five years ago, I was drafting @coinbase's S1 as we were getting ready to go public. at the time we were a trading platform with a core belief: all asset classes would ultimately come onchain. a lot has happened since then. - we diversified. we built 12 product lines that generate >$100m in annualized revenue - custody, staking, stablecoins, derivatives, and more. - we doubled down. we continued to invest in trading, and our crypto trading volume market share more than doubled in 2025. - we drove @USDC growth. we co-founded USDC and helped turn stablecoins from a crypto-native tool into real payments infrastructure that's blossoming. and that's just scratching the surface. coinbase is much more than an exchange -- we're a full stack financial platform for the future of finance. our belief that all asset classes will come onchain has only strengthened, and we're now well positioned to drive and capitalize on that shift. five years in. and still way more to come.