Alex Markgraff

Can you walk us through the RIF? I think many folks are curious to understand how much is a function of the current environment versus AI leverage?

can you describe the strategy for bringing customer assets to Coinbase? To what extent do you believe -- do you expect equities and prediction markets to act as a front door to net new users?

maybe you could remind us how you're thinking about managing margins across these various products and platform elements?

How do we think about the economics and the revenue generation here? Can you discuss a bit about which party ultimately controls the user experience

Just are there any sort of other large deals that we should think about Coinbase pursuing in an effort to command global leadership maybe just categorically speaking?

is that wider than usual range? Is that a new approach to forecasting that line or how you're communicating that to us, or is it more a function of market conditions

could you paint a picture of sort of non-crypto native participation today and how you would expect that to evolve in a backdrop where there is clearer regulation

where the flexibility exists on the lower side, if need be to ensure that profitable growth framework

other sources of customer growth when you're putting some more capital behind it, where does your mind go

with the close of the JV, can you give us a sense as to what the team is working on and from a product standpoint outside of a greater list of contracts

you mentioned the wealth transfer in your prepared remarks. And I'd just be curious to get your thoughts as to in that sort of longer arc opportunity where we are today

Just want to understand better as you've moved through the third quarter and early part of the fourth quarter, the mix of smart exchange routing and how that's sort of factored into the numbers

Can you talk a little bit about what you saw in the quarter and any effects you're seeing from smart exchange routing so far?

Could you just sort of speak to contribution margin and how you manage that line as you launch and scale new products

how you're thinking about the approach to deposit incentive offerings in '25?

can you maybe talk about or just sort of outline the product and go-to-market priorities around IES in '26?

could you maybe just talk about the Consumer Group result, as you noted, better than guided?