证券研究报告 | 行业专题研究 gszqdatemark 2025 10 10 年 月 日 通信 Robinhood Markets（HOOD.O）：加密资产业务的第二曲线 公司概况：Robinhood Markets, Inc 由两名斯坦福大学毕业生 Vladimir Tenev 和 Baiju Bhatt 于 2013 年创立，总部位于美国，是一家提供股票、 ETF、期权和加密资产交易的金融科技公司。公司致力于推动"金融民主 化"，通过降低普通人参与投资的门槛，缩小散户投资者与机构投资者的 交易费用差距，使更多人能够参与股票投资活动。 加密资产业务发展历程：2018 年，公司推出比特币、以太坊与狗狗币交易 业务；2022 年，公司推出 Web3 钱包 Robinhood Wallet，允许用户将加 密资产自由转入或转出钱包，支持以太坊、Polygon、Arbitrum、Optimism 和 Base 等网络；2025 年 5 月，公司从立陶宛中央银行获得经纪许可证， 该许可允许其在整个欧盟范围内提供股票交易和其他投资服务，并使其能 够符合欧盟加密市场监管框架（MiCA）；2025 年 6 月 2 日，公司 ...

We came across a bullish thesis on Galaxy Digital on wallstreetbets subreddit by CheekEquivalent1277. In this article, we will summarize the bulls’ thesis on GLXY. Galaxy Digital's share was trading at $29.70 as of September 12th. GLXY’s trailing and forward P/E were 36.33 and 185.19 respectively according to Yahoo Finance. Galaxy Digital Holdings Ltd. (GLXY) stands out as a pioneering player in tokenized equities, holding a first-mover advantage and effectively a monopoly in offering tokenized versions ...

看得出 Solana 是很想在 meme 赌场的定位之外找到新的增长点了，PPI 之后价格表现有点猛。上周四凌晨 Moonshot 上线了一堆 xStocks @xStocksFi 的股票，涵盖 Coinbase、Meta、亚马逊、特斯拉等 60+ 只标的。通过和 Moonshot 合作，xStocks 利用 Solana 目前最大的优势也就是热钱多 + 流动性好，试图引入一部分 ms 的用户来交易 xStocks 发行的代币化股票Solana 的官推此前还发布过针对这一系列代币化股票的案例研究，里面介绍了完整的 60+ 股票列表除了 @Solana_zh 链之外，xStocks 还上线了以太坊，有一系列进展，“链上华尔街”的愿景有了一些实感，这下我们真可以说自己是尊贵的美股交易员了先来看核心数据：- 交易量突破 6 亿美元- 链上持有人 2.5 万- AUM 规模达到 4400 万美元- 在 CEX 端，已上线 Kraken、Bybit 等平台，总成交量突破 36 亿美元xStocks 的流动性正在快速逼近真实股票市场的活跃度，虽然目前来说流动性还是不及纳斯达克，但在圈内用户来说，总体来说代币化股票同时获得 ...

链上股票代币化平台在我看来解决的核心场景是避免传统高频交易 & 波段造成的高流水，并且也是目前很多项目方、公链都想尝试的新赛道。昨天晚上 Solana 上的 Moonshot 趁夜上了好几支股票，可见对于代币化股票的重视而这些代币化股票有一项比较大的问题在于安全性，不少人存在对于平台方面的质疑，担心买了股票之后这部分股票资产并非实际映射。这个 Ondo Wall Street 2.0 应该算是一种资产安全性比较强的解法了，Ondo 也已经算是老牌的合规项目方。平台上的代币化股票种类和多样性还是挺丰富，已经有数百支股票可以通过 Ondo 购买首发在以太坊主网上，虽然 gas 比较贵（现在也没那么贵了），但还是增加了更多以太坊生态的应用，也丰富了 Ondo 的生态Ondo Finance (@OndoFinance):1/ Wall Street 2.0 is here.Ondo Global Markets is now live, providing one of the largest-ever selections of tokenized U.S. stocks & ETFs onchain with ...

Group 1: Bitcoin and Cryptocurrency Market - Global spot Bitcoin ETFs currently hold 7% of the Bitcoin supply, approximately 1.5 million BTC [1] - Bitcoin's average decline in September is about 6%, with potential ETF fund outflows or stock market sell-offs possibly pushing BTC to around $100,000 [2] - Bitcoin's market capitalization has fallen below silver, ranking it as the 8th major asset globally, with a market cap of $2.183 trillion [6] Group 2: Regulatory Developments - The Hong Kong Monetary Authority has received 77 expressions of interest for stablecoin licenses, with only a few expected to be granted in the initial phase [1] - The European Securities and Markets Authority warns that tokenized stocks may mislead retail investors regarding ownership rights [2] - South Korea plans to share cryptocurrency transaction information with 47 countries to enhance tax transparency and prevent cross-border tax evasion [7] Group 3: Company Initiatives - RAK Properties in the UAE will start accepting cryptocurrencies like Bitcoin and Ethereum for international real estate transactions [3][5] - Zhong An Smart Life is collaborating with a licensed virtual asset operating platform in Hong Kong to explore cryptocurrency asset custody and configuration [7]

⑤ 【特朗普支持撤销ABC和NBC的新闻许可】近日，特朗普表示，支持联邦通信委员会（FCC）撤销对ABC和NBC的新闻许可。截至发稿，NBC母公司 康卡斯特集团下跌0.29%。 每经记者｜岳楚鹏 每经编辑｜金冥羽 兰素英 ① 【三大期指齐跌】道指期货跌0.20%、标普500指数期货跌0.22%、纳指期货跌0.31%。 ② 【中概股多数上涨】中概股多数上涨，截至发稿，阿里巴巴上涨3.62%，拼多多上涨3.9%，网易上涨5.4%，蔚来汽车上涨5.3%。 ③ 【英特尔盘前涨超3%】英特尔盘前上涨3.1%，此前，美国商务部长霍华德·卢特尼克确认，美国政府已获得英特尔公司10%的股份。 ④ 【澎泉思蓝宝集团以180亿美元收购欧洲咖啡商JDE Peet's】当地时间8月25日，美国汽水品牌胡椒博士母公司澎泉思蓝宝集团已同意收购荷兰咖啡集团 JDE Peet's，交易价值约180亿美元，此举旨在振兴这家美国公司疲软的咖啡业务。截至发稿，澎泉思蓝宝集团下跌3.17%。 校对|卢祥勇 ⑥ 【SpaceX取消最新星舰发射】当地时间8月24日，SpaceX取消了原定于当天的第十次星舰发射计划，原因是地面系统（指发射台及其周边支持起 ...

② 【中概股多数上涨】中概股多数上涨，截至发稿，阿里巴巴上涨3.62%，拼多多上涨3.9%，网易上涨 5.4%，蔚来汽车上涨5.3%。 ③ 【英特尔盘前涨超3%】英特尔盘前上涨3.1%，此前，美国商务部长霍华德·卢特尼克确认，美国政府 已获得英特尔公司10%的股份。 ④ 【澎泉思蓝宝集团以180亿美元收购欧洲咖啡商JDE Peet's】当地时间8月25日，美国汽水品牌胡椒博 士母公司澎泉思蓝宝集团已同意收购荷兰咖啡集团JDE Peet's，交易价值约180亿美元，此举旨在振兴这 家美国公司疲软的咖啡业务。截至发稿，澎泉思蓝宝集团下跌3.17%。 ⑤ 【特朗普支持撤销ABC和NBC的新闻许可】近日，特朗普表示，支持联邦通信委员会（FCC）撤销 对ABC和NBC的新闻许可。截至发稿，NBC母公司康卡斯特集团下跌0.29%。 ⑥ 【SpaceX取消最新星舰发射】当地时间8月24日，SpaceX取消了原定于当天的第十次星舰发射计划， 原因是地面系统（指发射台及其周边支持起飞的基础设施）出现问题。 ① 【三大期指齐跌】道指期货跌0.20%、标普500指数期货跌0.22%、纳指期货跌0.31%。 ⑦ 【全球主要证交所敦促 ...

Core Viewpoint - Robinhood reported a strong second-quarter performance, exceeding market expectations with a 45% year-over-year revenue growth, driven primarily by a significant increase in cryptocurrency revenue [1][5][4]. Revenue Performance - The total net revenue for the second quarter reached $989 million, surpassing analysts' average estimate of $921.5 million [5]. - Cryptocurrency trading revenue surged by 98% to $160 million, nearly doubling and just slightly below the analyst forecast of $162.1 million [5][6]. - The company's net profit also showed impressive growth, more than doubling to $386 million, equating to earnings of $0.42 per share [6]. Stock Market Reaction - Following the earnings report, Robinhood's stock price initially rose by 3.34% in after-hours trading, although it later turned to a decline of 0.7%. The stock has seen a cumulative increase of 185% year-to-date [7]. Future Outlook - Company executives expressed optimism about future performance, with CFO Jason Warnick noting a strong start to the third quarter, with net customer deposits accelerating to approximately $6 billion and robust trading activity [9]. Innovation in Cryptocurrency - Robinhood has accelerated its innovation in the cryptocurrency sector, launching "tokenized" stocks in June across 30 European countries for 150,000 customers, which CEO Vlad Tenev described as the largest innovation in the industry over the past decade [9][10]. Regulatory Scrutiny - The introduction of tokenized stock trading has attracted regulatory attention, with the Bank of Lithuania investigating Robinhood's stock token products, following strong opposition from companies like OpenAI [10]. Strategic Partnerships - Unlike many fintech companies pursuing bank licenses, Robinhood has opted to collaborate with banks. CEO Tenev indicated a preference for partnerships over obtaining a banking license, citing that the drawbacks outweigh the benefits [11]. - The company is working with Coastal Community Bank to launch bank-like products, reflecting a strategy to balance rapid expansion with compliance risks [12].

Core Viewpoint - Robinhood has gained significant attention in the market, with its stock price surging over 600% in the past year and a half, marking it as a standout performer in the U.S. stock market [1][2]. Group 1: Founders and Background - Vlad Tenev and Baiju Bhatt, the founders of Robinhood, have strong academic backgrounds in mathematics and computer science, with Tenev graduating from UC Berkeley and Bhatt from Stanford [5][7]. - Their experience in developing low-latency trading systems for hedge funds highlighted the disparity between financial institutions and retail investors, motivating them to create Robinhood to democratize finance [6][9]. - Robinhood was founded in 2013 during a period of public distrust towards large financial institutions, and it introduced a mobile app in 2014 that emphasized zero-commission trading and user-friendly design [9][10]. Group 2: Company Development and Industry Impact - Robinhood experienced rapid growth, with 1.8 million users by March 2021, and its zero-commission model forced traditional brokers to eliminate trading fees in 2019 [10]. - The company went public in 2021, reaching a market valuation of $32 billion, fulfilling its mission to make investing accessible to the general public [10][12]. - After achieving success, Tenev continued to lead Robinhood while Bhatt shifted focus to the space energy sector, founding Aetherflux [11][12]. Group 3: Business Model and Financial Performance - Robinhood's business model is centered around "financial democratization," offering services like stock, options, and cryptocurrency trading, with plans for further expansion into forex and margin trading [20][21]. - The company has diversified its revenue streams, with cryptocurrency trading accounting for over 25% of total revenue and experiencing a 100% year-over-year growth [15][16]. - Financial performance indicators show a total revenue of $927 million in Q1 2025, a 50% increase year-over-year, with a net profit margin of 48.8%, significantly higher than the industry average [15][16]. Group 4: Market Environment and Strategic Developments - Robinhood's stock price surged due to the announcement of tokenized stock services for European users, allowing for 24/5 trading and enhancing liquidity [14]. - The company is transitioning from a retail trading platform to a financial infrastructure disruptor, with plans to expand its services globally and integrate blockchain technology [27]. - The competitive landscape includes challenges from established players like Coinbase, with Robinhood's market share in cryptocurrency trading significantly lower [26]. Group 5: Future Outlook - Robinhood aims to enhance its position by expanding into Asian markets and improving its technology infrastructure, focusing on seamless asset conversion between traditional and crypto assets [27]. - The company is also exploring innovative products, including sports betting contracts and further integration of blockchain technology [25][27].

Market Overview - US stock indices closed higher, with the Dow Jones up 0.63%, Nasdaq up 0.47%, and S&P 500 up 0.52% [1] - The VIX index increased by 2.51% to 16.73, while the US dollar index fell by 0.5% to 96.77 [1] - The yield on the US 10-year Treasury bond decreased by 1.053% to 4.229%, with a spread of 50.6 basis points compared to the 2-year Treasury yield [1] - Spot gold rose by 0.87% to $3302.8 per ounce, and Brent crude oil increased by 0.3% to $66.59 [1] Industry & Stocks - Most sectors in the S&P 500 saw gains, with technology up 0.98%, communication up 0.79%, and real estate up 0.73%, while energy, materials, and semiconductors declined by 0.57%, 0.09%, and 0.07% respectively [1] - Chinese concept stocks mostly fell, with notable declines in JD down 1.3%, Li Auto down 1.31%, and Alibaba down 0.59% [1] Technology Sector - Major tech stocks mostly rose, with Apple increasing by 2.03% amid reports of considering external AI for Siri [2] - Nvidia rose by 0.15%, Microsoft by 0.3%, and Oracle by 3.99%, while Amazon fell by 1.75% and Tesla by 1.84% [2] - Robinhood launched tokenized stock products based on Arbitrum, expanding its crypto business [3] AI Developments - Apple is considering using external AI technologies from Anthropic or OpenAI to enhance Siri, marking a significant shift in strategy [4] - Meta announced a major restructuring of its AI department to focus on developing "superintelligence" systems [5][6] Corporate Investments - Luckin Coffee is investing 30 billion RMB in an innovation industrial park in Xiamen, which will become one of the largest coffee roasting facilities globally [7]