Robinhood’s crypto rebound comes with a catch
Robinhood’s Q3 crypto revenue rose 20% from the previous quarter to $120 million, but the improvement came from its new blockchain business. Robinhood Chain, which sparked a brief memecoin frenzy, contributed $26 million. But when excluding that, crypto trading revenue fell 6% to $94 million, even as trading volume increased. Total crypto revenue also remained 55% below last year’s level. Prediction markets continued to outperform crypto on revenue, bringing in $173 million, up 11% from Q2. Across Robinhood, revenue reached a record $1.42 billion, up 12% year over year, while net income fell 14% to $476 million. Read more →
Bitwise predicts bitcoin price to $1.6 million by 2036
In a report released this morning, the very influential crypto asset manager forecasts annualized returns of 34.3% over the next decade. That compares with its projections of 6.7% for U.S. stocks and 10.8% for private equity. Bitwise expects the rise to be generated by institutional demand for hard-asset exposure as a hedge against inflation and debasement risk. Read more →
Tokenized stocks hit a snag
JPMorgan, AMD, Coca-Cola and four other companies have joined the pushback against OKXICE, the tokenized-stock platform planned by crypto exchange OKX and NYSE owner Intercontinental Exchange. 33 companies have now objected, preventing the venue from offering blockchain-based versions of their shares under the SEC’s temporary exemption. Separately, the exemption is drawing scrutiny over which blockchains qualify. Critics want clearer limits on who can control transactions or change a network’s rules. For investors, both disputes matter – they affect which stocks will be available and who has power over the systems processing their trades. Read more →
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