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 ...

目前，已有少数公司在区块链(一种可作为共享数字账本的软件)上发行了实验性股票代币，但大多数代 币化股票仍与上市公司挂钩，由Ondo Global Markets、Dinari等第三方机构发行。部分代币与标的股票 实现1:1资产背书，另有部分则通过衍生品为投资者提供经济风险敞口。 对于股票代币应适用何种监管规则，业内尚未达成共识，不同产品提供的投资者权利与保护措施也存在 差异。通常情况下，这类产品不赋予投资者所有权、投票权或传统股息收益，反而会让投资者面临来自 代币发行方的交易对手风险。 智通财经APP获悉，多家加密货币公司正竞相推出与股票挂钩的代币产品，这一趋势正引起传统金融机 构和监管专家的警惕。他们警告，这类快速增长的新型金融产品可能会对投资者和市场稳定性构成风 险。 在美国总统特朗普对加密货币的支持立场及其政府推动友好监管政策的推动下，加密货币行业正抓紧机 会，借全球范围内对该领域日益高涨的热情抢占市场。 Robinhood(HOOD.US)、Gemini(GEMI.US)、Kraken等公司已在欧洲推出股票代币化产品;而 Coinbase(COIN.US)、Robinhood以及初创公司Dinari则 ...

Circle涨超2%，Robinhood涨超4%，Coinbase涨近1%。消息面上，据The Information，美国证券交易委 员会(SEC)正制定一项计划，允许股票像加密货币一样在区块链上交易，但该计划正面临Citadel证券等 传统金融公司的强烈反对。SEC与行业代表讨论该计划，如果计划获得通过，投资者将可以购买代币化 股票。(格隆汇) ...

Core Insights - The U.S. Securities and Exchange Commission's cryptocurrency working group met with the New York Stock Exchange and Intercontinental Exchange to discuss cryptocurrency regulation, including cryptocurrency derivatives and tokenized stock trading [1] Group 1 - The meeting focused on regulatory frameworks for cryptocurrency, indicating a proactive approach by regulatory bodies [1] - Discussions included the implications of cryptocurrency derivatives, which could impact market dynamics and investor participation [1] - Tokenized stock trading was also a key topic, highlighting the growing intersection between traditional finance and digital assets [1]

Core Viewpoint - The European Securities and Markets Authority (ESMA) warns that tokenized stocks based on blockchain technology may mislead investors into believing they are investing in actual company shares, while they are merely investing in virtual assets linked to stock prices [1] Group 1: Regulatory Concerns - ESMA's Executive Director Natasha Cazenave highlighted that tokenized stocks are virtual assets tied to the price of listed company shares, not actual company stocks [1] - Cazenave emphasized that several fintech companies have developed tokenized stock products that can be fragmented and traded 24/7, but these do not confer shareholder rights [1] Group 2: Investor Rights - Investors in tokenized stocks typically do not become shareholders of the underlying companies and lack traditional shareholder rights such as voting and dividend rights [1] - The promotion of tokenized "stocks" may lead to specific risks of misunderstanding among investors, necessitating clear communication and certain trading safeguards from regulators and the industry [1] Group 3: Market Activity - U.S. brokerage Robinhood has issued tokenized stocks in the EU, while cryptocurrency exchange Coinbase is also exploring this market [1]

Core Insights - Real World Assets (RWA) are becoming a focal point in the financial landscape, particularly highlighted at the Bitcoin Asia conference in Hong Kong [1] - The potential market for RWA is estimated to be in the trillions, with the possibility of emerging industry giants [2] - The future of Hong Kong's stablecoin is viewed positively, with potential advantages over US dollar stablecoins [3] Group 1: RWA Market Potential - RWA is seen as a highly promising sector, capable of bridging on-chain and off-chain assets, allowing traditional assets like stocks and bonds to enter the blockchain space [2] - The total market for RWA could reach a trillion-dollar scale, with the potential emergence of 100 industry giants [2] Group 2: Tokenized Stocks Risks - The key risk associated with tokenized stocks lies in the ability to ensure 1:1 redemption and dividend distribution [2] - Authentic tokenized stocks must demonstrate consistent dividend payments and respond to corporate actions like stock splits to validate their legitimacy [2] Group 3: Hong Kong Stablecoin Outlook - Hong Kong's stablecoin is anticipated to have greater potential than US dollar stablecoins due to the credibility of its issuers [3] - The Hong Kong dollar's linkage to the US dollar, along with its role as a bridge for investments in mainland assets, positions it as a "hub asset" [3] - The development of RWA is crucial for the integration of traditional finance and the crypto world, although challenges in compliance, transparency, and technology remain [3]

Core Insights - The rise of technology is profoundly reshaping the financial landscape, with the integration of technology and finance driving innovation and providing essential support to the real economy [1][2] - Asset tokenization (RWA) is transitioning from a technical concept to practical financial applications, becoming a forefront topic in global financial innovation [1][5] - The RWA market has reached a scale of $25 billion, indicating rapid growth and increasing institutional penetration [5][6] Group 1: Asset Tokenization - RWA market size surpassed $25 billion by Q2 2025, reflecting trends of accelerated institutional involvement and regulatory improvements [6] - Asset tokenization enhances asset pricing and trading efficiency, offering features like programmability, divisibility, and composability, while supporting 24/7 peer-to-peer atomic settlement [6][10] - The ease of tokenization varies by asset type, with highly liquid and transparent assets being easier to tokenize compared to complex legal and illiquid assets [6][7] Group 2: Risks and Challenges - Two primary risks in asset tokenization include the potential for misrepresentation of real-world assets before they are tokenized and the allowance of excessive leverage and complexity in tokenized transactions [8][9] - Financial regulation must focus on transparency in asset design and trading structures to mitigate risks associated with asset tokenization [9][15] Group 3: DeFi and Future Implications - The emergence of decentralized finance (DeFi) is seen as a foundational element for financial activities in the virtual world, potentially leading to unprecedented disruptions in traditional financial systems [10][12] - DeFi can address issues like information asymmetry and market inefficiencies, providing reliable financial services to unbanked populations and enabling investments in previously inaccessible markets [12][14] - The potential for traditional financial institutions to face disintermediation is significant, as asset tokenization may lead to a shift away from conventional capital markets [14][15]

Group 1 - President Trump announced the immediate dismissal of Federal Reserve Governor Lisa Cook due to alleged false statements in mortgage documents, claiming it undermines public trust in the integrity of the Federal Reserve [1] - Trump Media Group, Cryptocom, and Yorkville have reached a business merger agreement to establish Trump Media Group CRO Strategy Inc, raising approximately $6.42 billion to create a CRO digital asset treasury company, focusing on large-scale purchases and staking of CRO tokens [1] - The UAE government holds over $740 million in Bitcoin, making it the fourth-largest government holder of Bitcoin globally, with the BTC sourced from mining operations rather than law enforcement seizures [3] Group 2 - The China International Capital Corporation (CICC) indicated that Fed Chair Jerome Powell's speech at the Jackson Hole meeting, perceived as a dovish signal for monetary easing, does not guarantee the sustainability or extent of interest rate cuts [2] - National Committee member Yao Zhisheng emphasized that Hong Kong should strive to become a global center for stablecoin issuance, leveraging its status as an international financial hub and the largest offshore RMB business center [4] - The World Federation of Exchanges (WFE) called for enhanced regulation of tokenized stocks, warning that they could harm investor interests and market integrity by mimicking stocks without providing shareholder rights [4]

Core Viewpoint - The World Federation of Exchanges (WFE) has urged regulatory bodies such as the SEC, ESMA, and IOSCO to enhance regulations on "tokenized stocks," highlighting potential risks to investor interests and market integrity due to the lack of shareholder rights and market protection mechanisms [1] Group 1 - WFE's letter emphasizes that some platforms are marketing these products as "US stock tokens" or "equivalent to stocks," while they do not actually represent stocks [1] - The promotion of tokenized stocks without proper regulatory oversight could lead to reputational risks for the associated listed companies [1]

Core Viewpoint - Coinbase is undergoing a significant strategic transformation to become an "everything exchange," planning to move all assets, including stocks, derivatives, and prediction markets, onto the blockchain for trading [1][3][10]. Group 1: Strategic Expansion - The CEO Brian Armstrong announced on social media that Coinbase aims to consolidate all trading assets in one place, emphasizing the inevitability of assets moving on-chain [3][5]. - The company plans to introduce tokenized equities as a key next step, viewing the $100 trillion traditional stock market as a prime opportunity for blockchain transformation [10][11]. - Coinbase's expansion strategy aims to provide a unified platform for trading diverse assets, moving beyond traditional cryptocurrency trading pairs [11][12]. Group 2: Competitive Landscape - This initiative intensifies competition with other platforms like Robinhood, Gemini, and Kraken, which have already opened tokenized stock products to users outside the U.S. [12]. - Coinbase's goal is to become a top financial services application within the next decade, as stated by its CEO [12]. Group 3: Regulatory Environment - Recent changes in the regulatory environment are encouraging Coinbase to accelerate its diversification efforts, with clearer guidelines on stablecoins and a more defined digital asset regulatory framework [13][14]. - Despite a 26% decline in revenue in Q2, the company views these developments as catalysts for growth, with a 12% increase in stablecoin activity revenue partially offsetting weaker trading income [14][15]. - The launch of the "Base App" indicates Coinbase's shift from a cryptocurrency trading platform to a comprehensive financial services provider, aiming to redefine the boundaries of digital asset trading in a supportive regulatory environment [15].