Coinbase Global Inc - Ordinary Shares - Class A

Regulatory: CLARITY Act momentum + “business as usual” if delayed - CEO Brian Armstrong said he’s optimistic CLARITY will reach a full Senate floor vote; negotiations are late-stage and the August recess is a forcing function. - Armstrong emphasized that even if CLARITY doesn’t pass, Coinbase expects to continue operating: regulators (SEC/CFTC leadership) have indicated they are poised to issue clear rules regardless. - Investor takeaway (good + risk): outcome uncertainty exists, but Coinbase is framing regulatory risk as manageable (company operationally prepared) while acknowledging consumers lose if durability/clarity takes longer.

USDC + stablecoin strategy: “multi-stablecoin platform” and continued Circle economics - CFO/COO (Alesia Haas) confirmed Coinbase has already met conditions for Circle’s USDC contract renewal, and it will renew on the same terms. - CEO explained Coinbase is building as a multi-stablecoin platform (not “all-in” on USDC alone), supporting major stablecoins (e.g., USDT, PYUSD, etc.) to capture customer preferences and optimize economic arrangements. - Opportunity: stablecoin network effects are key; Coinbase said USDC is #1 in regulated stablecoin transaction volume already, and it aims to improve USDC’s rank further on market cap/AUM.

Base ecosystem + AI/agentic commerce: trust and infrastructure matter, not just price - Armstrong claimed Coinbase/Base already leads in agentic activity (e.g., agentic finance and payments activity described as predominantly on Base), and said AI agents will still prioritize reliability, safety, liquidity, uptime, compliance—similar to humans. - He argued Base’s performance (sub-cent, sub-second settlement was cited) makes it competitive even for “cost/latency-optimized” agents. - Surprise: Coinbase is actively pitching trust/infrastructure as a moat that can transfer from retail to agentic users, rather than expecting agents to inevitably push the platform toward pure price competition.