Robinhood Earnings
Robinhood (HOOD) reported Q2 revenue of $989 million, up 45% YoY and above the $921.5 million estimate. Net income rose to $386 million, or $0.42 per share, also beating expectations. Moving to crypto specifically, crypto trading revenue increased 98% YoY to $160 million, but was down 37% from Q1. This was to be expected, though, as trading volumes across the entire market were down significantly last quarter, as we also saw with Kraken’s earnings, and we expect to see with Coinbase’s earnings at market close today. Overall, the company continues to crush it. Read more →
ETH Treasuries Cross $10 Billion
Yesterday, as Ethereum celebrated its 10th birthday, the asset also crossed another milestone… the total value of ETH held by treasury companies crossed $10 billion (2.7 million ETH). The amazing thing truly is how quickly this has occurred, with holdings more than doubling over the last three weeks. If we see the ability for ETH treasury companies to offer staking yields, we would expect this trend to accelerate. How best to play it? Like always, you have a couple of options:
Buy the underlying asset – ETH.
Buy a treasury company. As it stands, BitMine (BMNR) is currently the largest.
Another option is just to buy a company such as Coinbase (COIN), which is not only the 6th largest holder of ETH, but acquires more each quarter from profits (more than 21k ETH last quarter).
SEC Approves In-Kind Creations and Redemptions for Crypto ETPs
The SEC announced this week that it has ended its cash-only rule for crypto exchange-traded products (ETPs), voting to allow authorized participants create and redeem ETF shares in-kind – by swapping them directly for the underlying crypto asset. While this doesn’t impact investors much, it does bring the funds closer in line with how traditional commodity ETFs operate and slashes frictions that had irked issuers since spot Bitcoin products launched last year. Read more →
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