokenized equities. How is Coinbase thinking about the potential in the tokenized RWA real-world assets opportunity? And why might Coinbase be the right venue to really --?

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : A lot of 24/7 equities trading.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : I think it scares everybody in the team.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : The only thing I ask is please now earnings call at 2:00 AM.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : But no, that's certainly a great theme right now that we're just getting tons of interest in.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : I can use that. That would be helpful. Investment balancing is always a topic. We're in a fun period right now, which we know is not always the case. But also just as you said before, this unlock is really on the product innovation side. So now with the bevy of opportunities that you have before you, scaling derivatives with the integration of Deribit and the closing of that deal hopefully shortly.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : Close? That's great to hear. You're building a foothold overseas. So there's the international opportunity there. So you have a lot going on right now. How are you thinking about balancing expense management versus product, new product development prioritization there versus profitability? It's a lot to balance.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : The growth there is amazing.

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : And I think triple-digit growth, I think last quarter, at least in volume it's amazing. I'm very excited to see that fold into the model. I guess last question. You've made a number of investments in start-ups in recent years. I'd just love to hear you characterize where Coinbase Ventures is today, maybe versus where it was a couple of years ago? And are you seeing more venture partners adding new investments there as well?

Question: Peter Christiansen - Citibank Cameroon SA - Analyst : Fantastic. Wow, we hit it on the nose. Perfect timing. Alesia, thank you so much. Always great to have you. Thank you, Alesia Haas.