Coinbase Global, Inc. (COIN) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.296 Good afternoon and welcome to the Coinbase fourth quarter and full year 2025 earnings 00:00:04.296 -- 00:00:09.503 call. My name is Anil Gupta and I'm vice president of investor relations at Coinbase. 00:00:09.503 -- 00:00:14.169 Joining me on today's call are Brian Armstrong, co-founder and CEO, Emily Choi, president 00:00:14.169 -- 00:00:19.936 and COO, Alicia Haas, CFO, and Paul Grewal, chief legal officer. 00:00:19.936 -- 00:00:23.421 During today's call, we may make forward-looking statements which may vary materially 00:00:23.421 -- 00:00:28.307 from actual results, information concerning risks, uncertainties, and other factors that 00:00:28.307 -- 00:00:33.401 could cause these results to differ, is included in our SEC filings. 00:00:33.401 -- 00:00:37.306 Our discussion today will also include certain non-GAAP financial measures. 00:00:37.306 -- 00:00:41.852 Reconciliations to the most directly comparable GAAP financial measures are provided 00:00:41.852 -- 00:00:44.977 in the shareholder letter on our investor relations website. 00:00:44.977 -- 00:00:49.723 Non-GAAP financial measures should be considered in addition to, not as a substitute 00:00:49.723 -- 00:00:54.150 for, GAAP measures. We'll start today's call with comments from Brian and Alicia, and 00:00:54.150 -- 00:00:58.273 then take questions. And with that, I'll turn it over to Brian. 00:01:00.477 -- 00:01:06.024 prices, but Bitcoin remains the best performing asset class of the past decade. 00:01:06.024 -- 00:01:10.130 We've been through cycles like this many times at Coinbase, and adoption continues to 00:01:10.130 -- 00:01:14.415 grow, regulatory clarity is on the horizon, and I'm more bullish than ever. 00:01:14.415 -- 00:01:18.701 Moreover, we've successfull...