Factors that are described in SEC filings. Our discussion today may include references to non-GAAP financial measures, and a reconciliation of non-GAAP financial measures are available in the company's latest shareholder letter. All right, everybody got it? Do it again? Just kidding. All right. Brian and Alesia, we're thrilled to have you back. Your industry is always in the news. Your industry is always going through it one season or another, but in this case, maybe it is different. The transition from 2024 to 2025 marks a landmark change in policy in the political environment. On On the crypto front, we may be hearing more about a crypto reserve this evening from President Trump, so talk about what you're facing now and how it impacts your priorities, please. Yeah, well, it's great to be here. And we're really in a golden age for crypto at this point. We've just recently won our case against the SEC, which was a huge legal precedent for the industry to be built here in America. We have the most pro-crypto Congress ever, which is moving with a sense of urgency towards getting legislation passed, which I think could be a huge unlock and bring in new pools of capital. And this is all tying a little bit into our priorities for 2025. So here's how we think about 2025. First, we want to be just driving revenue on our core businesses today. Second, we want to be investing in the next act for crypto, which we call driving utility. And third, we want to be scaling the foundations of our business, which includes regulatory clarity, but also scaling out the infrastructure that powers our back end. So just to touch on each of those briefly, scaling revenue, we now have three business lines that had generated more than $700 million of revenue in 2024. So that's our trading business, our staking business, and our stablecoin business. By the way, there's a bunch of others that are kind of in the $100 million plus category now, but those three are at $700 million plus. And we're going to continue to expand our lead in those areas by adding a whole bunch of features I can talk later about. Second, we're driving utility. This, crypto is no longer just an asset class that people want to trade. People are starting to use it for payments. There was $30 trillion of stablecoin volume for payments last year. It grew 3x year- over- year. We're adding payment features into all of our suite of products. We're also investing in Base, which is the Layer 2 solution that we built on top of Ethereum, and it's drawing developers in to come build a whole bunch of applications. It's been growing really, really at a rapid clip, and third, we're investing in Coinbase Developer Platform. This is CDP, we call it. It's kind of like what Amazon did with AWS, where we're allowing our infrastructure to be utilized by third-party companies who want to integrate crypto into their applications. So that's us building the next chapter. These are kind of like a free option you could consider on Coinbase's stock, like these new massive opportunities that we're investing in, and then third, it's that scaling foundations, right? How do we get clear legislation passed? How do we go get more licenses in the different countries we're expanding into internationally? And how do we scale our infrastructure on the back end to make sure that it has the next order of magnitude of growth built into it and the uptime and reliability that all of our clients have come to depend on? Let's spend a minute before we talk about those three: on regulatory and on your win versus the SEC, a huge win. What are the next steps towards regulatory clarity that we could look for this year? Yeah, okay. So regulatory clarity, it really started with this case that we won against the SEC, and going back a couple of years in 2023, when this was going down, I mean, a lot of people, I think they were skeptical, and they told me, just settle with the SEC, never engage in litigation, but we knew that we had to stand up for the industry at this moment because the SEC was promulgating this theory that the vast majority of all crypto assets were securities, and just if you looked at the letter of the law, that was not what the law said, and so we realized if we caved on that point, this industry was going to move offshore and it wouldn't be built here in the U.S., so I knew that we had to stand up to the SEC, fight this case. It was a contrarian decision, but it turned out to be right, and we've now fully won that case. It was dismissed with prejudice. We did not pay a single dollar in the settlement. We did not change a single aspect of our business. It was a huge landmark victory for the industry, and what I didn't fully anticipate at the time is that it would actually turn out to be a major marketing or brand tailwind for our company, where when I go speak with our customers, often, whether it's retail or institutional, often the very first thing they will say to me is, thank you so much for standing up for our rights. We can't believe that you did that, and it was like a huge, you can't buy marketing this good, right? So I didn't anticipate it being that positive. Now, we've got this great legal precedent, but we need to enshrine into law clear rules so that even more industry can be built here. We don't have some future activist regulator that tries to muddy the waters again. And so the good news is we've got a very pro-crypto Congress, the most pro-crypto Congress ever. And President Trump, of course, has said that he is committed to making America the crypto capital of the world. And so we've got the House, the Senate, and the executive all fully excited and aligned on this. I think it's the best chance we've got to get legislation passed. There's a couple of key pillars of what that would look like. The first is creating stablecoin regulation. So this would regulate how issuers of stablecoins need to operate. What kind of trust company or bank do they need to be? Are they passing an audit? What sort of reserves do they need to hold? That will be a huge unlock for a digitized dollar, which we think is very important to preserve the reserve currency status of the dollar around the world. The second piece of the legislation would be what we call market structure, which is essentially clarifying which of these crypto assets are commodities, which are securities, which are payment stablecoins, and which are something else like artwork, which is not regulated as a financial service. So this is very key to understand who is regulating you. And that would be a huge unlock. Finally, it's the strategic Bitcoin reserve or crypto reserve, which is being contemplated. And I think if Congress were to pass that law and the U.S. actually did create a strategic Bitcoin reserve, we'd see a huge run-up in crypto. The rest of the G20 would probably be inspired to emulate that in some way, shape, or form. So those are the key pillars of legislation that we want to see. The last thing I'll say is we have really built a lot of muscle around our policy efforts. And we're going to continue to invest in standwithcrypto.org, which is a grassroots movement that got 2 million voters to raise their hand in this last election and say they want to elect pro-crypto candidates. We're trying to get that to 4 million voters by this upcoming midterm. We're also going to continue to donate to Fairshake, the super PAC that really had excellent results in this last election. And so there's going to be a continued policy movement to ensure that this legislation outcome is achieved. I just want to add on to that, if I could, Brian. I think one of the things that we did really well is we are fighting for the industry. We're fighting for our customers. We're fighting for developers. We're fighting for any company that wants to build in crypto. And I think that we're uniquely positioned to do so. And so anything you'll see us doing, very little of that is focused on our own business. It is really unlocking doors for development and innovation here in America. In addition, we are fighting globally. And what you just spoke to is all of the efforts we want to make in the U.S. this year. But in addition, we operate in multiple countries around the world. We are working through MiCA applications right now. We are working through global expansion. We will be continuing policy efforts and repeating this playbook in other countries where we see necessary and fit to continue to expand our industry. Yeah, that's a great point. We just got our virtual asset service provider license in Argentina and in the U.K., and then we're getting close on our MiCA license in Europe, too. So you've been out on the front fighting on behalf of industry, as you say, on behalf of customers, on behalf of everyone in this ecosystem. And the flip side is that you're making a much more fertile ground for your competitors. And so how do you think about maintaining your leadership when the playing field bursts wide open on the back of your war? Yeah, so you're absolutely right. I think since we've sort of led the charge here in terms of getting regulatory clarity, I think we are going to see a lot of other companies come into the crypto space. And to be clear, we think this is a very good thing. You have to remember that only about 0.5% of global GDP is running on crypto rails today. We want that to be 50% or more. We want the majority of global GDP to eventually be running on these crypto rails. It'll ensure economic freedom, good financial infrastructure around the world. These rails are faster, cheaper, more global. We can talk about that. So we're more focused on how do we 100x the TAM of this industry than we are a zero sum on the current state of the industry. But that being said, I think we're currently leading today across a number of areas. And we can further extend our lead while 100xing the size of the opportunity. So to give you a specific example, in Q4, we announced that we had an all-time high in market share for spot trading in the U.S. So we're doing the best we've ever done there in Q4. But we're not resting on our laurels. We're going to continue to invest in our consumer trading business. So today, we have 200 or so assets customers can trade. But there's millions of tokens being generated every month now on these decentralized exchanges. So we're going to be integrating decentralized exchange support into our product to get from 200 to millions of tokens that people can trade. We're adding best-in-class derivatives trading support for customers that are power users or sensitive on fees. We're seeing a lot of success with Coinbase One, which is our subscription product. So they can essentially have unlimited trading with zero fees up to a cap. And we're also, as we mentioned earlier, launching in new countries. So this is an example. We're going to continue to invest in our consumer trading business. And while others are rushing in to catch up, and they may be doing crypto with part of their business, we're solely dedicated to crypto. And so I think we can maintain our lead as the most trusted and easiest to use primary financial account in crypto, even as the industry 100xes. Not 1000x? 100x would be getting to half of global GDP running on crypto rails. So let's start there. OK, done. We'll talk next year. So let's talk about stablecoin. You have a goal of making USDC the number one dollar stablecoin. And you've reached a new all-time high of $56 billion year to date. What's driving USDC adoption? And thinking about payments as well, what's the utility of that? I'll start with this one. So USDC is growing through a number of means. One is we believe creating an ecosystem around USDC will create global liquidity, global adoption. And so we partnered with Circle to drive this adoption. We're really pleased to see other distribution partners join USDC and integrate it into their products. And with those additional partners, you've seen USDC market cap growth. We also note that USDC pays rewards on our own platform. And what we've seen is by paying rewards and encouraging folks to add USDC, one, they trade more on our platform. They stake more on our platform. It really drives more behavior. But also, they hold more in USDC. So we've integrated USDC deeply within our products. For example, our international exchange, which is our perpetual futures exchange, only quotes pairs in USDC. And so you have to hold USDC in order to trade on those order books. So product integration, rewards, distribution partnerships, and just being the most trusted. I think that it's really notable that USDC is the largest compliant stablecoin in Europe now. And many stablecoins have had to be delisted. We've had to delist stablecoins from our platform. Other leading global exchanges have had to delist stablecoins from their platform because they weren't compliant with local regulation. So being trusted and regulated, distribution partners to grow, adoption, global liquidity, paying rewards, those are the drivers that we think are really driving USDC growth. Can we talk more about payments and adoption, like with PayPal or Google Cloud, EMI, I think, a number of other Fortune 500 companies, B2B? How do you see crypto as disruptive to payments? Yeah, I think crypto is very disruptive to payments in a positive way, and actually, I'd say that the majority of all payments are going to be happening on stablecoins eventually, and the reason I say that is that these are the most efficient payment rails that the world has ever seen. I like to think of it as across three dimensions, so is it fast? Is it cheap? And is it global? There are some existing payment methods in fiat that have pretty good global reach, and they're fast, but they're expensive, or there are some that are fast and cheap, but they only work in one country, and so the only payment rail that I'm aware of that checks all three boxes, fast, cheap, global, is our crypto rails. A specific example here would be sending USDC on Base. You can send it anywhere in the world. It takes less than one second, and it costs less than $0.01. Payments kind of flow to the path of least resistance. I think just a larger and larger share of payments over time are going to go to crypto. Maybe we can talk about uptime, too. Ethereum has never gone down. I think that when you think about having that global, fast, cheap, and reliable is the other key component here. No settlement risk and reliability also adds to confidence and support of a payments network. That's true. It's like the internet. I mean, it's decentralized. There is not one data center that can go down if Ethereum goes down. It's a very resilient system. What that means for Coinbase is that we're going to be adding payment features into all of our products. I should mention, this is not a hypothetical. This is already happening. We saw $30 trillion of stablecoin volume last year. As I think I mentioned previously, it was up 3x year over year. We expect that trend to continue. Payments are a very big deal in the crypto. I should say stablecoins are a very big deal in the payment landscape. One of the other things I'd just like to note is what we've seen is growth in new payment options over the course of time. We've really seen the innovation at the UX layer and not on the rail layer. Now we're taking innovation at the rail layer and moving up the stack. What that means is that we now need to integrate those rails into boring things like accounting systems or payable systems. That is sort of the next hurdle. We need to make it easy to use, easy to integrate for folks like my teams in the back office who are now accounting for doing my tax returns to understand how to work with these new asset types. How do we account for it? USDC currently is not considered a cash and cash equivalent, as an example. It doesn't get recorded on your balance sheet in that way. These are policy efforts that we'll continue to push on to make it more comparable to other payment vehicles. I think that will also drive global adoption of payments in stablecoins. Yeah, just for many of you who don't maybe use stablecoins in your daily life, you might be wondering who's using this thing. I can tell you there's roughly 5 million people in Argentina right now just using stablecoin payments for their everyday life. It's like to earn a living, to pay for goods and services. Same thing in Nigeria, a lot of emerging markets where there's high demand for the dollar as a refuge from the inflation that they're seeing with their local currency. It's an emerging market, but it's also corporate treasuries, the biggest companies in the world who are starting to hold USDC either just to earn rewards on it or start to pay vendors overseas with lower fees, faster confirmation times. It's a digital dollar. As we digitize the dollar, eventually, more and more payment volume will be running on these rails. The size of the opportunity is pretty enormous. Coinbase One has gained a lot of traction this year. Can you talk about what's driving that success? Yeah, Coinbase One is our subscription product, kind of like Amazon Prime or whatever analogy you want to use. It's been really successful. We're up to about 600,000 paying subscribers now. It's been growing really well, including internationally, not just in the U.S. I think the way to think about Coinbase One is that when somebody says, you know, I just want to use Coinbase as my one-stop shop for all crypto. This is my primary financial account. It's where I keep my crypto. I might as well, if I'm going to have a Coinbase debit card or get a loan, I want to have more things connected into that primary financial account. It's just an easy way for that customer to say, okay, I'm just going to default to Coinbase going forward. I don't have to worry about trading fees. I also get increased rewards on things like my USDC holdings or staking. You can get dedicated account support, more premium customer support. We're just stacking more and more benefits into it. There are a lot of partners that we work with in the crypto ecosystem or in DeFi. We can put enhanced rewards in there. Just looking across our entire product suite, we try to, whether it's Coinbase Card, et cetera, put benefits into Coinbase One. I think this is a really nice way for us to kind of convert. You can think of it as converting trading fee revenue, which is a little more volatile, into a subscription business to increase our subscription and services revenue. It creates a sticky customer where we actually see once they become a Coinbase One member, they do more trading volume with us. It increases our network effect around pools of liquidity, et cetera. The opportunities that you can pursue as you're growing the crypto industry and your products, they're endless. How do you prioritize? What are you most excited about in terms of maybe what could be that fourth, fifth pillar of revenue diversification? Yeah, as I mentioned earlier, our core businesses today, trading, stablecoin, staking, these are each at scale now, did more than $700 million of revenue last year. So it's already diversified in some ways. There are a number of opportunities on the horizon, which these are an option. I guess the option value of these, I think, could be enormous. One of them I mentioned already is payments. I won't belabor that. Another one is Base. A few years back, we started to think, how do we get blockchains to scale? Because we saw the number of transactions per second on Ethereum Layer 1. It was maybe doing about 25 transactions a second. We looked at PayPal or Visa or WeChat payments. We said, we need to get a couple orders of magnitude more scale out of the blockchains. There are this brilliant computer science breakthrough where we can have a decentralized network that comes to consensus about who owns what. It wasn't scaling yet. We put a lot of R&D effort into building a more scaled-out version of Ethereum called a Layer 2 solution. Base has now become the far and away leading Layer 2 solution on Ethereum. It's attracting a lot of developer interest. I think over time, it'll be a really good revenue opportunity for us because we earn money on the sequencer fees, which is kind of how transactions get validated. Even though the fees are very low, less than $0.01, with the volume that's increasing, it can be really an enormous opportunity for us. Base I'm very excited about. I mentioned CDP, Coinbase Developer Platform. This is another big opportunity, taking the infrastructure we've built to power our own products and exposing it to third-party customers. We're seeing a lot of startups come in and use this. I think eventually, it will kind of eat our way up the food chain into bigger, medium, and large enterprises. As every company needs to figure out a way to integrate crypto, hopefully, they can just look at our clean set of APIs. This is for custody, trading, staking, payments. We have APIs for all of these. One kind of early adoption we're seeing actually is around AI agents using crypto wallets, which is a very interesting thing to think about. People are calling this kind of like agentic commerce where your AI agent may want to go do a e-commerce checkout to buy you something, like book a plane ticket or order you lunch. We're seeing machine-to-machine payments happening between AI agents. It's actually really kind of an interesting topic. What else? International expansion is another big one. We have a repeatable playbook now. I think these are all areas that I'm excited about for the future. Alesia, Q4 earnings are quite strong. 2024 revenue more than doubled, 2024 adjusted EBITDA margin of 50%, net income more than doubled, $2.6 billion. How do you think about capital allocation? We did have a really strong year. We had all-time high adjusted EBITDA. We were really pleased to see that as we lowered our expenses in 2023, all of the revenue growth as we went into 2024 really came to the bottom line. We really showed how much leverage there is in our overall business. What we are working on, we have $9 billion of cash. We are using our cash now to scale our business. We are expanding our prime financing where we lend off the balance sheet. We are actively looking at acquisitions around the world, actively continuing to grow the balance sheet through investments in crypto and in venture investments and other strategic initiatives. We are opportunistic in looking at other areas, whether that is through we did opportunistic debt repurchases in 2023. We have authorized the stock repurchase. We did not do any in Q4 of 2024, but we are authorized to look at the markets and potentially repurchase our equity. Really, we're just being really strategic in figuring out how we can best drive capital to the highest return opportunities that we see. As we've kind of talked about, our business spans so much where we're spanned internationally. We have three different customer segments. We do have a lot of areas that we can look to deploy capital to support growth. OK. The Q1 OpEx guidance was a bit above consensus, but on the back of very strong revenue growth. Where's that spending going to go? Are there guidelines or rails or boxes that you put around that to stay disciplined? We've learned our lessons. We are committed to discipline in our expense growth. We do have an opportunity to grow. As Brian alluded to, there's a number of really interesting opportunities that we see, whether it's international expansion, whether it's pushing our products into payments and utility. We are investing in product and development to be able to expand into these new opportunities, but doing it in a really judicious way, Kate. Most of the expense growth that you saw both in Q4 and in our guide for Q1 was variable expenses. That is just meeting the market opportunity where it was. When we saw elevated price, elevated volumes in Q4 and for the early part of Q1, we wanted to make sure that we scaled our operations, our customer support, our marketing opportunities. That is spend that will just move with the market. The durable cost is what we're focused on managing very thoughtfully. We make sure that we are still generating profits. We've committed to the market that we will be adjusted EBITDA positive no matter what environment we find ourselves in. When we plan additional expense growth, we always do it knowing that we can afford those expenses. You mentioned acquisitions, and you've done a number of tuck-ins recently. Is there more interest in acquisitions given the new environment than there was previously? What are the attributes that you look for, and how do you measure success? We've been the most acquisitive company in crypto. What I would say is I do not think it was we had less appetite last year. We have more appetite this year. We have always had an appetite for M&A. It is in support of our product roadmap. It is in support of can we add customers? Can we add assets? Can we add products? Can we add licenses? Can we add talent? The tuck-ins that you mentioned, we are really pleased to find opportunities to add talent that can accelerate our product roadmap. When we get into larger deals that bring new licenses, existing customer bases, we do extensive due diligence to make sure that they meet our compliance requirements, they meet our security requirements, they meet things that we think will be additive to our platform and our brand. We are hopeful that those will come to fruition. I would say that there's nothing that we're announcing today, but we look to be an acquisitive company, and we would look to whatever meets our threshold to be able t o buy. Can we talk about the talent coming into your company? There's a bit of a meme that LinkedIn profiles changed from crypto to AI, but your industry is still going very strong. What type of talent are you attracting? What are the profiles of these people and the problems they want to work on? Do you want to start? I'm going to start with that one. Oh. Go Go ahead. Yeah, I'm happy to jump in later. You know, I would say that we have not suffered from a lack of talent. I think that that might be a meme that people were jumping from crypto to AI, but there was no lack of people coming to crypto. I would say there's lots of other industries out there in the world that are a little bit more stagnant, that are super excited to come to high-growth, very innovative companies. Through Brian's leadership, I think we have a very unique culture that people are really excited to come and build. We are looking for builders. We look for people who can run through brick walls, who are coming in to fix hard problems and do hard things. We have an exceptional talent base. We have a culture that really drives top talent and drives people who can execute well and move quickly. Yeah, I think we have the highest bar for crypto talent. It's both getting a job at Coinbase, which we're very selective on, but we also have rigorous performance management. I think it's an elite team. It's a pretty intense culture, but I wouldn't have it any other way. It's kind of fun. We want to show up to get stuff done. With all of the clarity and momentum, top talent working hard to get stuff done, Brian and Alesia, what are you looking to explore most, I guess, in the next 12 months? What are you most excited about? Yeah, I guess I'll start. I think I mentioned some of the things already on the product roadmap. One of the other ones we haven't talked deeply about is international expansion. One thing I'm really excited about is that we've developed a repeatable playbook that works on this now. I'll give you an example. Two years ago, we decided to enter four new markets: Brazil, Canada, Australia, and Singapore. We had to make a bunch of investments in those markets to localize the product, get banking partners, find new ways to verify people's identities, fix onboarding, lots of details to get it right in each of these markets, working with local regulators. We are sitting here two years later, and every single one of those four markets that we entered is now paying for its operating costs with revenue. Whenever I see that, I am like, a two-year payback period, and it is already contributing more than the operating costs. We should do more of those. We have got a playbook that works. The brand is durable in new markets as we enter. I think it actually opens up interesting product opportunities as we enter new markets too where people want to do cross-border payments, whether that is B2B or retail, remittance payments. We're going to keep doing more of those. We're entering more markets this year. The other thing I would add on is I now believe that our U.S. regulators are looking for product innovation and looking to move forward. Many of you probably didn't read our first S-1 filing back in 2020, but we tried to go public with a security token. We tried to go public on our own products, and we could not. We ran into brick walls. I'm now excited that we may be able to re-engage those conversations with the SEC's task force, that we may be able to bring forward security tokens. We may be able to bring some international products that exist into the U.S. market that we know are broadly adopted amongst crypto traders around the world. I'm just excited to see innovation in the US and bring more and more assets on-chain and be able to trade those in ways that are more efficient. As you go out and launch different countries, what are you looking for in the attributes of a country in terms of which ones you should prioritize? How do you think about that? Similarly, to exchange ideas between countries and your product? Yeah, we have a point-based system looking at the different countries of the world. One of the big factors is regulatory clarity. We tend to invest more in countries where we feel there is regulatory clarity or willingness from the government. That, of course, shifts every few years. We also just look at what is the mobile phone penetration. What is the interest of people in crypto, either as a refuge from inflation or they're a big remittance corridor? There's a bunch of things like that that we would sort of tally up a point-based system. Got it. Those are the opportunities. What are the biggest challenges in 2025 that you hope to solve? I don't know. You want to start? Focus, efficient execution, making sure we have each of our teams marching towards our biggest priorities and not getting distracted by the vast number of opportunities that we see. We do them in sequence, we do them well. We delight our customers and meet them where they are as they continue to glean excitement about the market that we're in. We have an abundance. We have too many opportunities in front of us to pursue simultaneously. Just good prioritization, capital allocation, saying no to things that are good to focus on the things that are great. Once the team is all aligned, rowing in the same direction, it's like the efficiency bonus just goes up. Maybe I want to go back to the prior question. You might want to talk about wallet and how wallet fits into our international expansion efforts. We focus a lot on our custodial product. Yeah, that's true. I mentioned the repeatable playbook earlier with these markets that we've entered and now are covering their costs. That's for the Coinbase retail app, which is a centralized product. It's a regulated product. We also have a self-custodial wallet, which is not regulated as a financial service business. It's regulated more like a software product. It essentially allows customers to store crypto themselves. We're not taking possession of customer funds. This is the product that we think will help go into the long tail of countries. There's maybe 10 or 15 go-deep markets where we're going to have a local entity that's licensed, regulated as a financial service business with a local team on the ground. Then there's the 150 other countries that I think self-custodial wallet, they don't have as clear of a regulatory framework around these things. This is emerging markets more so. Our self-custodial wallet, I think, is going to be the way we enter those markets. It's a dual-pronged strategy. That's really exciting because we're really focusing on ease of use within that product this year and making it simple, removing some of the barriers to entry that self-custodial products had in the past. We've also innovated, for example, you can hold USDC in that wallet, and you can earn rewards on that USDC. Holding US dollar-based assets in long-tail countries that didn't have access to US dollars, we think is a really unique value proposition that we can really enter and grow these markets. If we look backwards so we can look forward, when you founded the company, if you could look back and tell yourself something that you would do differently, and I'm going to say put regulatory aside only because we've talked so much about regulatory, what's your advice to builders who are now coming into the industry and are coming behind your work that you would give them? The main thing in crypto, just like AI or any new technology, is that it tends to go in waves of there's hype and then irrational exuberance, and then there's despair. You kind of have to maintain this. You don't want to rush into something that's new and shiny because everyone is doing it, whether it's like meme coins or NFTs or like ICOs. There's always some new thing in crypto. You want to try to look at what's real, what's durable here. What are people going to still be getting value from 10 years from now? We try not to get caught up in the hype, but we also try not to get caught up in any despair when it happens in crypto. Right now, I'd say we're more in danger of being in hype. It's a very positive moment. We're just being very deliberate about how we grow this business, how we allocate capital to the next year. In the past, we've made mistakes around overhiring during a bull run. I don't think we're going to make that mistake again. I don't know. We've matured as capital allocators and tried to just take a long-term view. I would say that one of the other things that we've talked about is we learned that we need to start building first. In the early days of Coinbase, I think that we thought the developers would build and we would be a platform. We've taken much more now of an approach where we should build it as well. That drove to building Base. That drove to some of our efforts around payments. That has drove us to make different product decisions than we would have made probably five years ago. My last question, given crypto is such a global industry and geopolitics are changing very dynamically, very quickly, tariffs, et cetera, how do you look at all of that and think about your position and how you thrive and how you help your customers thrive? Right. I think crypto just broadly is updating the global financial system in every way. We talked about payments. There is going to be tokenization of traditional securities. The way that credit and the whole lending infrastructure works is going to be brought on-chain. In many countries, people do not have access to any credit. In many countries, people do not even really have property rights. Their wealth can be taken from them. Like in Cyprus during the financial crisis, it's like every bank account just got a haircut. Or if you're trying to, you're a Syrian refugee fleeing the border and all your wealth can be confiscated. Or if you're in Nigeria and there was 60% inflation on the local currency last year. Just broadly, you should think about crypto as updating the financial system, creating good financial infrastructure with rule of law, property rights for anybody in the world who has access to a cell phone. I think that'll just keep becoming an increasingly larger share of global GDP, running on these rails. In that world, I think Coinbase is the most trusted brand. We're the primary financial acco unt. We are the infrastructure that all thousands of different companies build on top of when they want to integrate crypto into their products. I don't want to name any other company in the traditional financial world, but you could imagine the parallels for banking or payments or brokerages. I think Coinbase can be the combined sum of those market caps in this new ecosystem. On that note, thank you, Brian. Thank you, Alesia, for being here.