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| Statement |
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| It showed that we had the strength as the trusted player in the U.S |
| We're doing this, of course, through the court system itself, in our case, and we feel very optimistic about our chances of winning that case |
| And we're really proud to see the growth of this product fleet over the last 2 years now |
| So every time a new company or a new product gets added or something like that, we think it's good |
| And then we had a lot of good execution even with that reduced cost base |
| We were really proud of the Bitcoin ETFs now |
| And I think that culture and discipline will serve us well going forward |
| So that growth, that utility is what we think will then drive more stability, more engagement in the sector and helps us weather the ups and downs and volatility of transaction revenues |
| So we have a strong balance sheet |
| And so one, it's employee great resilience understanding that makes them better decision-makers |
| This is all still early days, but I think it's a really interesting -- it has the potential to really create a strong network effect and interesting economic opportunities for Coinbase over time |
| And I think it's allowed us to become -- have an opportunity to become the global leader |
| So Super Tuesday ended up very positive |
| We liked Optimism the best |
| And we made a big shift last year to really cut 45% of the cost out of the business, make sure that we could generate positive adjusted EBITDA in any market environment |
| Two, it is we have much stronger framework, so we push budgeting down to much lower levels, where people feel much more accountable to outcomes than they did in 2021 when we had a little bit more of a shift to focus on gross, growth, growth |
| The core is very healthy, which is around simple trading and USD Coin |
| So strength of the Prime offering you cited on the call, customer adoption, revenue |
| So yes, just zooming out, I think we ended up in a really much better spot |
| And I would just say, as we shared on our Q4 earnings call, again, quarter-to-date, it's just been net positive, as Brian shared |
| I won't dwell on that, but it's important to note that, that alone, I think, has enormous potential |
| We have earned positive cash flow in 2023 |
| And increasingly, because of the diversification and the efforts to drive utility, we are driving the subscription and services revenue growth, which as of last year, then got very near 50% of the revenue, and importantly, was up 78% quarter-over-quarter |
| The ETFs were a massive, massive milestone |
| What you see broadly around the world is the regulatory environment is evolving in a positive way where you're getting more clarity in a lot of global government |
| I think it's good -- it's a regulatory check box |
| We've seen growth of our financing business |
| And we think we have lots of growth opportunities ahead just because we have built so many core tools to deepen the stack |
| And so we're seeing that the ETFs are having a positive accretive effect |
| Really pleased to have Brian Armstrong and Alesia Haas back here again |
| Statement |
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| The other thing is that I think we saw fears from some people that this would cannibalize activity on our direct platform |
| In fact, in every cycle where it's like things come down, we see other players retrench |
| And the reason is that, I mean, our 2 major competitors just ran into -- 1 blew up, 1 ran into a massive legal trouble |
| projects soft power globally, all kinds of things like economic sanctions, et cetera |
| So we agree, I think over medium, long term, there's going to be margin compression |
| Alesia Haas But other than that -- and the market's really shifted, and our competitive position couldn't be stronger |
| Transactions are slow and expensive and there's unequal access and there's oligopolies in different countries around the world |
| And I think Brian said it really well when he spoke earlier about the internal mantra is it's never as good as it seems or it's never as bad as it seems |
| And I can't say enough good things |
| Well, maybe the understatement of the century is that the crypto industry is a little bit volatile |
| It's never as good as it seems |
| And so -- but even in the U.S., inflation was a major issue |
| It's never as bad as it seems |
| Michael Grimes So you mentioned this disruption of financial services broadly defined or pockets of it |
| So if this industry matures at some point and just starts to slow down from an innovation point of view, I think we will see more commoditization |
| A number of our competitors ran into massive regulatory and legal challenges |
| There was a computer science breakthrough, but it was kind of slow |
| But I think what people haven't realized is it actually goes quite a bit beyond that |
| And so that's an issue for America at risks being left behind |
| Michael Grimes An unusual business model is why |
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