Robinhood doubles revenue in Q3 earnings

The recent addition to the S&P 500 is now its top-performer in 2025. Q3 earnings reported yesterday showed the company beating on both earnings and revenue while it produced $556 million in net income. The company now has 11 different business lines generating $100 million annually, including prediction markets which produced more revenue in October that that of the entire previous quarter.

Robinhood shares have now soared nearly 450% since Trump won last November, making it the biggest gainer among companies that were worth at least $10 billion. And while the company is no doubt delivering, valuations are beginning to be questioned as the stock trades at 62 times future earnings, compared to an average of 22 among similar platforms. Read more →

As companies like Stripe, SpaceX, and Open AI continue to stay private even at huge valuations, giving retail investors access to them is becoming competitive.

While all of these companies allowed investors to get access to private company stock through traditional investments, the question is whether they will follow the trend of “tokenized shares.” If so, this entire asset class may begin to move onchain.

NYSE-listed Sequans (SQNS) just became the first of ~200 bitcoin treasury companies to sell, unloading ~1,000 BTC at a loss to cut some of its debt. Now, it still holds just over ~2k BTC, with the CEO calling the move “tactical” and reaffirming long-term conviction. But that’s still enough to instill some fear among investors. As we’ve reported previously, many of these DATs are heavily in debt and continue to underperform, stoking concern that more could be forced to sell their holdings to stay afloat. As Coinbase’s David Duong points out, we also haven’t seen many bitcoin treasury buyers – outside of Strategy – since the Oct. 10 drawdown. Read more →

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