Tokenized Equities & Regulatory Environment - Securitize's President discusses the rise of tokenized equities and the impact of the shifting regulatory environment in the U S [1] - Regulatory interest in security tokens is a key factor influencing the market [1] - The White House Digital Asset Report has implications for the industry [1] Tokenization & Market Potential - Vision for tokenized equities is being explored [1] - Demand for tokenized treasuries is present [1] - The path to one trillion in tokenized securities is a long-term goal [1] Elixir & Integration - Hamilton Lane integration with Elixir is noteworthy [1] Bitcoin ETFs & Systemic Risk - Reflections on Grayscale Bitcoin ETF are shared [1] - Discussion on SEC and in-kind redemption related to Bitcoin ETFs [1] - Systemic risk of Bitcoin treasury companies is considered [1]

Financial Data and Key Metrics Changes - Total revenue for the quarter was $1.5 billion, with a positive adjusted EBITDA of $512 million [4][14] - Net income was reported at $1.4 billion, which included a $307 million expense from a data theft incident and a $1.5 billion unrealized gain on strategic investments [21][22] - Adjusted net income was $33 million, reflecting the exclusion of certain gains and losses [22] Business Line Data and Key Metrics Changes - Consumer spot trading volume decreased by 45% to $43 billion, while consumer trading revenue fell by 41% to $650 million [17][19] - Institutional spot trading volume was $194 billion, down 38%, with institutional transaction revenue also declining by 38% to $61 million [18] - Subscriptions and services revenue reached $656 million, with growth in USDC, staking, and custody assets [19] Market Data and Key Metrics Changes - Crypto asset volatility declined by 16%, with Bitcoin's average price increasing by 6%, while non-Bitcoin asset market cap decreased by 11% [15] - Total trading volume dropped by 40%, influenced by a strategic price change in stable pairs [16] Company Strategy and Development Direction - The company aims to become the leading financial services platform globally, focusing on trading, custody, payments, and more [5][10] - The "Everything Exchange" concept is being developed to facilitate trading across all asset classes on crypto rails, with plans to integrate decentralized exchanges into the Coinbase app [6][8] - The company is also expanding its payment solutions, emphasizing stablecoin payments as a significant growth area [10][11] Management's Comments on Operating Environment and Future Outlook - Management noted that regulatory clarity is improving, which is expected to enhance the adoption of crypto solutions [12] - The outlook for Q3 is positive, with July transaction revenue estimated at $360 million and subscription revenue projected to increase by approximately 8% quarter over quarter [23] Other Important Information - The company has over 240 businesses utilizing its crypto as a service capabilities, including partnerships with major financial institutions [11][38] - A significant focus is placed on enhancing customer service and security measures following a data breach incident [102][105] Q&A Session Summary Question: How does Coinbase plan to implement tokenized securities? - Management expressed excitement about tokenized securities, highlighting the potential for global distribution and real-time settlement [25][27] Question: What is the projected growth for the Base app? - The Base app is in beta with a waitlist of 700,000 users, aiming to create a super app for decentralized identity and content monetization [31][33] Question: What are the strategic goals behind the partnership with PNC Bank? - The partnership aims to expand market access for companies entering crypto, leveraging Coinbase's infrastructure as a service [37][38] Question: How does Coinbase view its role in the payments landscape? - Coinbase is not directly competing with Visa and Mastercard but is focused on providing decentralized payment solutions that lower costs for businesses [52][56] Question: What are the economics behind adding decentralized exchanges to the platform? - Monetization will occur through trading fees at the brokerage layer, with potential additional revenue from sequencer fees on decentralized exchanges [92][93]

Tokenized Equities - The document inquires about the current holdings of xStocks (tokenized equities) onchain [1]

Regulatory Stance - Citadel Securities 反对代币化股票的豁免，认为它们应该受到与传统证券相同的监管标准约束 [1] - 该公司警告称，代币化股票可能会从传统市场吸走流动性，并模糊投资者对发行人的理解 [1]

Regulatory Stance - Citadel Securities opposes exemptions for tokenized equities, advocating for regulation under traditional securities standards [1] - The firm warns that tokenized equities could drain liquidity from traditional markets [1] - The firm expresses concern that tokenized equities could confuse investors about issuers [1]

internet capital markets, powered by solanaxStocks (@xStocksFi):Shipping so much we skipped over the $100m mark.xStocks have crossed $300m in Total Transaction Volume Onchain, a testament to the demand for tokenized equities.And we're only just beginning. Now to double it. https://t.co/cVnUdZxeoY ...

Backed xStocks Explained: On-Chain Experiments and Breakthrough Paths in Tokenized EquitiesxStocks tokens are essentially structured as debt instruments (corporate debt) that track the underlying assets, rather than equity tokens. Since issuing debt to track underlying assets does not require custodial licensing, the issuer of Backed’s products is an SPV, which itself does not possess distribution qualifications. Read more: https://t.co/GbiErW484v ...

Partnerships & Listings - xStocks 与 Bitget 合作，在全球范围内上市代币化股票 [1]

Regulatory Stance - SIFMA urges SEC to reject requests for exemptive relief regarding crypto tokenized equities trading [1] - The industry group believes structural changes like tokenized equities trading should undergo proper notice and comment processes [1] - SIFMA argues against immediate no-action relief for such changes [1]

Core Viewpoint - OpenAI has clarified that the "OpenAI tokens" offered by Robinhood are not actual equity of OpenAI and that there is no partnership or involvement between the two companies regarding this product [1][2]. Group 1: OpenAI's Position - OpenAI stated that any transfer of its equity requires company approval, which was not granted in the case of the tokens offered by Robinhood [1][2]. - The company advised users to exercise caution regarding the tokens, emphasizing that they do not endorse or support the product [2]. Group 2: Robinhood's Initiative - Robinhood announced the launch of tokenized shares as part of a broader initiative involving tokenized equities, staking, and blockchain infrastructure [3]. - A spokesperson from Robinhood mentioned that these tokens provide retail investors with indirect exposure to private markets, facilitated by Robinhood's ownership stake in a special purpose vehicle [3]. Group 3: Market Reactions - Following the announcement of the tokenized shares, Robinhood's stock reached a new all-time high, reflecting positive market sentiment [4]. - KeyBanc Capital Markets raised its price target for Robinhood's stock from $60 to $110, citing innovation and total addressable market (TAM) expansion as key drivers for the upgrade [5]. - Despite the positive outlook, Robinhood shares experienced a slight decline of 1.71% to $96.30 in extended trading on Wednesday [5].