Coinbase Global, Inc. (COIN) Goldman Sachs 2025 U.S. Financial Services Conference December 9, 2025 4:20 PM 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

Okay. So up next, we have Alesia Haas, CFO of Coinbase. Alesia joined the company in 2018 and since then has built the, I would say, preeminent U.S. crypto exchange and infrastructure business with aspirations across much of the crypto ecosystem.

Thanks so much for joining us. Before we get started, I’d like to remind you that 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.

Question-and-Answer Session

James Yaro Goldman Sachs Group, Inc., Research Division

All right. Alesia. Let’s start with the regulatory backdrop. I tried to it quick.

Alesia Haas Chief Financial Officer

Okay, let’s do it. I love it.

I’m sure everyone loves our legal disclaimer. I’m sure. They’re great.

James Yaro Goldman Sachs Group, Inc., Research Division

We have to read a lot of disclosures too, so I’ve gotten good at being quick. Okay. So maybe let’s turn to regulation on that note. Maybe just a mark-to-market on the regulatory backdrop today. We’ve now seen 3 different drafts of the market structure bill, and they’re a little bit different. So maybe what are the key items you’re looking for

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