The Next Market Structure

Thanks, Alec. I'm Liz Martin, VP of markets at Coinbase. Our markets business is the engine that powers trading across Coinbase, including Prime. 2025 was a defining year for our markets, not just in terms of growth, but in the breath and quality of product innovation we delivered. We fundamentally transformed the way clients access trading products. We expanded our ecosystem globally and we set the stage for even more ambitious launches in 2026. From spot to derivatives and beyond, we continued building a unified, trusted destination where institutional and professional traders can confidently execute sophisticated strategies. Now, let's start with one of our fastest growing markets, the US futures market offered by Coinbase derivatives exchange, our CFTC regulated exchange. Over the last year, we saw unprecedented growth in the US futures market, and this year has already started strong. We've had record daily volumes exceeding $5 billion in January and February, driven by several key milestones. We launched the first US perpetual style futures offering in the US with 247 trading and an expanding set of contracts. Perpetual style futures are now our most actively traded product on Coinbase derivatives. We also introduced our first equity derivative product giving clients exposure to leading equities and crypto in a single instrument. And we saw expanded asset diversification like increased share in our commodities futures including gold and silver. Our futures business surpassed 1 billion in open interest underscoring both adoption and liquidity growth. And these developments have not only increased retail and institutional adoption, but they've also set a strong foundation for our next wave of products like more altcoin assets, more commodities, and more perpetual style futures. We're also launching Coinbase 50 index futures which allow users to trade 50 assets in one futures contract. And of course, as Rick mentioned, clients can trade all these futures directly through Coinbase Prime that it gives you access to true 247 trading with infrastructure built for crypto markets integrated into Prime's trading, financing, custody, and reporting toolkit. Now, let's dive into our international side of our business where we significantly broadened our per futures offering. In the past year, we've offered we've added over a hundred new assets, and we're focused on listing more pre-launch, day one, and emerging assets that traders are demanding. Plus, we've expanded our maximum leverage up to 50 times, which deepened liquidity and enabled more advanced trading strategies. We also laid important groundwork for improved capital efficiency, including expanding our collateral flexibility across all of our markets. And as mentioned in our December product showcase, we're working on adding stock per to the international derivatives offering. And I'm very excited to share that we'll have an official announcement in the coming weeks with more details on this really exciting launch. So please stay tuned. Next, I want to cover one of the most strategic and significant achievements for us in 2025, the acquisition and onboarding of Darabit. Darabbit's the world's leading crypto options exchange by volume and open interest. This was a major step in bringing the full spectrum of derivatives trading into our ecosystem. Darbit has brought us deep expertise in crypto options, an area that institutional clients around the globe have been demanding and the early progress of this integration has been wildly successful. Derabit surpassed 60 billion in open interest last year and our combined trading volume across options and per darabit exceeded $3 trillion. And with this integration, we can now unlock this growing options market for our broader client base, including through Coinbase Prime, a product direction that we're continuing to build towards. And we're also keenly focused on bringing this options trading capability into the US markets. And this is just the beginning. In tw in 2026, we're building on the momentum of 2025 towards a cohesive unified prime trading platform that brings spot, futures, per equities, and options together in a single place. Our focus remains on continued product innovation, operational excellence, deep liquidity, and execution quality, and delivering differentiated client outcomes. We intend to continue expanding access to institutional-grade products while making the trading experience more powerful and more accessible for all of our clients.