Coinbase Global Inc at Goldman Sachs Communacopia & Technology Conference Transcript

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

Question: James Yaro - Goldman Sachs - Analyst : Okay. With that past, let's start with the big picture one. We've seen tremendous regulatory changes this year in Congress as well as across a variety of regulatory agencies, and we're still waiting on the Senate to address the Clarity Act. If we get the Clarity Act finalized, is that all we need to -- from a regulatory perspective to see the world adopt crypto more broadly or -- and start to move more on chain? Or do we need other changes in your view?

Question: James Yaro - Goldman Sachs - Analyst : Excellent. So I do want to touch on all the areas that you're investing. But maybe we could just start with a little bit of the core business, the trading business. How do you think about the growth prospects and activity trends of your two key consumer -- customers, which are institutional and retail traders? How would you characterize the level of risk appetite and perhaps activity levels?

Question: James Yaro - Goldman Sachs - Analyst : Really clear there. Maybe just on the competitive backdrop, you talked about capital formation. You alluded to it a second ago. So that's clearly evolving rather fast. We're seeing companies come public. So maybe you could just set the stage for how you see the competitive landscape today and perhaps how it's evolved over the past year?

Question: James Yaro - Goldman Sachs - Analyst : Okay. One of the essential questions -- essential, but important questions that I get is around the value of having the exchange and custody under one roof. Maybe you could just talk about how that supports the Coinbase offering versus others?

Question: James Yaro - Goldman Sachs - Analyst : Makes sense. Okay. So let's turn to growth. There's a lot of growth. There's a lot of stuff going on in Coinbase right now and across the industry. But I thought what stuck out to me was what you talked about in the last earnings call around the everything exchange. Maybe you could just give us a little more insight, expand a little bit on the vision there?

Question: James Yaro - Goldman Sachs - Analyst : Okay. So let's dig in on a couple of those that you just touched on. So maybe just starting with the decentralized exchange. I think correct me if I'm wrong, the point there is that you'll be able to have more assets on the platform. But maybe you could expand a little bit on that. Also maybe just touch a little bit on monetization. Obviously, it's a little bit different there. And then maybe also on the derivative side, just update us on your organic aspirations in derivatives, and maybe we can come back to Deribit on a subsequent question. 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 09, 2025 / 5:50PM, COIN.OQ - Coinbase Global Inc at Goldman Sachs Communacopia & Technology Conference

Question: James Yaro - Goldman Sachs - Analyst : So basically, the exchange fee you keep centralized and decentralized it stays with the DEX.

Question: James Yaro - Goldman Sachs - Analyst : Okay. Perfect. Sorry, I know I threw a lot of you that question, but maybe just on the organic derivatives aspirations across product, geography.

Question: James Yaro - Goldman Sachs - Analyst : Yeah.

Question: James Yaro - Goldman Sachs - Analyst : Okay. So maybe one more. This market -- the derives markets, and maybe that's also happened in traditional markets where you're seeing more retail options, [0DTE], for example, taking off. So maybe you could just talk about why futures came first and your aspirations for options. I imagine that perhaps the reason -- one of the reasons you would want to have derivatives because they have an options business and you could roll that out in the US, but is that a potential as well?

Question: James Yaro - Goldman Sachs - Analyst : Excellent. Okay. So let's turn to all the other areas. We only got the trading thus far, and you have so many other things going on. Let's talk about tokenized equities, the buildup. There are a lot of players who are trying to build up some version of that. Maybe just your thoughts preliminarily on how you might structure your offering. And I guess the important question of do you plan to allow customers to take their assets off your platform, maybe day one and maybe over time? And then what about on the regulatory side, do we need from the SEC to have that in the US.

Question: James Yaro - Goldman Sachs - Analyst : Great. Okay. So another thing that I think you've been very focused on recently, and we've seen some announcements around these partnerships. And so if I were to summarize, it seems like you're providing various forms of infrastructure solutions to these non-crypto native companies. Why do these brand name companies choose Coinbase in your view? And do you think that if -- as they become more acquainted with crypto and the ecosystem, will they eventually bring things in-house or they stay with Coinbase?

Question: James Yaro - Goldman Sachs - Analyst : Okay. So one other area, which is just your aspirations in lending. You touched on a few different areas where you're growing your lending book, whether it's margin, whether it's prime brokerage. Maybe you could just talk about your aspirations there and the capital intensity, obviously, is one element of lending. So how do you think about that?

Question: James Yaro - Goldman Sachs - Analyst : Excellent. So there's so many areas of growth, but I do want to touch on just a few other areas of the P&L given this is an investor conference.

Question: James Yaro - Goldman Sachs - Analyst : Makes sense. Okay. So last earnings call, you indicated this will be a heavy investment year. Makes sense with all this growth. You did also do the convertible raise, suggesting the investment will continue. Maybe just help us think through the longer-term investment spend, how this has changed given how the opportunity has evolved and beyond just the next quarter?

Question: James Yaro - Goldman Sachs - Analyst : Very clear. Okay. So there are so many other questions I have, but we only have two minutes. So I just want to, Brian, give you the chance to touch sort of on all the things and sum it up. You have a lot of irons in the fire. What do you think investors are underappreciating about the Coinbase opportunity set? Anything big that we haven't touched on?

Question: James Yaro - Goldman Sachs - Analyst : Excellent. Well, with that, we're out of time. Thank you so much, Brian. Thank you so much, Alesia.