Coinbase Global, Inc. (NASDAQ:COIN) Q3 2024 Earnings Conference Call October 30, 2024 5:30 PM ET

Company Participants

Anil Gupta - VP, IR
Brian Armstrong - Co-Founder & CEO
Alesia Haas - CFO

Conference Call Participants

Pete Christiansen - Citi
Owen Lau - Oppenheimer
Ken Worthington - JPMorgan
John Todaro - Needham & Company
Devin Ryan - Citizens JMP
Ben Budish - Barclays
Mike Colonnese - H.C. Wainwright
Joseph Vafi - Canaccord Genuity
Bo Pei - U.S. Tiger Securities
Mark McLaughlin - Bank of America Merrill Lynch

Operator

Good afternoon. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coinbase Third Quarter 2024 Earnings Call. [Operator Instructions] Anil Gupta, Vice President, Investor Relations, you may begin your conference.

Anil Gupta

Good afternoon, and welcome to the Coinbase Third Quarter 2024 Earnings Call. Joining me on today's call are Brian Armstrong, Co-Founder and CEO; Emilie Choi, President and COO; Alesia Haas, CFO; and Paul Grewal, Chief Legal Officer.

I hope you've all had the opportunity to read our shareholder letter, which was published on our Investor Relations website earlier today. Before we get started, I'd like to remind you that during today's call, we may make forward-looking statements, which may vary materially from actual results. Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings.

Our discussion today will also include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our Investor Relations website. Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP measures. We are once again using the Say Technologies platform to enable our shareholders to ask questions. In addition, we'll take live questions from our research analysts. And with that, I'll turn it over to Brian for opening comments.

Brian Armstrong

Thanks, Anil. I'm excited to share our progress on our 2024 priorities. Just a reminder, our priorities for 2024 were, number one, driving revenue; number two, driving utility, which is really going beyond just trading as a use case for crypto and how do we make it a part of people's ordinary lives; and then number three, driving regulatory clarity. So we'll touch on each of these in turn.

So starting with driving revenue. We had some softer market conditions in Q3, but overall, it was a really solid quarter for Coinbase. It was our seventh consecutive quarter of positive adjusted EBITDA. It was our fourth consecutive quarter of positive net income. And as you've heard from us many times, we've made a big effort to diversify our revenue over the years away from transaction fee revenue, which is more volatile, it's not as predictable, it's more market dependent.