Coinbase Global, Inc. (COIN) 53rd Annual Nasdaq Investor Conference December 10, 2025 8:30 AM EST
Company Participants
Alesia Haas – Chief Financial Officer
Conference Call Participants
James Yaro – Goldman Sachs Group, Inc., Research Division
Presentation
James Yaro
Goldman Sachs Group, Inc., Research Division
Well, thanks, everybody, for joining us. Before we get started here with Coinbase — and I know there’s some confusion around the room, so thanks for everybody for being flexible. The team from Coinbase has asked me to read their quick safe harbor before we get started with Q&A. Is it working now? Great. Thank you so much. It works better.
During today’s discussion, Coinbase may make forward-looking statements. Actual results may vary materially from today’s statements. Information concerning risks, uncertainties and other factors that could cause these results to differ is included in Coinbase’s SEC filings. The discussion today will also include references to certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the Shareholder Letter on the company’s Investor Relations website. Non-GAAP financial measures should be considered in addition to but not as a substitute for GAAP measures.
So with out of the way, Alesia, thank you very much for being here.
Alesia Haas
Chief Financial Officer
Thank you, James. I’m delighted to be here second year in a row. I love it.
Question-and-Answer Session
James Yaro
Goldman Sachs Group, Inc., Research Division
That’s great. So maybe I’ll just kick right off and get into at least I’m sure a lot of the questions you’ve been getting and want to set the stage for everybody about the market generally. The trading activity has been very volatile of late, the last couple of months at least. From your perspective, kind of what set that off? And how would you characterize who has been trading, who
