Coinbase (COIN) 2026 年第三季法說會：預測市場抵銷現貨交易下滑

核心要點

• Coinbase 表示，儘管整體加密貨幣現貨交易量季減 10%，但在預測市場幫助抵消疲軟現貨活動的情況下，2026 年第 3 季營收與上季大致持平。
• 於 2026 年 2 月推出的預測市場，在本季度的年化營收跑率超過 2 億美元。預測市場與衍生品合計約占總交易營收的 25%。
• 服務營收約占總淨營收的 49%，凸顯該公司持續朝向更多元化的營收結構轉型。
• 透過 Coinbase 的 MCP API 進行的 AI 代理交易量週增約 20%，但管理層表示，相較於公司整體交易活動，該交易量規模仍偏小。
• Coinbase 報告指出，自向非美國客戶推出代幣化股票產品以來，Base 上的代幣化股票交易量已達 30 億美元。定序器費用 (Sequencer fees) 目前是最直接的獲利來源。
• 管理層表示，Coinbase 掌握了 USDC 約 50% 的整體經濟收益，且平台資產中持有約占 USDC 總流通量的 30%。

關鍵財務數據

業務與營運表現

預測市場與衍生品抵消疲軟的現貨交易

預測市場是 Coinbase 成長最快的新營收產品之一。其成長有助於吸收整體加密貨幣現貨交易量 10% 的季減幅度，使單季營收得以保持大致持平。

管理層表示，客戶仍繼續交易現貨資產，但將增量資金分配至預測市場與衍生品。這兩個類別約占 2026 年第 3 季交易營收的四分之一。

Coinbase 也正在將收購的加密貨幣期權平台整合為一個統一且受監管的全球交易所，涵蓋永續期貨、期權和期貨。管理層表示，該平台旨在連接美國與國際市場的流動性。該公司還計劃以 Coinbase Pro 品牌重新推出其進階交易平台。

USDC 與穩定幣基礎設施

Coinbase 重申對 USDC 的承諾，同時表示自己持資產中立態勢，並願意支援其他高品質且受監管的穩定幣。該公司專注於 USDC 的發行分銷、客戶關係、基礎設施和產品整合，同時也在穩定幣支付基礎設施的部分市場與 Circle 展開競爭。

管理層表示，Coinbase 掌握了 USDC 約 50% 的整體經濟收益，且平台持有約占 USDC 總流通量的 30%。USDC 也被用作衍生品的抵押品，並整合至基於 Base 的支付產品中。

AI 代理與「萬能交易所」策略

Coinbase for Agents 允許第三方 AI 代理透過其 MCP API 連接到 Coinbase 帳戶。該公司的目標是在具備帳戶管控和支出權限的情況下，支援由代理驅動的交易、支付與借貸。

管理層表示，雖然基數較小，但 AI 代理交易量每週增長約 20%。Coinbase 將具備 AI 功能的金融帳戶視為跨多種資產類別的潛在需求來源，並打算將加密貨幣、股票、預測市場、支付和借貸整合在單一帳戶中。

Base 上的代幣化股票

Coinbase 報告指出，自向非美國客戶推出該產品以來，Base 上的代幣化股票交易量已達 30 億美元。定序器費用 (Sequencer fees) 目前提供了最明確的直接獲利機會。

管理層強調，長期差異化將取決於流動性和網路效應，而非僅靠代幣發行。Coinbase 表示，其代幣化股票結構為可贖回標的資產的證券，目前正逐步導入股利與投票權功能。

比特幣實用性超越價值儲存

Brian Armstrong 表示，比特幣仍是價值儲存手段，而其作為抵押品的用途增加，正改善交易與融資的流動性。Coinbase 還觀察到本季度比特幣 ETF 資金大量流入，且法人機構開戶數量增加。

管理層表示，客戶可以使用比特幣作為抵押品來獲取融資，無需賣出持有的資產。Coinbase 認為這有助於支援去中心化交易所及其他產品的交易活動。

風險與關注領域

• 現貨市場敏感度：整體加密貨幣現貨交易量季減 10%。雖然較新的業務在第 3 季抵消了影響，但現貨交易仍是該平台上的一項重要活動。
• 早期階段的 AI 代理活動：AI 代理交易增長迅速，但管理層警示，相較於 Coinbase 的其他交易業務，其絕對交易量依然偏小。
• 流動性碎片化：多個平台正在發行代幣化股票和穩定幣。管理層認定深厚的流動性與網路效應是市場整合的主要挑戰。
• 量子運算風險：管理層不認為密碼學破譯迫在眉睫，但認為足夠強大的量子電腦最終可能會威脅現有系統。Coinbase 已開始將其託管基礎設施升級至後量子安全，而底層區塊鏈也需要進行相應變更。
• 更廣泛平台的執行力：Coinbase 正在拓展預測市場、衍生品、代幣化股票、穩定幣支付與 AI 代理基礎設施，這提升了成功進行產品整合的重要性。

分析師問答重點

脫離加密貨幣現貨交易的多元化發展能持續多久？
管理層指出預測市場和衍生品貢獻了約 25% 的交易營收，並表示這些產品是在增加交易活動，而非替代現有的現貨交易。

Coinbase 的穩定幣策略與 Circle 有何重疊？
Coinbase 與 Circle 合作拓展 USDC，同時在支付基礎設施的特定領域展開競爭。Coinbase 專注於分銷發行、客戶存取以及跨產品和 Base 生態系統的整合。

有哪些因素可能推動 Coinbase for Agents 的採用？
管理層預期 AI 代理需要金融帳戶來進行支付、採購、供應商費用和交易。Coinbase 旨在提供此基礎設施，並配備專為自動化活動設計的控制與權限機制。

代幣化股票將如何產生營收？
定序器費用 (Sequencer fees) 是目前的變現機制。管理層表示，未來的機會取決於為代幣化資產開展更深厚的流動性、更強大的網路效應以及更廣泛的實用性。

Coinbase 如何為後量子安全做準備？
該公司已啟動後量子託管的相關工作，並正在參與圍繞區塊鏈升級（包括比特幣改進提案）的業界討論。管理層將量子風險形容為需要主動預防與準備的長期議題。

Coinbase 計劃如何與其他多資產平台實現差異化？
管理層提到 Coinbase 的加密貨幣基礎設施、Base 開發者生態系統、在 USDC 中的角色、X402 協定、去中心化交易所整合，以及透過單一平台服務消費者、機構、企業和開發者的能力。

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管理層陳述

Unknown Executive

Our discussion today includes forward-looking statements which may vary materially from our actual results. Please refer to our SEC filings and earnings presentation for information concerning risks, uncertainties and other factors that could cause these results to differ. In addition, our discussion today includes certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the earnings presentation on our Investor Relations website.

Alesia Haas

Hi, everyone. Thanks for joining us live on X. I'm Alesia Haas, CFO of Coinbase and I'm here with our Co-Founder and CEO, Brian Arinstrong; and a few independent and institutional research analysts. If you haven't already, please head over to our IR website to watch the videos we posted of Brian and I discussing our quarterly results. But in this session, right now, we are excited to directly connect with you. our customers, our community, our shareholders and we want to talk about our quarter and answer questions. So just as a friendly reminder, we're not going to answer any questions on when XYZ token. We have a robust asset listing process that we follow, and we're not going to talk about any customer support cases. But besides from those simple ground rules, it is open question time.

So first up, I'd like to introduce Andrew.

分析師問答

Unknown Analyst

Thank you, Alesia and Brian. It's a pleasure to be here. Appreciate the opportunity. I thought maybe I'd start with a big picture macro question. And I think you touched on it in the quarterly results. It does feel like crypto sentiment has shifted and we've seen Bitcoin rally a lot off of its lows. But it still trades like a risk asset. Even aftermarket today with tech trading off. Do you feel like the case for bitcoin ownership broadly has evolved. It does seem to me like that base is certainly making the case that Bitcoin would be a global -- can be really the global digital collateral and DFI marketplaces. But can you maybe just comment on how you think sort of the [indiscernible] have shifted?

Alesia Haas

And before you answer, Brian, I just wanted to apologize. Andrew, I should have given you a more robust introduction. With us is Andrew Jeffrey, who is an institutional research analyst with William Blair. And with that, Brian, over to you, What is the BTC value proposition today in 2026?

Brian Armstrong

Yes. So I think it's evolving. You're right. It's obviously still a store value. We're super bullish on Bitcoin. I think we just purchased our 18,000 Bitcoin actually on coin-based balance sheet. Alesia has a bitcoin. Yes, it's Bitcoin's birthday coming up too. And then I think what you're getting at is correct, which is now that you can use Bitcoin as collateral, it actually improves liquidity when -- for trading, right? So that's improving Dex trading, for instance, with Bitcoin. A lot of our customers who were early in Bitcoin, they don't want to ever sell their bitcoin, but they do want to use it as collateral -- and base, for instance, has done really well recently by growing its financing product. So you can use that bitcoin collateral, get financing, go and do more trading. It's pretty synergistic. And I think that's definitely a big trend that's happening right now. So -- and then just broadly, I'd say like in this cycle that we're in, I mean, it's always difficult to call these things exactly, but we are seeing volumes rebounding and more institutions coming in onboarding. And so yes, I think it's an exciting road ahead for Bitcoin.

Alesia Haas

Yes. I would just comment that we saw significant ETF inflows into Bitcoin specifically this quarter. as people recognize that the price has stabilized. And one, Bitcoin is still a critical asset to us. But we are a Bitcoin and people can now trade a lot of things, and we've seen volatility come down a bit coin with the institutional adoption of this as an asset class. And I think that, that is providing it to be an important diversification in a lot of people's investment portfolios.

Andrew Jeffrey

Thank you. Mine included. I guess I'm not vain enough to have introduced myself. I probably should promote myself better. I actually think the comment on diversification and think about your business, in particular, is really a good segue, terrific sequential growth in prediction market revenue One of the questions we get a lot is sort of trends in consumer transaction revenue and take rate. I'm sure you hear this a lot, too. Could you help us parse a little bit how much certainly looks like prediction markets cushioned to consumer transaction revenue in the quarter. But can you help us sort of unpack that a little bit and tell us maybe how we can think about that going forward?

Alesia Haas

Absolutely. So prediction markets is 1 of our fastest-growing new revenue products. We just launched it in February this year. And during the third quarter, it crossed $200 million of annualized run rate revenue. And what's great about that is this is a market where overall spot crypto trading was actually down. We saw overall crypto spot trading volume down 10% quarter-over-quarter. And so the growth in prediction markets offset the decline in overall spot trading. And we delivered flat revenue quarter-over-quarter. The mix shift considerably. And when we look at the mix of our overall revenue, it's really interesting to look at this quarter. predictions plus derivatives. So those 2 combined were about 25% of our total transaction revenue.

And if I look at then our total revenue services was roughly 49% of total net revenues. So we are seeing the investments that we've made over the past few years to really diversify our revenue really come to our benefit as I love what Brian says, there's always a market somewhere. And so people are shifting their trading behavior to the asset that's most interesting and most excited in the markets that they want to trade in and what we saw right now in this quarter, a lot of that was around predictions. But I also want to share with you, this isn't cannibalizing our spot trading. What we're seeing is this is all incremental. And when we look at our trading profile, people are still continuing to trade spot just maybe at a lesser level than they did in past quarters, and they're putting incremental dollars to trade in prediction markets and derivatives. So really, they're additive to our product offering right now.

Andrew Jeffrey

Which really goes a long way, I think, toward debunking the idea that Bitcoins the tail that wags the dog, although I think that still seems to inform stock prices at least in the short term. There's a ton to talk about. I did want to spend a little time on Sable coins moving away from transaction. Could you just elaborate for us a bit on your circle relationship. To me, it seems very much like a co-opetition situation. Both companies, whereas USTC is still primarily your stable coin efforts, it does seem like both companies are building similar stable coin movement infrastructure. Can you talk about perhaps where your efforts overlap with circles and where your efforts are distinct?

Alesia Haas

Brian, do you want me to start here and then you can add on?

Brian Armstrong

Yes, go forward.

Alesia Haas

All right. Well, we are proud to be a co-founder of USDC, and we're very committed to growing. And we also want to support other high-quality regulated stable coins. And so you saw that we also partnered as an example with OUD. We also have PI USD on our platform. we will be supporting our customers in whatever asset they want to trade and whatever asset they're going to transact with in crypto. So we think about ourselves asset agnostic that way. But because of our commercial relationship with Circle, where we have a strong economic interest to grow USDC, we are active in supporting this overall USDC ecosystem. Claim base focuses on distribution, the customer relationships, the infrastructure and really deeply integrating USDC and opportunities to use stable claims in transaction flows within our products. This means that we are using this collateral with our derivatives exchange as an example.

This means that we are looking to put -- we put USDC on base to really augment our payments with our best developer product. And as a result, we've seen all-time highs in USGC use on our platform. So we capture about 50% of the overall economics. We hold about 30% of total USDC circulation as assets on our platform. And we've seen the total assets on our platform grow for 5 sequential quarters or it's just been more than that. Now it's just been significantly growing on our platform for now many, many quarters. where we compete is we're both building stable coin payment infrastructure, and we will compete in some areas, but we are both incentivized to grow total UCC market cap and deeply embedded in the overall network of stable coin usage around the world.

Brian Armstrong

Yes. I guess I'd just add that we really enjoy our partnership with Circle. There are many times where we work together on certain efforts. You're right that we are both building infrastructure. It's going to take a lot of work from lots of companies to go update the financial system. And so I think that, that's great what they're doing, and we're going to keep doing our piece of it as well. And overall, what we want to see is just stable coins be a larger and larger percentage of global GDP for payments in everywhere -- used every country of the world. So we're going to keep working with them on that. .

Alesia Haas

All right. Let's go to our next guest. We have John Ma from Artemis with us.

Unknown Analyst

Happy early 18th birthday for Bitcoin. That's very exciting.

Alesia Haas

I hope someone out there who's going to have a Halloween Bitcoin cost in I'll start looking for that on.

Unknown Analyst

That's my Halloween outfit. Thanks for the idea, Alesia. I'm really excited to talk about point-based agents and getting your thoughts. So 1 of our engineers, Crystal, she built automated. She was 1 of a big base developer. We recently integrated Comes MCP trading agents into Artemis. And she said, of all the brokerages she worked with, it was the easiest. And so my question is, what could go right for coin base agents because it's the only MCP that includes X42, prediction markets, equities and crypto, like what could go right from here?

Brian Armstrong

Yes. Well, thanks for using our MCP. We launched this product called coin-based for agents, a little while back. And it's basically an easy way to connect any third-party agent to your corn-based account. And we really want to make coin-based the most AI-enabled financial account out there for trading and payments, borrowing. So we've been putting a lot of work into that MCP API and honestly. It's been really exciting. I mean the Agentic trading volume is growing something like 20% week over week right now, which is just shocking. I mean these numbers early days business Yes, there's still -- the numbers in this grand scheme of things are still relatively small compared to our other trading volume. But to me, it's a clear indication of where things are going. And I'm just like -- I'm just incredibly excited about the TAM for what the agenda economy could be. I mean you asked what could go right I think probably like you, we're seeing this trend and thinking, okay, there's going to be more and more agents in the economy getting work done on our behalf.

They are going to have to pay for things and goods and services to get work done or go shopping for us. They're going to have to -- in a business context, they're going to have to pay for vendors and services to not get stuck at these paywalls just like you would give an expense account to an employee or a budget to a certain team. This is very clear to us that they're going to need their own financial infrastructure, and they're going to do it for trading, too. It's not just payments. And so what does this mean? I mean they're going to need to have accounts with good controls and permissions to make sure you're managing their spending and all that. And I think that it's hard to imagine a world where there's not more AI agents than humans at some point in this economy. So the agentic economy is going to be massive. And I think it's just 1 of these opportunities where, frankly, we see the legacy players being a little bit hesitant about this and saying, I don't know this is scary what if these rogue agents do something unexpected.

We're not going to let any of these things touch our accounts. I kind of feel the opposite. It's an opportunity if we can lean in and build this in a very safe and trusted way, which is what Coinbase is known for, using these frontier technologies, AI and crypto, which, by the way, they go really well together. That's just a huge opportunity for us to capture more and more market share as like -- as the most AI-enabled financial accounts. So -- we're all in on this. It's what I wake up thinking about a lot these days.

Unknown Executive

Yes. Brian, it gets me really excited because like right before the earnings call, I was using the coin-based MCP to sell some [indiscernible]. I bought some ServiceNow a stock. I sold down some USCC to buy another stock. And it was like the only product where everything is all in 1 place. And so something had to be curious about is Point base is already #1 in crypto market share for spot in the U.S. How do we go from here to number one, across all assets, everything exchange because this does feel very unique, like maybe there's a world where every retail, every user just uses coin-based for all their different assets because it's the only place where their agent can access all these different assets in 1 place.

Brian Armstrong

Yes. I mean I think you're right. It gets to what Alesia was saying earlier about diversification. A lot of these new bets that we made as part of the everything exchange investment over the past year have really started to bear fruit now, prediction markets derivatives because historically, we've been overweight on spot crypto trading, which was down quarter-over-quarter, I don't think that this is widely understood yet, and the facts on the ground are actually looking a lot better than it's showing up maybe in the overall numbers, which are more flattish. But yes, it makes sense to me that if you have an account where you could do all these things in 1 place, trading, payments, lending, because many of these are synergistic, right?

Like you might want to have a margin account to do more trading or you might -- as a business, you might want to do FX trading as you're receiving payments. So we believe that all of these things are going to need to work in 1 account. We did this with crypto. We can now do it with AI. I think this could be a massive source of new demand for our products. So yes, that's definitely a very exciting moment. And I'll tell you 1 other fun anecdote, which is -- so in coin-based for agents, we -- initially, we were going around talking to customers and just say, "Hey, what would you like to see in it and building some of those features. 1 of the engineers on our team, they put an endpoint into the coin-based MCP that is like a feedback endpoint and so -- so now all day long, as agents are using it, the agents are actually sending us feedback.

And I go like hundreds of messages that are just coming into Slack every day that are like different things that they want to see. And A lot of those get turned into pull requests and now they're live back in production like a day later. So it's starting to get to that kind of recursive self-improvement type feeling. And since that pattern was so successful, we're going to think about putting some of that for our internal APIs as well, just so that because we're using lots of agents internally as well. So yes, every API needs to be identified, so to speak.

Unknown Analyst

Yes, Brian, I think folks were wondering, I think Jesse mentioned that you and Jesse were like shipping like 44 PRs over a day and maybe you're responding to the agents that were getting feedback about the agent MCP.

Brian Armstrong

That's been part of it. Yes, I mean I've definitely been getting excited to go back and write some code. I mean it's really the agents writing most of it. But starting my career as an engineer, it's been -- you get a little rusty in the code, the more CEO stuff you do, but -- but yes, it's definitely a fun moment. I think we're living through this kind of golden age and AI is changing lots of things, but it's now starting to really change financial services, and that's been the biggest opportunity for us. And the level of productivity, I think code quality can actually go up as the velocity goes up. We're seeing that as well on the cyber front and the number of bugs and incidences.-- incidents and reliability can get better. So it's massively up-leveling our internal systems, and then we can go build this infrastructure and provide it for all of our customers. To me, this is the future of financial services. And yes, I mean we sort of -- we want to bring frontier technologies like crypto and AI to financial services. And I think we're 1 of the -- we're the best company in the world that's set to do that.

Alesia Haas

All right. Well, thank you, John, for these questions. Thank you for feedback on the products as well. We love it when people give us feedback. So next up, we'd like to introduce Lorenzo Valenti from Arc and hand it over to you.

Unknown Analyst

Alesia, Brian, Excited to do this. Maybe I'll start with the -- just a question on security and custody in general. There's growing concern out there that AI could discover new algos that break cryptography and CDS in general. How does that change the security and custody set up? And are you accelerating the post-quantum road map. So just a question in terms of custody and security in general and how you guys are thinking about that?

Brian Armstrong

Yes, sure. Okay. So I think there's really 2 separate things to look at. One is the AI, the trends that we're seeing of them coming out with new math proofs in security things. Then there's the quantum question. So these are actually pretty different. I think that when it comes to ECDSA and this elliptic cryptography, I'm actually not too worried about AI, creating a risk there. There's been something like a 40-year track record actually of people attempting new algorithms to try to make this easier to break and they've basically made 0 progress. And it's -- you have to -- it requires this brute forcing of 256-bit number. So it's not 1 of these problems that I don't think AI is going to be able to chip away at it. Now Quantum is a different story. I think Quantum requires a new type of computer to be built and actually to do it at scale, not just like a theoretical 1 with a couple of bids. And so I think that's more of a matter of when, not if?

Like I think eventually, a big enough quantum computer will get made that starts to make this stuff a real issue. So the quantum one, I think, is the more serious 1 to look at here. And to get ready for this, I mean, we're doing in full things. One is we have begun the work to upgrade our custody to be post quantum. So that's important. Now of course, we also need the blockchains themselves to be upgraded and to be quantum resistant. And I know lots of the different blockchains are all working on this. Some of them have published their road map. One thing we've been participating as best we can on the Bitcoin side, there's an advisory council for Bitcoin around post quantum that had a really good meeting that we attended a few months ago at Stanford with Dan Bone was leading that along with a number of other folks. And that was a really great conversation that just got a lot of the people together in the room. And I know that the community has put out some of these Bitcoin improvement proposals like BIP 360 and there's others. And so yes, I mean my hope is that the Biking community will essentially find a path over the coming couple of quarters. to start to coalesce around some of these proposals that are out there. And that one, I think -- it's not like -- it's not imminent. I don't think it's going to happen imminently, but I do think we just -- it's always good to be proactive and start to get ahead of these things.

Alesia Haas

I just wanted to add on and share that in 2022, we acquired a team of some of the foremost cryptography experts. And this is a space, both on the quantum and on the AI side that we are monitoring very carefully internally and being really vigilant in investing resources to harden both our own ecosystem as well as work in partnership with the community, as Brian shared.

Unknown Analyst

Perfect. Shifting to the tokenize stocks on base. I know it's still very early. Obviously, is the base sequencer fee the main revenue driver going forward? Or are you looking at other monetization plans -- and just to add to that, we're seeing just a lot of different equities cognize by several exchanges. How do you see that fragmentation going forward? And how do you think about that?

Alesia Haas

Great question, Lorenzo. So yes, sequencer fees are the most direct monetization point for tokenized equities today. And our main opportunity then is the utility of the assets on their tokenized. And as we kind of expand out and build this network and build liquidity, we can explore different [indiscernible] But network effect is key. Liquidity is key. And that's the answer to your question on we're seeing a lot of places tokenized equities. We see a lot of stable claims. But what it is easy actually to tokenize something. And I don't mean that the wrong way, but the -- getting the tokenized asset is not the complicated part. -- building depth of liquidity, building network effect, that is the hard part. And we're really proud that we're 1 of the firms with partnership with Circle that has really built that with the USGC ecosystem as an example. And so -- we feel like we have the skills, we have the tools to build liquid deep markets around these tokenized equities, and that's what we're doing. We've already seen $3 billion, for example, tokenism base. in tokenized equity trading volume since launch of that product for our non-U.S. customers. We're just getting started here, but the key is building network effect. And I do think that what we'll see then over time is things will coalesce and you'll see more and more market share gains by the best in a tower effect on liquidity offered in these exchanges.

Brian Armstrong

Yes. The only thing I'll add to that is that. We took time to really do this in a thoughtful way, which means that these tokenized equities that we put out, they're real deal securities. You can get the upside from dividends. we're implementing voting rights, things like that. So there are other things out there in the market that are more like synthetics or derivatives that give you exposure to it, but we thought it was important to do it in a way that -- it's a real security it can be redeemed for the underlying asset, et cetera. And I think just as the largest custodian of crypto, the most trusted brand in crypto, this is actually something that we're uniquely good at and have a right to win. So yes, I'm excited about tokenized equities.

Alesia Haas

Thanks, Lorenzo. We're going to go to our last analyst today, and I'd like to introduce Anthem, who is the host of Market Bubble to ask us some of your questions.

Unknown Analyst

Yes, this call actually I bought my first [indiscernible] back in 2017. So this is crazy for me. But I know you guys are trying to verticalize a lot of the stack as a financial application from spot trading prediction markets. they've gone interest and also institutional trading, but there are also a lot of other companies that are trying to do the same thing. How do you guys differentiate in those plans from your competitors?

Brian Armstrong

Yes. It's a great question. So I do think you're right. There are more and more people coming together around this everything exchange idea. I think it depends which competitor you're talking about, right? So there's going to be some folks that I think they're not going to lean into this kind of frontier technology, whether it's crypto or AI or [indiscernible] and prediction markets. And so they're not -- some of the more traditional players are probably not going to have all these on 1 platform with a good, let's say, a genic trading interface. I think if you look at some of the more tech forward ones, it depends. I think you have to look at -- on the surface, they might look similar, but comes is trying to do something a little different than I think to others, which is -- we're not trying to just bring a bunch of people to Wall Street or something. We're trying to make a new decentralized financial system that doesn't need Wall Street, right, and can reach the billions of people that the old system didn't really serve.

So I think there's many -- there's going to be strengths and weaknesses of each of the players, including us. I think that some of the areas where we're going to be a little stronger are on the crypto infrastructure side because that more is in line with our mission, right? And so things like base have just a really large developer and onto an ecosystem around it. We cofounded USDC. We created the X402 protocol for agentic commerce. We have really good decentralized exchange integrations. And I'd say 1 other advantage that Coinbase has is we actually serve not just consumers, but we also serve institutions. We have a developer infrastructure, a product that we sell -- and so I think it's a little easier to run a business that has just 1 customer, but it's actually a lot more powerful if you can build the right platform to serve multiple customer types, which we've been investing in that platform for a number of years now. I think it's really starting to give us leverage and to amortize -- we build something once an excellent way, we can now launch it across multiple customer segments, and we can actually bring all of these customer -- customers to a new, let's say, a new asset or a market on our exchange, and it's retail, it's institutional, it's businesses, it's developers from -- like third parties are now all plugging into that.

So those are some of the things we're focused on. Actually, if I could put in 1 more real quick, I'd say that still the majority of financial services is running on the traditional financial system. It's probably 90%, 95% depends how you estimate it. And like all fintech companies combined are probably, say, 5% to 10% of the financial services revenue, which is a massive, massive percentage of GDP. And so the real opportunity, I think, is for the tech-enabled fintechs to keep growing and capture that other 90% or 95% of the market. And create net new demand from these new categories like agentic finance. So that's really our opportunity, and we're going to do our best to compete, but we're also going to create new markets and go capture share from trade.

Unknown Analyst

Awesome. I definitely love the points about the decentralized financial system. I know you guys recently acquired Debit with your focus more on the institutional investor side of things. How have you seen the growth of that product, the perpetual futures and the options? And how has your plans with that -- with the recent shift and more positive regulatory environment in the U.S.?

Brian Armstrong

Yes. So we acquired Garabet, which was the largest crypto options trading platform out there. And -- we've made really good progress now integrating it into our existing products. So we've got this unified regulated global exchange that crosses perps, options, futures. We're making Terabit now available to both us and ex U.S. So I think we're 1 of the only companies that can unify the global liquidity. Historically, this was fragmented across all the offshore stuff non-U.S. and then in the U.S. had a different world. We're not a unifying much of this. And so it's been a huge benefit for us acquiring [indiscernible]. We're -- we've said publicly, we're going to actually relaunch our advanced trader platform under the coin-based Pro brand. So Pro is coming back. And you're right, the regulatory front has got a lot better as well. I think we're seeing really tailwinds from that, not just with the Genius Act that became law this SEC and CFTC have been very forward thinking and collaborative between the 2 agencies to get more of this stuff available in the U.S. because they want to see the U.S. win and so do we.

Unknown Analyst

Yes. As far as the Core popout, actually used to use when it was GDX back in the day. So it's going to that come back. I know you guys have focused a lot on like the regulatory stuff in D.C. But I feel like you guys haven't done as much on like the consumer retail marketing side. I know it seems like a lot of the exchanges that did focus heavily on that turned out to be not having the best practices behind the scenes. But I'm curious if you guys have plans to do more marketing along on that front to kind of target a different consumer or different customer segment?

Brian Armstrong

Yes. So this perception is out there sometimes that we're almost like more focused on D.C. than on traders or something like that. I think in the wake of San Banken Fried kind of blowing up in FDX, I remember there was this really kind of critical moment where I felt like I had to go represent the industry there because nobody else was doing it. And in many ways, I feel like that helped the crypto industry. And it could have -- people forget like it could have gone really play under Gensler, I mean the industry could have effectively been banned in the U.S. and like we had to sue him and push back and we won that case. And there's another version of history that looks a lot worse. And so -- in many ways, I'm glad that we did that. Now this doesn't mean -- it's not a zero-sum game. Like we've got a -- we can go build products, we can go talk to our customers and help push the regulatory ball forward. So I'll still be in D.C. periodically, but more and more of my focus now is shifting to really just talking to our customers, improving our products. That's going to be my focus much more in 2027. So yes, I think I'll leave it at that.

Alesia Haas

Well, that's a perfect place to end. We're going to focus on our customers. Thank you all for joining us for our Q&A for our Q3 2026 earnings. If you haven't already, please go check out our presentation that Brian and I posted to our IR website. where we discuss our quarterly results and we will see you next quarter. Thank you all.

Brian Armstrong

Thanks all.