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    Bo Pei • U.S. Tiger Securities, Inc.

    Bo Pei's questions to Coinbase Global Inc (COIN) leadership

    Bo Pei's questions to Coinbase Global Inc (COIN) leadership • Q2 2025

    Question

    Bo Pei of U.S. Tiger Securities, Inc. asked about the early traction of the newly launched CFTC-regulated crypto perpetual futures in the U.S. and inquired about the timeline for this business to become a material revenue contributor.

    Answer

    CFO Alesia Haas reported strong early momentum, with volumes doubling week-over-week, but stressed that the immediate focus is on building liquidity and market share, not near-term monetization. CEO Brian Armstrong added that derivatives volume in Q2 exceeded $100 billion, underscoring the scale of the opportunity as they bring this popular offshore product to the U.S. market.

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    Bo Pei's questions to Coinbase Global Inc (COIN) leadership • Q2 2025

    Question

    Bo Pei of US Tiger Securities, Inc. asked about the recently launched perpetual futures product in the U.S., inquiring about its early traction and the expected timeline for it to become a material revenue contributor for the company.

    Answer

    CFO Alesia Haas highlighted the significant market opportunity, noting that derivatives are 75% of the crypto market. She reported strong early momentum with volumes doubling week-over-week but stressed that the near-term focus is on building liquidity and market share, not immediate monetization. CEO Brian Armstrong added that Coinbase saw over $1 trillion in derivatives volume in Q2 and hit an all-time high of $1 billion in open interest.

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    Bo Pei's questions to Coinbase Global Inc (COIN) leadership • Q1 2025

    Question

    Bo Pei of U.S. Tiger Securities asked a high-level question about the flexibility of Coinbase's strategy across different market environments, particularly how it emphasizes different areas in a bearish versus a bullish market.

    Answer

    CFO Alesia Haas explained that the company's long-standing strategy is to plan for a wide range of scenarios, including severe bear markets. They set expense growth plans against worst-case outcomes, which allows them to continue investing in their core strategy and product roadmap through market downturns. She stated that a bear market alone would not materially change their strategy, providing confidence in their ability to navigate volatility.

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    Bo Pei's questions to Coinbase Global Inc (COIN) leadership • Q4 2024

    Question

    Bo Pei of U.S. Tiger Securities, Inc. asked why the retail trading fee rate increased slightly amid surging volume, and how Coinbase competes with platforms offering a broader range of non-crypto products.

    Answer

    CFO Alesia Haas explained the fee rate was stable because growth was strong across both simple and advanced trading, so the product mix did not shift disproportionately. CEO Brian Armstrong and President & COO Emilie Choi addressed competition by stating they welcome new entrants as it validates and grows the entire market. They reiterated that being 'crypto-native' is a core advantage, as all asset classes will eventually be tokenized and move on-chain.

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    Bo Pei's questions to Coinbase Global Inc (COIN) leadership • Q3 2024

    Question

    Bo Pei followed up on the retail take rate, asking for the specific volume contribution from stablecoins and whether the resulting mix shift is a structural or temporary trend.

    Answer

    CFO Alesia Haas stated she does not believe the shift is structural, as stablecoin trading is often driven by temporary arbitrage opportunities that vary by quarter. While not quantifying the exact volume, she confirmed it was the most material factor in the take rate change for Q3.

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