Okay, let's roll. Hi everyone, and welcome to Exodus Movement Inc.'s Second Quarter 2025 Earnings Call. I'm your host, Elizabeth Shores, and with us today are Exodus Movement Inc.'s Co-Founder and CEO, JP Richardson, and CFO, James Gernetzke. During today's call, we may make forward-looking statements. The company cautions investors that any forward-looking statement involves risks and uncertainties and is not a guarantee of future performance. Actual results may vary materially from those expressed or implied in the forward-looking statements due to a variety of factors. These factors are described in forward-looking statements in our earnings press release and our most recent Form 10-Q filed with the U.S. Securities and Exchange Commission, available on the investor relations portion of our website. We do not undertake any obligation to update forward-looking statements. You can feel free to visit our social media accounts on X or Reddit to submit any questions you may have about the quarter for our investor relations team after our call. With that, our CEO will discuss the quarter. Take it away, JP. Thanks, Elizabeth, and thank you everyone for joining us today. Q2 was an energizing quarter. We're building tools people love, expanding our reach, and living our mission every day. Exodus posted $26 million of revenue this quarter. That's 16% year-over-year growth, driven by continued use and adoption of our products. We released an update to Exodus Mobile that's getting amazing feedback, and Exodus is working hard to remove crypto's pain points, like seed phrases, crypto addresses, and all of the confusion across blockchains, or even different layers of a single blockchain, because at the end of the day, consumers don't care if their dollar stablecoin is on Solana or Ethereum. They just want it to work. We've designed Exodus to feel like the best consumer apps people already trust, but powered by decentralized infrastructure under the hood. It's fast, intuitive, and self-custodial by default, meaning that behind every tap is a direct path to ownership, whether it's dollars, Bitcoin, or beyond. That's exactly the kind of experience we think can elevate crypto fully into the mainstream. Similarly, our business partners are picking XO Swap because it just works. Our exchange aggregator plugs in cleanly to deliver deep liquidity across chains. Two more XO Swap partnerships became active this quarter, along with a new signing bringing our total active partnerships to nine with 14 signed partnership agreements. This morning, we announced that we entered into an integration agreement with Consensys to bring XO Swap's bridge functionality into MetaMask. This partnership will bring our swap tech to millions of consumers worldwide. XO Swap is one of our most scalable growth engines. It monetizes flow at the protocol level while solving real pain points for partners, such as liquidity fragmentation, UX friction, and speed. Now, regarding our on-ramp product, XO Pay, we launched XO Pay in May of this year, serving customers who buy and sell crypto directly within the Exodus Mobile app. XO Pay makes us the first self-custodial wallet with native on-ramping. You can go from zero to crypto right inside Exodus with no handoffs. XO Pay currently supports popular cryptocurrencies, including Bitcoin, Ethereum, USDC, and even Dogecoin. Customers can make purchases using Visa, MasterCard, Apple Pay, or Google Pay, all in under 60 seconds. Through XO Pay, Exodus offers a seamless crypto buying experience for customers that maintains all of the benefits we know and love through self-custody. I'm extremely proud of how our team combines innovation with a seamless experience. I'd like to now spend some time discussing recent industry trends. First, as I'm sure you've noticed, many crypto prices reached all-time highs. Deal activity in our industry continues to gain steam. The price of Bitcoin increased 30% in the quarter, while Ethereum gained 36% and Solana increased 24%. These higher levels continue to contribute to our business momentum. Shifting gears, the regulatory tone in the U.S. has shown massive improvement. For example, I was at the White House to watch President Trump sign the Genius Act into law, which relates to payment stablecoins and payment stablecoin issuers. That act gives our industry clear definitions and a regulatory environment that respects innovation in digital assets. As a company born in Nebraska with global operations, we have long advocated for regulatory frameworks to protect consumers while allowing innovation to thrive. The Genius Act, which has already passed, along with the Clarity Act, which is yet to pass, reflects a shift in regulatory perspective. Policymakers are finally starting to view digital assets as core infrastructure. The Clarity Act also brings optimism for a more transparent and less cumbersome regulatory framework. I'm very grateful for the administration and Congress who listened and solicited feedback from our industry while crafting this legislation. We're encouraged by the direction in Washington. The current policy tone is finally aligning with how we've built the Exodus platform from day one. As part of our ongoing efforts to be digital asset innovators, we've partnered with SuperStay to bring our Exodus common stock token to Solana next, while also setting the stage for it to exist on Ethereum and other blockchains. This action aligns with a few beliefs we hold: the belief that all stocks will eventually be tokenized, as well as our belief that tokenized stocks will offer on-chain voting and even on-chain dividend payments. It reflects our belief in a multi-chain future, with tokenized assets existing across multiple blockchains, just like stablecoins such as USDC exist across Solana and Ethereum and many other blockchains today. It's going to happen with tokenized stocks, and it starts with us. Now, for me, one of the highlights of the quarter was Bitcoin 2025 in Las Vegas. It was awesome to connect with so many of you on this call, and it's amazing to see and hear from the crypto enthusiasts from all over the world. Taking the stage for the keynote was electric. I spoke about stablecoins and how they're onboarding millions of people to crypto through something familiar: the US dollar, while they open a path to Bitcoin and digital sovereignty. As of today, over $250 billion of stablecoins have been issued, and that number is forecasted to rise to $1.5 trillion by 2030. Stablecoin issuers already rank in the top 20 of those holding US dollar debt, and issuers are expected to continue as larger purchasers going forward. The adoption of stablecoins is a simple but powerful idea. It's all about leading with what the people need today, U.S. dollars, and embed a clear, accessible path to Bitcoin for when they're ready. This was the theme of my keynote. The strategy is already working. For many people, particularly those in high inflation or unstable economies, Exodus is that bridge, from local currency to dollars and eventually digital sovereignty. Our role is to make that transition seamless. That means stripping away all of the technical friction. No seed phrases, no blockchain jargon, and no complicated wallet setups. It should be as simple as sending $20 to your family, or buying groceries, or even saving for your future. Behind the scenes, every dollar in Exodus is one swap away from Bitcoin. That's the long-term vision, and it's one we're already delivering on today. Let's shift and talk about the team for a moment. There's never been more energy inside Exodus as we chase big ideas and solve real problems. Likewise, we're extremely optimistic about future growth on our platform as we diversify our services, expand our partnerships, and carefully select additive acquisitions. Our roadmap is clear, and the team is moving fast. To our team, you're building something extraordinary. To our customers, thank you for trusting us with your digital lives. To our investors, thank you for backing a vision that's bold, needed, and working. We can't wait to keep showing you what's next. Now, I'm going to turn it over to James to review our finances. James? Thank you, JP With that, let's jump into the financials. In Q2, revenue was nearly $26 million. This represents a 16% increase year over year. This growth was driven by steady engagement across the Exodus wallet ecosystem, along with rising momentum in digital asset markets as macro sentiment started to improve mid-quarter. Total swap volume for the quarter reached $1.38 billion, supported by renewed volatility and broader market activity. Exchange aggregation continued to play a major role, accounting for 91% of total revenue. While XO Swap, our exchange aggregator product used by our partners, such as MetaMask, referenced earlier by JP, contributed 15% of quarterly volume and 10% of revenue. Now to talk about some unique items that we had in Q2. Let me just add a little bit of color on those. First of all, we made some outsized investments in marketing in Q2. We had total marketing and event spending reaching $7.3 million. This was driven by our Bitcoin Las Vegas sponsorship and also increased App Store advertising. I would just want to highlight that we do not expect sponsorship or advertising to be at these levels in Q3. We also had $1.2 million in costs associated with our mergers and acquisition efforts. M&A remains an area of opportunity for Exodus, and we continue to see costs associated with our efforts in Q3. Another expense we incurred is related to a proposed settlement of an outstanding legal matter with OFAC. Due to the expense associated with this matter becoming probable, we accrued approximately $2.6 million in expenses. However, while probable, the agreement is still subject to final approval, which we do expect to see in Q3. Finally, we invested a number of years ago in the pre-launch Magic Eden token process. Due to vesting and other restrictions, Exodus is not scheduled to start receiving any of these tokens until the end of 2025. However, we were approached by an investor willing to purchase our rights to these tokens. We elected to sell half of our allocation for $2 million, which more than covers our entire initial investment of $400,000, and we still can capture the potential upside from the remaining half of our tokens as they vest in the future. With respect to users, Q2 brought sequential declines of 6% in monthly active users, which was also unchanged from a year ago. Our longer horizon engagement metric, quarterly funded users, is down sequentially by 6% at $1.7 million and up 13% from a year ago. This usage pattern is a reflection of our consumers' trust and commitment, even as economic conditions fluctuated intensely during the quarter. As JP highlighted, one of the most important trends we observed in Q2 was the accelerating global adoption of stablecoins. In many parts of the world where local currencies are unstable or inflation is rampant, access to U.S. dollars is in demand. In the U.S., our financial rails are running on 30 to 50-year-old technology. Stablecoins solve a wide variety of problems by offering programmable, borderless, and highly efficient versions of the dollar. Exodus plays a key role in this shift by offering multi-chain support for stablecoins, including across 40+ blockchains. We've seen this adoption firsthand as we have supported every major stablecoin. Most of them we've supported immediately when they launched or very shortly after they were created. Remember that in order to use stablecoins, you have to have a wallet. Moving along to our balance sheet, it remains in excellent shape. As of June 30, we held $291 million in digital and liquid assets, maintained a debt-free position, and increased our Bitcoin holdings to 2,058 Bitcoin. Ever since our founding in 2015, Exodus has pursued a Bitcoin treasury strategy that's rooted in long-term conviction and based on generating Bitcoin from our operations. Our balance sheet reflects our belief that Bitcoin is a core part of the future financial system. Finally, I'd like to make a note that we've been providing key metrics on a monthly basis, including volumes and MAUs, giving investors additional transparency into our business. We plan to continue to do so. In summary, in Q2, we advanced our strategy of bridging today's financial needs with tomorrow's sovereignty. We continue to see strong global demand for dollars, especially in the form of stablecoins. Exodus is simplifying access to those dollars while keeping Bitcoin just one step away. This is how we serve the next wave of users beyond today's crypto natives. It's how we serve the global mainstream. As we look ahead, our focus remains on scaling wallet adoption, expanding access to both dollars and Bitcoin, while advancing strategic partnerships and acquisitions. Thank you again for your continued support. We will take some questions. All right. Thanks, James. Now I see Mike Gundahl from Northland has the first question. Go ahead, Mike. Hey, thank you. Guys, my first question just had to do with the deal you announced this morning with MetaMask. Could you kind of talk about the benefits there, the opportunities, and the process in which that'll ramp? Happy to, and thank you for joining the call. Absolutely. In terms of benefits and how we think about XO Swap and our B2B2C services like XO Swap, like XO Pay, there are other platforms out there that have a lot of customers. MetaMask is one of them, Ledger is another one, there are plenty of these out there. They have millions of customers, right? For us, this infrastructure that we build for Exodus, for our consumers, is valuable for other partners. In pursuit of that, we just partner up with them and bring the technology like XO Swap to MetaMask customers. For a lot of people, wallets actually are very sticky. In other words, a lot of consumers stick with the wallet they have, and it's because in many cases it's already working for them. We can meet these consumers where they're at, bring them the technology that allows them to swap from one asset to another asset. MetaMask has been public that they are embracing a multi-chain future, and they have other chains on their roadmap. To help them embrace this multi-chain future and allow consumers to, say, have Ethereum in their MetaMask wallet, and then eventually, if they want another asset, they can just press one button to swap across chains. That's the strong value proposition for MetaMask's customers and MetaMask themselves. Very nice. Thanks, JP And thank you, Bill Papanastasiou from KBW for tuning in. Bill, you're up next. Thanks. Good evening, everyone. Thanks for taking my questions, and congrats on that MetaMask announcement. That's huge. Maybe we can just dive right in there with MetaMask. Can you discuss the economics behind the deal with respect to take rates on transaction activity? If you can't get into the specifics, maybe you can gauge it relative to other contracts that you have in the portfolio, like the ledger contract. Thank you. Yeah, and you're absolutely right, Bill. We are not able to get into the exact details of that. I think that to add just a little bit more color around MetaMask in specific, specifically, they are, you know, they're obviously very large. I believe you're generally correct to put them kind of in that ledger bucket. I think that they are also extremely unique in that they are not as multi-chain from the get-go as Ledger was. As JP mentioned, there is going to be a lot of value add that we at Exodus here, I am guilty sometimes of making multi-chain sound easy, when actually it's very difficult. I guess I can do that since I'm not the one actually doing the programming. The point of that is it's actually quite challenging, and we are there as a resource. We believe the world will go multi-chain. We are there to add that value to companies like MetaMask as they go through this journey. With that, I think, in terms of timing, as MetaMask announces, they have, as they get more transparency into their roadmap and their chain, and as they launch new chains, I would just say that just expect us to be there with them. We can't really talk about anything that they haven't necessarily made public yet, unfortunately. I want to hit on that a little bit more. James mentioned that the aspect of multi-chain is incredibly difficult or more difficult than one might expect. That's absolutely true. Especially when it comes to XO Swap, when a consumer wants to swap from one chain to another chain, just routing to different providers, finding the best pricing, and just to get it really working seamless so that the consumer can just think like, hey, I have an asset on Ethereum, now I want an asset on Solana. That's really difficult to pull off. I think there's going to be more and more platforms embracing a multi-chain future. I think this positions us quite well to help them as they embrace more chains. Right on. Thanks, JP and James. Ed Engel is here from Compass Point. Go ahead, Ed. Hey everyone, this is Abdullah Dilawar. I'm an Ed Engel associate. He's actually on a plane right now that was delayed, unfortunately, but I have a few questions on his behalf. The first one, can you just talk a little bit more about your thinking behind the mix shelf you filed in May? Was that intended for anything specifically, or was that just to keep your options open? Can you expand on that a little bit, please? Yes, it is generally a keep our options open, opportunistic. There's definitely things that we have on our mind, but I think the message, since we have not taken anything down yet, should be that not only is it going to be opportunistic, but we are going to be, I'm trying to think of the right word here, we're going to be deliberate in how we approach those different opportunities. Yeah. I think that's just really critical to highlight. Instead of just thinking like, okay, we're going to need a source of capital, and then when we need that source of capital, go through the process of filing for the shelf and all the regulatory approvals, just having it ready to go gives us so much more flexibility for that event when we might want more capital. Right on. Kevin Dede from H.C. Wainwright is also here. Go ahead, Kevin. Afternoon, James. JP, thanks for having me on. Great to talk to you again. Congrats on the quarter. Listen, a little more insight on MetaMask. This chain's notorious for not supporting Bitcoin. XO Swap obviously does. Meanwhile, MetaMask does support, as far as I could tell, swaps between Solana and other ERC, Ethereum-based tokens. Maybe offer a little insight on how and specifically where you're providing value for the Consensys folks on MetaMask? are a number of different areas. As I mentioned, cross-chain is going to be really important, and being prepared for them as they add more chains. That's the first aspect. The second aspect is that since XO Swap routes to many exchange API providers, this allows the consumers of MetaMask to get the best experience, whether that's based on pricing, speed, or reliability. That's what it comes down to. It's just giving the consumers the best experience. On top of that, there is no other swap provider that provides any sort of backend analytics to give a sense of what's being swapped and what's popular, and providing real-time insights on what's happening with their swaps. XO Swap provides all of these things. This is why MetaMask and others are really excited to use it. Thanks, JP And thank you, Andrew Harte from BTIG, for being here. Andrew, you're up next. Hey, thanks for the question. James, one of the comments you made was a little bit of an uptick in M&A activity spend. I'd be curious what you're seeing in the market and what type of deals you want to look at. Are you enhancing the product portfolio and capabilities? Are you looking at acquiring customers? If you could help bucket out some of the things you're looking at in M&A, that would be really helpful. Thank you. I think the good news there is that there are a lot of different opportunities. The team, as you can see by the expense, is very hard at work in building a robust acquisition pipeline. In terms of specifics, obviously, we can't go into any specific company or too much detail to give anything away. I think what I could say is that we have opportunities of various sizes and various different product sets. The general focus is going to be on product. What can we add to our system that accelerates a certain area of our roadmap or adds functionality or does something else to improve the consumer experience? That's going to be step one, is very strategic. I would never say never on buying someone with customers, but that is not necessarily our top priority. Thanks. I want to add to that as well, and this is public, of course, and we talked about it in previous earnings calls, but we put an offer in for an Australian on-ramp company. Part of the process there and thinking there was that in acquiring that company, we would also get change of control rights on the licenses. That opens up more jurisdictions to provide better consumer experiences to customers all around the world. That's another aspect and how we're thinking about it. Really helpful. Thank you. you, you guys. We will circle back to Kevin Dede. You have another question? Just smash that unmute button and you are up, Kevin. Thank you. Thank you, Elizabeth. Appreciate being able to come back and chat with you guys. Curious on the SuperStay arrangement, JP and James, how will that trade versus stock on a regular stock exchange? Given, I'd understand, right, crypto 24/7, 365, how do things normalize, say, Monday morning when the exchange is open? Just maybe give me a little insight on how you see it playing out. Yeah, no, to be very clear, this all assumes regulatory approval and involvement from the SEC, just to be very, very clear on that. However, there's no reason that stocks should not trade 24/7, right? You think of upcoming investors and the investors today who are much younger, right? They can buy, you know, they're on a, say it's a Saturday, they're watching a ball game and they're sitting around with a friend. They can go buy Bitcoin or Ethereum, no problem. The fact that they can't do that with, you know, some blue chip stocks like Tesla or Apple or, you know, somebody, even our own stock is a problem. We want to build that future. In partnering with SuperStay, we see a future where stocks trade exactly or very similarly to how you might see assets trade on a decentralized exchange or automated market maker. The way that that could potentially work is you could see a scenario, again, this is going to require SEC involvement with the regulations, or some of the regulations may have to shift or change. That does allow consumers then to trade at any moment in time. That's just going to be really important. On top of that, when you think about exporting our capital markets, like you've heard the administration talk about that thematically from time to time, that it's really important to bring our capital markets to people all over the world so that an investor isn't just limited to, oh, I need to, if say they live in Europe or wherever they live, and oh, I need to go sign up to interact with brokers. No, they should just be able to open up their most favorite wallet, hopefully Exodus, and press one button and swap dollars or whatever the currency is to buy stock. This is a future that it's inevitable. We're just going to help accelerate that. Yes, makes sense. To go one layer deeper on that, if you think about things that are legal now, but they're just not practical, it is very legal now, Kevin, for me to have my portfolio go to the transfer agent and have paper stock certificates printed out, take them in a wheelbarrow down to your office and sell all of those stocks to you for physical cash and sign each one over. It's perfectly legal to trade peer-to-peer paper stocks today. It's just not practical. The beauty of what we've already done with our Common Stock Token on Algorand and now moving to bigger, broader chains like Solana and Ethereum is that makes some of that peer-to-peer trading practical in an SEC-regulated way with the transfer agent. There's that practicality. The other thing about that is I also just want to differentiate this stock from some of the things that others are doing in Europe and elsewhere outside of the U.S. where they have wrapped tokens and things of that nature. Our Common Stock Token has always been just that, a digital representation of our Common Stock. It's not wrapped. It's not anything else. Since we've had that since 2021, we have been operating so that people have had the ability to trade peer-to-peer. It's obviously not as common, but it is something that is there right now and will likely become more common in the future. I think it's also important to touch on the aspect of settlement and equities settlement, right? I mean, everybody remembers the GameStop fiasco from a few years ago and how that caused Robinhood to comply to actually turn off trading of GameStop because of the weird settlement issues. When you put stocks on the blockchain, you effectively have settlement at near real time, both on the dollar side and on the equity side. That just becomes better for both the issuer, for the exchange, and for the consumer. This is a future that's going to happen. We're happy to really work and to make this happen. It doesn't have to end there either. I understand that in today's world, the companies that pay dividends, yes, they pay dividends on a quarterly basis. There's no reason that dividends couldn't be paid on a monthly basis or a weekly basis. You may have investor demand for that in the future because remember, the question investors are always going to ask themselves is compared to what, right? If I can go buy Solana or Ethereum and I can stake that and I can earn that yield at any moment in time, but then I can go buy this equity and now I got to wait a quarter for a dividend, that's going to be a problem for some investors. Companies are going to have to prepare for this future. You could also see a world where we're paying potentially us or people who have stock, companies that have stocks on the blockchain, paying dividends in USDC or any dollar stablecoin directly on the blockchain. You could even potentially see a world where people are paying something like a Bitcoin dividend. There's a lot of really cool things that can be done. This is why we're so excited to be doing this. Yes, great point. Thanks, both of you. Next up, we have Joe Vafi from Canaccord Genuity. Go ahead, Joe. Thanks, Elizabeth, and thanks, JP James, good to see you. Thanks for the opportunity to ask a question here. We've had a ton of progress here relative to the broader digital assets ecosystem. We have more digital assets becoming more mainstream. Your wallets have more functionality, more connections. Just wondering where we stand at this point on more customer acquisition and the strategy to grow that wallet base here over time. It does feel like you said, JP, these wallets are sticky. We're in a little bit of a land grab, probably, relative to people getting their digital wallets and then using them. Just wondering what the strategy is from here on that wallet growth. Thanks a lot. Thanks, Joe. In the short term, and by short term, I'll just kind of pin that, say, the next, let's say, two quarters or so, the strategy for growth really comes down to growth through partnerships and the audience that these partnerships carry. That's the short-term growth. Now, long-term, Exodus, Exodus Mobile especially, is a phenomenal product. We think there are really key ways that we can double down on our existing customer base and attract even new customers to solve problems that haven't been solved yet, that we think we can do a much better job than what anybody else is doing. I think within beyond two quarters, you will start to see some of that play out. You can start to see some of it play out today when you open up Exodus, and you can see it start to change. It looks a lot better. It's a lot cleaner. It's faster. It delivers more satisfaction to those that are using it today. In the future, you're going to see things that are way cooler. We'll come back to that in a couple, maybe at least two quarters or so. Yeah, can't wait to show that off. It looks like we have Bill Papanastasiou from KBW back. Floor is yours, Bill. Apologies. Can you hear me now? Thanks for taking a second question. Are you able to share some color on how the XO Swap integration will sit on the MetaMask app? Obviously, this is a unique product given the wider token trading capabilities that you're providing to MetaMask. Is this going to sit within the general token trading button or function, or is it going to be separate? Will there be a promotional campaign following the launch? Thanks. Yeah, as far as the actual integration goes, we won't ultimately discuss what's going to happen because a lot of that's going to be up to MetaMask. You can conceive of it being in a way similar to how we do it at Exodus. It's just one seamless experience to swap from any asset to another asset, or very similar to how Ledger themselves have done it because XO Swap is live in Ledger today. You could think of it like that. Again, that's ultimately going to be decided by MetaMask. As far as a promotional and marketing campaign, we can't discuss the specifics of that. I hate saying these sorts of things, and I know it's like, oh man, come on, tell us something, JP We can't discuss the specifics of that, but that's definitely going to be on our radar for sure. Thank you, JP I think the only thing I would add is that MetaMask has, as you could imagine, having built a product as successful as theirs, they are much like Exodus in that they are very concerned and concentrate on the user experience. I think it would be, I think it's fair to say that however they integrate XO Swap and cross-chain swaps in general in their platform, they are going to do everything they can to maximize their underlying user experience. I think that fits very well with not only Exodus and the way we work, but also XO Swap. It really will allow them to maximize that user experience. Thank you, James. Thank you, Andrew Harte from BTIG, for popping back in. Love to hear from you again. Go ahead. Just following up on one of the earlier questions about marketing and kind of future growth. Curious about the returns you've seen from the uptick in marketing on actual branding of Exodus in the past couple of quarters. How could it maybe look different when you think about it longer term, JP, about how you want to drive active users to the platform? Thanks. Great question. I'll be candid here. I think that the marketing spend for this last quarter hasn't yielded the results that I would like to see, specifically to some of the big partnerships related to some of the conference spends. We like to really bet on big, bold, and new ideas. We understand that from time to time, things don't always pan out because, say, if you're hosting a conference and you want to have, say, a big guest, things are going to change because that big guest may have schedule changes or doing really big things. I wish I could go into detail of what that means. We will make bold bets. I'll go back to the crypto ball, the inaugural crypto ball in January of this year. That itself, that one in particular, I would say we got a lot of feedback about how Snoop Dogg is in TMZ, and you can see the Exodus logo right behind his head. A lot of people are like, oh yeah, Exodus, Exodus. Oh yeah, whoa, whoa, wow. Snoop Dogg, Exodus. Things like that become really interesting. At the end of the day, what's most important for us is providing a great customer experience and finding the right customers that are going to use and love the product. For us, we're not just going to stop at, this is great. We have millions of customers. That's awesome. We all believe that as cryptocurrency becomes more useful, as stablecoins start to perpetrate all across the world, and as more and more governments and jurisdictions around the world embrace cryptocurrency, embrace stablecoins, we are going to be poised to benefit from these trends and be able to position ourselves as a way to create great consumer experiences. Of course, we're not just resting on, oh, great, we have millions of customers. That's cool. To steal the line from the Facebook movie, right? You know, it's cool. It's a billion customers. That's how we ultimately think about it. Again, our path to do that is through both great product and great marketing. Thank you, JP And those are all of our questions for today. Thank you, JP and James and all of our analysts for joining the call. For everyone else listening, you're encouraged to visit our social channels on X or Reddit to submit any questions you have for management about this quarter. Our investor relations team is standing by. Thank you again for joining us today, and we'll see you next quarter.