2024-03-07 15:00:07 ET
Coinbase Global Inc (COIN)
Morgan Stanley Technology, Media and Telecom Conference
March 06, 2024 6:35 PM ET
Company Participants
Brian Armstrong - Co-Founder, Chairman & CEO
Alesia Haas - Chief Financial Officer
Conference Call Participants
Michael Grimes - Morgan Stanley
Presentation
Michael Grimes
All right. We're going to go ahead and get started. Thanks for joining us, Coinbase investors and future investors. I'm Michael Grimes from Morgan Stanley. Really pleased to have Brian Armstrong and Alesia Haas back here again. Thank you for joining.
Brian Armstrong
Yes. Thanks for having us.
Michael Grimes
We were here a year ago today in what seems like 5 years ago of cycles because every quarter is a year, couldn't be more different in terms of the environment, your execution, the industry, the whole thing. So for that momentous '23 with the lows and highs, what were the greatest learnings to start that off, given how different it is today than 1 year ago?
Brian Armstrong
Yes. Well, maybe the understatement of the century is that the crypto industry is a little bit volatile. So we always -- we've been through a number of these cycles. Now at Coinbase, we try to just be a steady hand. It's never as good as it seems. It's never as bad as it seems. 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. And then we had a lot of good execution even with that reduced cost base.
So we got our derivatives platform live. We continued to innovate with Layer 2 solutions like Base. We saw the ETF approvals happen at the beginning of this year. A whole bunch of inflows have happened. A number of our competitors ran into massive regulatory and legal challenges. And so it was very validating of our long-term approach of being the trusted and compliant one in the space.
So yes, just zooming out, I think we ended up in a really much better spot. And it was a testament to our long-term thinking and making sure that we never get too irrationally exuberant or despair-oriented around crypto. We just try to be a steady hand through the ups and downs....
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Coinbase Global Inc (COIN) Morgan Stanley Technology, Media and Telecom Conference (Transcript)