Coinbase Q1 2026 Earnings - Building Better Financial Services With Crypto

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[00:09:28]Hey everyone, thanks for joining us Live on X. I'm Alicia Hos, CFO of Coinbase, and I am here with our co-founder and CEO, Brian Armstrong, and a group of independent analysts. We, as always, are excited to connect directly with you, our customers, our community, our shareholders to talk about Q1 2026 and answer questions. This is a live conversations and we'll also be taking live questions from the chat. I want to remind everyone we will not be taking questions on when we will list a certain token or contract, any specific customer cases, personal questions, but beyond that, if there's something on your mind, please drop your questions in the chat and we'll go from there. So before we get started, I'd like to remind you that today during today's call, we may make forward-looking statements which may vary materially from actual results.

[00:10:17]Information concerning risks, uncertainties, and other factors that could cause these results to differ is included in our SEC filings. All right, so we're gonna start by asking our influencers or our independent analysts some questions. So, I'd like to get started with Eric Nomics.

[00:10:36]>> Hey, Eric Pan here aka Ericnomics. Uh, great to see you guys again. My question is, the Clarity Act has been through uh multiple drafts. Some you guys have fully backed while others you guys had pulled support for. Last week's Tillis also Brooks compromise banned deposit equivalent yields but preserved activity based rewards with the details to be fleshed out in a 12 month rulemaking.

[00:11:01]What was the thought process behind this compromise?

[00:11:05]>> Yeah, so I can jump in on that. Um, you know, first I just want to say a big thank you to the the senators who worked on this compromise, senators and also Brooks and their staff who put in a ton of long hours. And you know, this was a big a big uh debate. And one one thing you can look for to see if there was a healthy compromise is are both sides feel like they left something on the table. And I think that's that's certainly the case here. Uh, you know, we we went into this feeling like um the Genius Act had a good foundation that Americans could earn rewards on their on their money. this is this is good for consumers. Um the Senate kind of came back and said to us, "All right, see what you can do to meet the bank's request here about they had a concern about being able to, you know, pay rewards on any sort of even idle balances." And they said, "We have a concern. We don't want rewards being paid on idle balances." And so we came back and had this negotiated compromise and said, "All right, we're not going to pay rewards on idle balances, but we're not going to do away with rewards entirely as long as customers do some sort of activity like a transaction or a trade that they can continue to earn rewards." So this is the idea that the Senate came up with. um we think that it's you know a reasonable outcome that one could land on and the banks the bank lobby asked for all kinds of other things you know rulemaking and um marketing pro prohibitions and um you know disclosures that had to be made. So they they really got everything that they asked for. At the same time all of the must haves that we had in in the original draft that came out um that were issues for us we got all those met.

[00:12:37]And so I think we ended up in a place where not everyone got everything they wanted but they got the must haves that they wanted. And so both sides just kind of need to take yes for an answer at this point and we're very supportive of the Senate Banking Committee going toward a a bipartisan markup hopefully later this week. I should just finalize by mentioning that this is the most bipartisan draft that we've seen of the legislation to date and um it's just common sense. I think we need to have sensible rules so this industry can get built here in America.

[00:13:04]>> Thank you. And also just to kind of like tack on to that, if stable coin yields does in fact does get restricted, what becomes the main business model for consumer stable coin adoption because of course there's still a tremendous amount of use cases for stable coins in itself outside of yields, but it does become a lot less attractive and adoption would uh slow down quite a bit. So would the strategy be uh around trading rebates onchain yield lending or something else?

[00:13:33]And then to add a little bit more on top of that, what do you think is the biggest threat to crypto? Is it this legislation or something else on top of that?

[00:13:42]>> Yeah. Well, the the draft legislation on this compromise, it doesn't do away with rewards. In fact, the opposite. It preserves rewards on stable coins. It simply requires the customer to have some sort of activity on their account. So, we believe that a large percentage of customers will automatically qualify for that. the rewards is still a very important part of any marketing program and that that would persist if this bill goes through as currently drafted. Uh but the other ideas that you mentioned are also other reasons why people might adopt stable coins and we think there's going to be many many reasons. Rewards is is just one of many reasons honestly that people would adopt it. I mean the main reason people are adopting stable coins is that it's just a faster, cheaper, more global way to pay. Um and it's the most efficient payment rail in the world. So that's that's why it's started to get such adoption and rewards will simply be a multiplier I think on top of that.

[00:14:31]Alicia, anything you want to add?

[00:14:33]>> No. And it's also a programmable dollar and so we think that we're just getting started with stable coin use cases and as Brian said the most important thing is that it is the first global fastest cheapest rail and for holding a balance in on the platform when you're doing other activities. We think it's absolutely natural then to be able to benefit from rewards on it. But a lot of dollars are in flight and we think that this is the best type of dollar in flight that there can be.

[00:14:59]>> Yeah. I I guess I should mention one other thing too about this legislation is not of course just about stable coin rewards. Um that's actually a relatively minor part of it although it got a disproportionate amount of attention. It it actually has protections for DeFi tokenized equities. It clarifies the role of the CFTC and the SEC like commodities and securities. It has a whole section with a bunch of wins for banks in there about how they can integrate crypto. And we're very committed to the banks succeeding with integration of crypto. They're committed to our success. So it's when we go talk to bank CEOs. It's actually very collaborative in almost all cases. Um they're many of them are actually integrating stable coins, you know, working with Coinbase. We we power integrations for about five of the G SI banks. We're we're working with many more of them hopefully in the future. So I think there's opportunities for all all American companies to go integrate crypto and have a big win here. Um, sometimes the the bank lobby, you know, loses the plot and they they have take more of a protectionist u mindset that's zero sum. That's not how we think of it.

[00:15:58]We want it to be win-win and work with the banks.

[00:16:01]>> Absolutely. Let's jump to the next question. Architect 9,000, over to you.

[00:16:08]>> Hi Brian, Alicia, thanks for taking our questions today. Um, since the beginning, the wallet has been the primary UX for interacting with blockchains. Uh, these have always been kind of problematic for retail users since, you know, a crypto wallet is necessarily much different than say PayPal. You know, we introduced this mechanic where uh you could simply vaporize your entire balance by sending it to the wrong place. So for the last few years we have as an industry have thought you know maybe we can implement these smart wallets to provide some software controls over this to help alleviate these kinds of edge cases. Uh I'm wondering how much thought Coinbase has given uh kind of for this next generation maybe moving from smart wallets to intelligent wallets uh in the next iterations of the base app. you know, combining, you know, AI agents directly into the wallet layer to continuously continuously improve the user experience and maybe move certain functions to the edge like fraud pre uh prevention or interceding and social engineering and that sort of stuff.

[00:17:19]>> Yeah, it's a it's a great thought. Um I like your idea, you know, going from a smart wallet to a you know, genius level wallet or we need like some kind of measurement of intelligence of how smart it gets. Um, yeah. So, I mean, I think crypto really started where with these custodial wallets where we could provide some of these controls in a better way for customers that and the Coinbased retail app is a good example of that.

[00:17:41]Partly why it got so much adoption is we kind of we had a trust and security in these things that just worked for the user.

[00:17:48]You know, the self self-custodial wallets have a lot of benefits, right?

[00:17:51]That's partly why we've been investing in building a self-custodial wallet for a long time, the base app. and they give customers more control. They allow these wallets to be used in emerging markets uh where it may be difficult to operate a fin a regulated financial service business. It's more of like like a permissionless innovation. I'm saying all the things you know, but just just for the benefit of the audience, I think you're you're correct that um like account recovery and these controls around making sure you didn't send money to something accidentally that was the wrong location. Um they are getting better and better in self-custodial wallets. I think that one thing we'd like to see developed on top of base actually is an onchain reputation score.

[00:18:32]So if you are sending money, let's say you're paying for something at a store or you're trying to send money to a friend, you you would see in the app um hey this is not the actual Shopify store that you think it is. It's it's a it's someone faking that name or you know like they changed one letter of the name to try to trick you into sending it to the wrong address. um you could have like a verification system or a reputation system that would let you know, okay, this person's received tens of thousands of payments. They don't have any sort of um negative rating that would indicate or it's not just some brand new account that got graded five minutes ago with a name that looks almost similar. So much like these problems needed to get solved in e-commerce on the existing internet uh with you know Amazon reviews and Yelp uh scores and all kinds of things. We need to solve this in the e-commerce or sorry in the in the onchain world as well and I think this is a big area that we can invest in. AI agents are going to help a lot of it as well as you pointed out.

[00:19:30]>> Great. Um well as a developer myself I I kind of want to ask about agents with regards to us. Um, you know, Coinbase's developer tools and the the base chain have until now been kind of supporting or about supporting onchain developers.

[00:19:45]Um, X42 and Aented Commerce is, you know, a broader idea kind of flips that script. Uh, you know, Coinbase's addressable developer market has kind of expanded from those who just want to build DAPs or smart contracts to pretty much any app developer because any developer is going to need payments. Um the way I see it developers still see subscription style billing is kind of like the main the main plate and transactional payments as a secondass citizen. So in that world like the default choice is to go use something like Stripe for the subs and then you know that gives Stripe the opportunity to expand into that relationship with Agentic Payments. So I was wondering if you guys have considered trying to reposition Agentic Payments as this new first class payment service of the future and you know maybe investing into some gotom market initiatives to convince devs and orgs that Coinbase could be that primary payments portal.

[00:20:44]>> Yeah. So you're totally right. So first of all agentic payments and aentic commerce are very exciting area.

[00:20:50]Currently the m majority of these onchain aentic payments are happening on base and they're using USDC and you know with coinbase developer platform and x42 we feel we're uniquely positioned with a full stack solution for stable coin payments and aentic commerce. So that's let's just put that as the first step. I think you know this full stack solution is very powerful for what we're building. Now you mentioned this idea of subscription payments. Like that's a that's a really great point, right? To to to date currently we haven't seen a good solution for onchain subscription payments and there's enough complexity underneath that to make sure you know you prorrate this and you can upgrade from monthly to annual and all these little differences that um it's a non-trivial thing to build. That's something that we would absolutely be interested in getting a standard out on base chain to make that possible. Um, I'll tell you what one other area around payments that we've been working to bolster is this idea of of refunds, right? Like currently in in uh payments on chain, there isn't really an like refunds are essentially at the discretion of the seller or the recipient. I I think there's a world that we can do better than the trady system around refunds. For example, you could have three tiers, right? Like one one tier would be refund for anything no questions asked. Number two would be some sort of mediated dispute resolution process on chain. Uh number three would be the current state of affairs which is only at the merchants's discretion.

[00:22:11]Right? And then buyers could make a decision about where they want to shop based on what the return policy is and that could be encoded on chain. So there's lots of examples like that. By the way, private transactions is another one. We've said publicly that we're working on private um transactions on base. So these are important uh aspects of certain types for certain types of customers, certain types of transactions where you don't actually want to broadcast the amount. Um all of these things I would consider to be uh foundational to getting more and more of global GDP running on crypto rails. And I you know I do believe that uh the majority of transactions in the economy are eventually going to run on stablecoin rails and then I also believe that the majority of transactions in the economy are eventually going to be agentic um just because there's going to be more agents than humans at some point. How how quickly that happens, I don't know, but I feel very confident about the trend line. And so, we're really trying to get ahead of that and enable all of that to run on crypto rails.

[00:23:05]>> And I think it's important with what you just said, Brian, we are in the earliest of days. There's all these additional investments we can make in the product and the tooling and the technology to help accelerate that trend. Yet, we are still seeing month over month, quarter overquarter progress and increasing adoption across the landscape.

[00:23:23]Yeah, the growth rate on stablecoin uh payments is the payment volume is pretty staggering right now. So, we're all riding this wave and you know seeing what we can do to help accelerate it.

[00:23:35]>> All right, next question. We're going to go to credit Brian.

[00:23:41]>> Can you hear me?

[00:23:43]>> Yep.

[00:23:43]>> Howdy.

[00:23:44]>> Hey, Brian. So, first of all, I really appreciate you for doing this and just having me on. Uh just a quick intro. My name is also Brian uh Brian Jung. I'm based out of DC and I run one of the largest uh crypto channels with over two million followers on YouTube. What I'm actually best known for is that a little over two years ago, I put about a $100,000 of my Bitcoin into Aer Drrome super early on. Uh this was before Bass had popped off and it was undiscovered.

[00:24:08]I shared it with my audience and at the peak my position grew to over $2.6 million. What's interesting is I found Aer Drum because I was doing deep research on bass. I spent all night combing through blogs that you wrote. I don't know if you remember this one, but you wrote a blog about 10 years ago. It was called the Coinbase secret master plan. It was posted on your Medium and then it got posted on the blog. Nobody really saw it. I I thought this was like a gem because you shared the vision for Coinbase and pretty much that research had led me back to, okay, he he might be building something here that people aren't really spotting. Um, so in that blog you laid out you're going to be uh building crypto in four phases. Phase one was developing a protocol. Then you moved towards exchanges. Then you went to consumer apps. And then eventually your goal was to build an open financial system that could reach a billion people. So my question here is I mean a lot of that has happened. Coinbase is public. You know, base exists. We see the institutions are here. Stable coins as you said are popping off. Regulation is moving forward. Um, I'm curious looking back at that original master plan that you wrote, what did you really get right? What did you, you know, overestimate? What has changed? And what do you think is needed to get another however 500 million people to over a billion people um to complete that broader plan you had? And I'm also curious on how AI has also changed any of that.

[00:25:38]>> Great question. Yeah. Well, thanks for going back and checking out that post.

[00:25:41]It it's it's a classic. So, if anybody wants to look at it, you know, the Coinbase secret master plan, you can Google it. And we did draw this parallel to the internet and how it went through these different phases of having a protocol and building out the infrastructure with ISPs and fiber and then you needed a simple interface like the browser and eventually web 2.0 and JavaScript and everything created this whole app ecosystem. And so crypto is going through that same uh trajectory.

[00:26:06]And I'd say we're I'd say we're somewhere around, you know, between step three and four at this point. Uh you know, something like 500 million people globally have used crypto. Um but they're not all active users of it yet.

[00:26:18]So I don't quite count that stat. I think that we've made some progress on a more consumerfriendly interface.

[00:26:28]um self-custodial wallets are probably what it's going to take to get a billion people on boarded because you know the United States for instance only has about 4% of the global population right it it's the highest GDP country but it's only 4% of globally so if we want to start to get a billion people you have to start to look at countries that have much larger populations and I think self custodial wallets are more likely to be the the products that they use in those cases partly why we think it's been strategic to invest in the base app and have a self-custodial version of Coinbase for so long.

[00:27:03]Um, you know, I think the you touched on regulatory that's been another major barrier that actually you asked like what were some of the things I got wrong. I didn't anticipate when I wrote that in 2016 about just how big of a barrier regulatory clarity would be. I mean it it actually the lack of clarity got weaponized against the industry in many countries, not just in the US actually. And so we've been a big adv advocate for getting regulatory clarity which I think once the US and you know passes uh hopefully the clarity act and Europe already has the ma legislation. I think you'll see the rest of the G20 just one by one every every year or two like the next one will come down with their own uh similar legislation uh modeled after the US and the EU. That that's just kind of how most legislation works in the world outside of China maybe. Um, and so yeah, I think that we're on a path to get there. And it I, you know, naively, I think 10 years ago, I would have said, um, this could all happen within five years, right? And it turns out that things take a lot longer to change in the world than you would think. Like there's still people who write their rent check with like a paper check in the United States, right? So anyway, we always are going to keep pushing on this. It makes what's what makes our mission timeless. what what's makes our work fulfilling even when we have ups and downs and so um yeah we're very passionate about getting it to be a billion people accessing this open financial system creating more economic freedom in the world any thoughts >> yeah I want to give you a ton of credit like we're only 10 years out and the world does move slowly sometimes but it moves slowly and then it moves really fast and if you just look over the last quarter the progress we've made everything exchange really expanding the number of tradable assets on our platform you know five years ago we were crypto only two years ago we were crypto spot only and the growth of derivatives the growth of prediction markets even in the last two months we're demonstrating that we're bringing more and more assets onto our platform more and more assets then will go onchain we're seeing the rise of agentic commerce we're seeing the rise of stable coins and I just think that we're starting to be at this inflection point where you're going to see a lot of more acceleration of the master plan in the future years >> yeah the first 10 years of crypto were really about trading and trading is still going to be massive. It's just, in fact, it's just coming into its own with these other asset classes coming on chain and tokenization, everything. But we're now seeing payments like the second major use case really start to take off. We're seeing prediction markets take off. So, I think you're ultimately going to see the primary financial account in people's lives be a Coinbase app that, you know, you can, yes, you can do trading, but you can also have a great credit card. You can get a loan. Um, you can engage in all types of financial services in a way that's faster, cheaper, more global for people who don't even really know what crypto is or or even care about it. They just want better financial services.

[00:29:48]That's ultimately where this is going.

[00:29:50]And I, you know, I feel like we have uh really started to move the world on bend bend the curve on global economic freedom if we can get a billion people accessing this open financial system through our products every day.

[00:30:03]>> I love that. My second question, I'm I was I was dying because I have so many questions to ask you, but I'm limiting myself here. Um I really respect that long-term vision you have, you know, being in crypto early, being willing to uh uh build in this space. So, you know, you have a long-term outlook on things.

[00:30:21]Um, and and we're in a market where most people, most retail participants, they can't look outside of more than three to five years, right? Let alone maybe even sometimes they're like three to five weeks. So, my question today, when you look at crypto, what do you think the market is still fundamentally underestimating? what are what are we looking at um right now that we're so caught up in that that you might be seeing over the next 10 years might actually happen um and if you're a builder or maybe an investor trying to position yourself where would you be paying attention to >> yeah well it's a great question I think Alicia curious your take as well I think that one of the areas that's still underpriced is stable coin adoption and I would say agentic commerce I mean you Today there's about 300 billion of stable coin market cap, but the payment volume is growing even faster than that.

[00:31:16]Um, I think that it wouldn't surprise me if we get we see a 10x of that to three trillion of of market cap and stable coins. Um, you know, I don't know exactly on what time frame, but it's I think it'll happen faster than people think. And then yeah the same agent commerce like it's if you believe that there's going to be more agents than people in the world and at some point you know it's kind of scary to think about for our own relevance in the world but you know if 99% of all the intelligence on the planet is is is AI um you know that's just going to be a totally different world. Our mental model is it's even hard to comprehend it. Like think about the average person might make I don't know a couple dozen transactions in a given month on their debit card or card or something like that. I think these agents might be doing that every hundred milliseconds or something, right? It's like they're just going to be getting things done at a pace that's hard to comprehend for the average human being. So yeah, I'm excited to help power that world. I think it's going to be um you know, like everything in technology, it can you know, have a ton of benefits. There's also some risks and things that are changing, but I'm a firm believer that technology is a net benefit for society.

[00:32:24]Even going back to the invention of the fire, fire and the wheel and eyeglasses and shoes and everything are just other types of technology. So, um, we're going to help build that future. I think it's going to be really exciting for everyone.

[00:32:37]>> Yeah, I agree. And my simple mental model has always been, and especially sitting in a finance seat, faster, cheaper. It's like gravity. when things move to the lowest friction, lowest cost, fastest, most reliable, you will see adoption and growth. And we've been building those foundations now for a long time in crypto and just starting to see those inflection points where again I'll go back a year ago. We didn't have base at the millisecond millise. We didn't have all of this tooling that we now have and we're really starting to see that take off. So I do think that that's underappreciated. When things get to be lower friction, lower cost, faster, reliable, that's when adoption really starts to occur.

[00:33:13]>> All right. Thanks.

[00:33:16]>> Next question. Thanks for those credit, Brian. Um, Austin Hankwitz.

[00:33:21]>> Hey, hey, >> how's it going y'all? Austin Hankwitz here, co-host of the Rich Habits podcast and head analyst at Grid Capital.

[00:33:28]Echoing Brian's excitement about this.

[00:33:31]Really appreciate you guys doing this.

[00:33:32]So, Brian, you've spent more political capital than anyone in the industry pushing for market structure clarity.

[00:33:40]Assuming your base case timeline is right, what's the first product or business line Coinbase launches immediately after that framework passes that you simply can't launch today?

[00:33:52]Like, you know, throughout the timeline, who cares? I care about what's next for Coinbase with this new market clarity.

[00:33:59]>> Yeah. Okay. Well, I need to resist the temptation to uh pre-announce any products here even, you know, you're going to have to uh come check out our product showcase um in June. We're going to we're going to announce some really cool stuff, but I'll I'll do my best to answer your question anyway. So, um, first I just want to say that actually even if this legislation can and will actually create a bunch of new products, but even if it didn't, it would still be a massive benefit to the community because, you know, number one, um, a lot of the products that we launch today, it takes a lot of time for us to go communicate with regulators, explain what we're doing. There's not there's nothing written in the law about how it should be handled. So, it's an open question. And so we often have to go, you know, talk to them and convince them that we're going to do something reasonable in the absence of that clarity in the law and they have to get comfortable with it. And so it just takes a lot of time and energy to build products without that legislation being passed. Okay, so that's the first thing.

[00:34:56]It'll just give us a faster path to launch things. Um, number two is that a lot of institutional capital will be unlocked by this legislation getting passed even with the existing products that are there today because they're waiting for that clarity, that checkbox.

[00:35:10]And this is what we saw with the Genius Act when it passed. Uh stable coins were legal before the Genius Act. But once they had that checkbox of their legislation, a couple hundred large US companies uh started integrating stable coins within within months of the Genius Act being passed. So I think something similar will happen um if and when the Clarity Act passes for market structure. Now there will be some new um areas that people can look at. I think one that I'm interested in is tokenization of equities, tokenization of different asset classes, the ability for people to do onchain capital formation and actually like raise money for a new business they want to start or an apartment complex they're trying to build or a movie that they want to produce. And so capital formation could get a lot more efficient with true tokenized securities um that are actually registered with with the SNC for instance that wasn't really possible um previously. So, those are a couple examples that come to mind and um yeah, Alicia, anything you want to add?

[00:36:09]>> I just think certainty is so important.

[00:36:10]I just want to reiterate your comment that regulatory ambiguity just restricts capital to this space and I think that the clarity will bring the innovation unlock that we've all been hoping for.

[00:36:23]>> Very cool. I appreciate all that color.

[00:36:25]Looking forward to learning more in June. My follow-up's actually for Alicia. Um, when you look at your highest value retail users, the ones that are generating some real take rate revenue, what does the behavior of those people look like relative to the median user since spot ETFs have launched? Are they layering those ETFs on top of Coinbase activity? Or maybe is there evidence that the ETF rapper is starting to absorb some of that activity that used to sit on your platform? And maybe you can even talk toward, you know, you guys are seeing perhaps some of these ETF issuers themselves become more meaningful from a c um a custody revenue line, right? So maybe offset some of that retail erosion. So like talk a little bit more about that, please.

[00:37:04]>> Oh, great question. So our retail users who are most engaged and across the board are Coinbase One users. So our Coinbase One users trade more, generate more revenue, use the most products with us, and what we see is that they are then deeply engaged within the platform.

[00:37:21]When I look at ETFs broadly, we think that those are incremental new users who are engaging with crypto. Frankly, outside of Coinbase, we didn't see a lot of movement from our own customers and their balances to leave the platform when the ETFs grew. ETFs were the tide that raised all ships, and we absolutely saw balances flow to our platform via our role as custodian for the large ETF issuers, but we didn't see retail capital flow off of our platform that we think then was moved into ETFs as opposed to just into spot crypto. So when I look at our retail customers, we have a wide range of behaviors. We have retail customers that are what I consider our buy and holds or our hodlers. They buy every once in a while.

[00:38:01]They are long-term hodddlers. They think about this as a store of value and they're more often buying Bitcoin or a few assets. Then on the other polar extreme, we have our most active traders who are looking for opportunities to invest in the long tail of crypto that are trading the beta or the volatility of crypto that are then deeply engaged with staking and all sorts of other features. So the more engaged customers, the more revenue, but we are absolutely a platform here for everybody. Whether you want to just use stable coins for payments, whether you want to buy your first Bitcoin and hodddle it, we want to be the place that you come.

[00:38:32]>> Amazing.

[00:38:32]>> You want to add on any whipping thing?

[00:38:34]>> No, that's great.

[00:38:36]>> Awesome. Thanks for all the color.

[00:38:37]Appreciate it.

[00:38:39]>> Thank you. All right. Well, perfect time to close at 1 p.m. Pacific. So, that's all the time we have for today. Thank you, Eric Nomics, Architect 9000, Austin Henwinsson, and Brian for joining us. We really enjoyed your questions and conversation, and we'll be back with Xpacas next quarter.

[00:38:57]>> Thanks, Sean.

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