Trump Bros’ WLFI Shook as Hackers Infiltrate - Moby BREAKING NEWS World Liberty Financial (WLFI), the Trump family’s crypto venture and issuer of the USD1 stablecoin, had a bumpy start to the week. The company said there was a “coordinated attack” on the credibility of its platform. Hackers didn’t go after the platform for money, but instead went after key co-founder social media accounts, hired “FUD” influencer campaigns, and opened a short position on the actual WLFI token. Oh, and USD1, their stable ...

Core Insights - Coinbase Global, Inc. reported a fourth-quarter 2025 net operating earnings per share of 66 cents, missing the Zacks Consensus Estimate by 28.2%, and reflecting an 80.4% year-over-year decline, with a net loss of $2.49 per share [1] Operational Update - Total revenues for the quarter were $1.7 billion, missing the Zacks Consensus Estimate by 0.6%, and declining 21.5% year over year due to lower transaction revenues [2] - Total transaction revenues fell 36.8% year over year to $982.7 million, attributed to decreased consumer transaction revenues [2] - Subscription and services revenues increased 13.4% year over year to $727.4 million, driven by higher stablecoin revenues [3] - Total other revenues decreased 4.7% to $71 million [3] - Adjusted EBITDA was $566 million, reflecting a 56% year-over-year decline [3] Financial Update - As of December 31, 2025, Coinbase had cash and cash equivalents of $11.3 billion, up 21.2% from the end of 2024 [5] - Long-term debt increased 40.2% from 2024-end to $5.9 billion [5] - Shareholders' equity was $14.8 billion, up 44% from 2024-end [5] - Net cash provided by operating activities was $2.4 billion in 2025, a decline of 21.8% year over year [5] Q1 2026 Outlook - Coinbase expects subscription and services revenues to be between $550 million and $630 million, influenced by lower average USDC market capitalization and interest rates [6] - Technology and development, along with general and administrative expenses, are projected to be between $925 million and $975 million, remaining roughly flat quarter over quarter [6] - Sales and marketing expenses are expected to range from $215 million to $315 million [7] Full-Year Highlights - For the full year 2025, operating income per share was $4.45, down 53% year over year, missing the Zacks Consensus Estimate by 10.2% [10] - Total operating revenues doubled year over year to $7.1 billion but missed the Zacks Consensus Estimate by 0.8% [10] - Total trading volume grew 156% to $5.2 trillion in 2025 [10]

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Core Insights - Coinbase is currently experiencing a temporary disruption affecting users' ability to buy, sell, or transfer digital assets, but assures that all funds remain secure [1][2][3] Service Disruption - The disruption was confirmed by Coinbase on its official Twitter support channel, indicating that the team is investigating the issue and will provide updates [2][3] - The outage is described as temporary, with no long-term risks to user accounts or funds indicated at this time [3] Market Sentiment - The incident occurs just before Coinbase's Q4 2025 earnings report, with market sentiment being cautious to bearish due to expectations of a decline in key metrics amid lower trading volumes and asset prices [5] - Analysts have downgraded COIN stock, predicting that Coinbase may struggle to meet Q4 earnings forecasts [6]

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Core Viewpoint - Robinhood's stock price has rebounded nearly 23% since its February 5 low, but underlying issues such as weak crypto activity and rising technical risks suggest this recovery may not be sustainable [1] Financial Performance - In 2025, Robinhood reported full-year revenue of approximately $4.5 billion, reflecting over 50% year-over-year growth, with net income nearing $1.9 billion [2] - Q4 revenue increased by 27%, and earnings per share exceeded expectations, driven by growth in options trading, interest income, and Gold subscriptions [2] Business Diversification - The company is becoming more diversified and stable, moving away from reliance solely on meme stocks and crypto trading [3] - Robinhood launched a public testnet for Robinhood Chain, an Ethereum Layer 2 network aimed at supporting tokenized stocks and DeFi tools, indicating a long-term growth strategy [3] Crypto Revenue Decline - Crypto revenue fell 38% year-over-year to about $221 million, attributed to Bitcoin's decline and reduced trading volumes, negatively impacting total revenue [4] - Q4 sales missed analyst estimates by approximately $50 million, leading to a decline in stock price post-earnings [4][5] Market Sentiment and Technical Risks - Following earnings, Robinhood's stock fell around 7% in extended trading, highlighting investor concerns regarding crypto as a significant risk [5] - The stock price broke below a falling channel on February 2, indicating a potential 30% breakdown, with ongoing crypto-related weakness threatening to push prices lower [6][8] Investor Caution - Money flow indicators, such as Chaikin Money Flow (CMF), suggest that large investors remain cautious, indicating a lack of accumulation and potential exit from the stock [9]

Core Insights - Robinhood's shares fell 10% after Q4 revenue missed estimates, primarily due to a significant decline in crypto trading [1] - The company reported Q4 earnings per share of $0.66, exceeding expectations of $0.63, but revenue was $1.28 billion, below the forecast of $1.33 billion [1] - Crypto revenue dropped 38% year-over-year to $221 million, heavily impacting overall results [1] Revenue and Earnings - Transaction revenue was $776 million, falling short of expectations, driven by the decline in crypto revenue [3] - Net interest revenue of $411 million also missed estimates due to weaker securities lending and lower yields [3] Analyst Ratings and Price Targets - JPMorgan reduced its price target for Robinhood from $130 to $113 while maintaining a neutral rating, citing tougher comparisons for 2025 [2] - Compass Point's Ed Engel cut his price target from $170 to $127 but maintained a Buy rating, noting solid momentum in January KPIs despite the weak Q4 [4] Future Outlook - Engel highlighted Robinhood's guidance for 2026 operating expenses to grow by 18%, indicating spending for product expansion in areas like crypto and DeFi [5] - The decline in crypto take rate by 3 basis points quarter-over-quarter in Q4 and an additional 5 basis points in early 2026 was noted, as higher-volume traders dominate the mix [6] - Potential long-term tailwinds include internalization of prediction markets and possible mega-IPOs from companies like SpaceX and OpenAI [5]

Core Viewpoint - Robinhood's shares declined in after-hours trading due to concerns regarding crypto trading impacting the company's fourth-quarter sales and a forecasted significant increase in spending for the year [1] Group 1: Company Performance - The trading app's fourth-quarter sales were negatively affected by caution surrounding crypto trading [1] - The company anticipates a substantial rise in expenditures for the upcoming year [1] Group 2: Market Reaction - Following the announcement, Robinhood's shares experienced a drop in after-hours trading [1]

Core Viewpoint - Coinbase Global Inc. is experiencing increased trading activity as the crypto market recovers, but the company's financial growth is becoming more complex due to a shift in revenue composition [1][2]. Group 1: Trading Activity Recovery - Crypto price volatility and higher spot trading volumes have led to increased activity on major exchanges, including Coinbase, as both retail and institutional traders return to the market [3]. - Coinbase's recent quarterly report shows a significant increase in total trading volume compared to the previous quarter, with transaction revenue rising alongside it due to higher levels of trading in major assets like Bitcoin and Ethereum [4]. Group 2: Revenue Composition Changes - While transaction revenue has increased, the fastest-growing segment for Coinbase is subscription and services revenue, which includes blockchain rewards, custody fees, and stablecoin-related income [6]. - This shift indicates a strategic pivot by Coinbase to reduce reliance on volatile trading commissions and build more predictable revenue streams [7]. Group 3: Revenue Quality and Valuation - Rising trading volume typically indicates higher revenue per user, but if revenue growth is increasingly driven by services rather than trading, it may suggest that fee intensity per trader is flattening [9]. - Coinbase's valuation has historically been linked to its ability to monetize trading activity at scale, and if trading becomes more competitive, higher volume may not lead to increased profitability [10]. Group 4: Market Perception and Stock Performance - Despite internal shifts in revenue composition, Coinbase's stock continues to trade in line with broader crypto market sentiment, suggesting that many investors view it primarily as a leveraged bet on crypto trading volumes [13]. - This perception risks overlooking structural changes in Coinbase's business model, which could lead to a more stable earnings profile if the company successfully builds a larger base of recurring revenue [14]. Group 5: Regulatory Environment - Coinbase's evolving revenue mix is occurring alongside rising regulatory scrutiny, particularly regarding its product offerings related to derivatives and staking services [16]. - Legal challenges could impact the segments Coinbase relies on for diversification, making the quality of revenue increasingly important [17]. Group 6: Future Outlook - The next few quarters will be critical in determining whether Coinbase's revenue shift strengthens or weakens its investment case, with key metrics to watch including the share of revenue from transaction fees versus services and trends in active users [20]. - If recurring revenue grows without significantly compressing margins, Coinbase could become less dependent on the volatility of crypto trading cycles [21]. Group 7: Evolving Business Model - Coinbase is transitioning from a volume-driven business to a more complex financial platform, with earnings influenced by various factors including crypto prices, interest rates, and regulatory policies [22]. - For traders, Coinbase may still act as a proxy for crypto market momentum, but for long-term investors, the focus should be on whether the company can convert higher engagement into sustainable, high-quality earnings [23].

Deutsche Börse Group’s FX and digital assets unit 360T has announced a partnership with Austrian crypto platform Bitpanda aimed at expanding institutional access to crypto trading across Europe. In a press release shared with CryptoNews the firm said the deal brings together Bitpanda’s digital asset infrastructure with 3DX, 360T’s MiCA-regulated crypto-asset trading platform as financial institutions increasingly look for regulated routes into digital assets. The companies said the partnership will supp ...