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

Investor webinar replay

Replay transcript excerpt

Good afternoon and welcome to the Coinbase fourth quarter and full year 2025 earnings call. My name is Anil Gupta and I'm vice president of investor relations at Coinbase. Joining me on today's call are Brian Armstrong, co-founder and CEO, Emily Choi, president and COO, Alicia Haas, CFO, and Paul Grewal, chief legal officer. During today's call, we may make forward-looking statements which may vary materially from actual results, information concerning risks, uncertainties, and other factors that could cause these results to differ, is included in our SEC filings. Our discussion today will also include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our investor relations website. Non-GAAP financial measures should be considered in addition to, not as a substitute for, GAAP measures. We'll start today's call with comments from Brian and Alicia, and then take questions. And with that, I'll turn it over to Brian. prices, but Bitcoin remains the best performing asset class of the past decade. We've been through cycles like this many times at Coinbase, and adoption continues to grow, regulatory clarity is on the horizon, and I'm more bullish than ever. Moreover, we've successfully diversified the business where stablecoins, subscription and services revenue, and now trading of other asset classes like stocks, prediction markets, and commodities means our revenue is less correlated to crypto price fluctuations. We launched the Everything Exchange in Q4 and are seeing early signs of success. Global trading volume and market share doubled year over year, reaching new all-time highs. Just last week, as crypto prices fell, gold and silver futures drove record notional volume...