Fourth Quarter and Full Year 2025 February 12, 2026 Fellow Shareholders, 2025 was a strong year for Coinbase, both operationally and financially. We executed consistently against our goals, delivering or outperforming our revenue and expense guidance every quarter. We successfully launched the Everything Exchange to the delight of our customers, drove growth and diversification of revenue, and extended our multi-year track record of profitability. As regulatory clarity emerges, we believe crypto will update ...