Arnav Pagidyala

If you base it on future revenues, maybe that's a valuation for Ether, the asset.

Others say it should be worth like $30,000 if you value it as a store of value and say it's kind of the next Bitcoin or something similar to Bitcoin that maybe commands that type of value.

And the market has not really figured this out yet.

Do you have a take on that?

And do you think that's important going into 2026?

So Arnav, Coinbase has always had the advantage of being more crypto native than Robinhood.

Sometimes you can clearly see that's an advantage.

Sometimes that could be a liability.

Maybe you're making the case that it's somewhat of liability when it comes to content or creator coins, which is really Jesse is really doubling and tripling down on.

Jesse, of course, is one of the executives and leaders of the on-chain base layer two, the Coinbase supports and

You could see that influence in the design of the new Coinbase wallet.

It's very creator forward, let's say, creator coin forward.

It's less finance-y from the boring DeFi stuff, giving you yield and that sort of thing.

Do you think that was a mistake?

Would you rate Coinbase's on-chain strategy below Robinhood's on-chain strategy at this point?

This is another duopoly.

So you mentioned the Solana and Ethereum duopoly.

This is another one.

Is this what we're stuck with?

I suppose that's in particular to the U.S.