Ethereum (ETH) emerged as the frontrunner in crypto’s third-quarter recovery, leaving bitcoin (BTC) behind as capital flowed into altcoins, DeFi protocols, and a new wave of tokenized assets, a report by CoinCecko found. The broader market added over half a trillion dollars in value, its second straight quarter of meaningful growth, but this time, it wasn’t bitcoin leading the charge. Instead, investors looked to ethereum (ETH) and other large-cap tokens to carry momentum forward, a report by CoinCecko fo ...

Core Insights - The Federal Reserve's rate-cut cycle presents both challenges and opportunities for Robinhood Markets, with lower interest rates impacting net interest revenues while rising retail trading activity and new revenue streams may provide offsets [1] Financial Performance - Robinhood reported a record $647 million in net interest revenue (NIR) for the first half of 2025, a 20% increase year over year, driven by high client cash balances and margin loans [2] - A 25-basis-point cut in rates could reduce quarterly revenue by approximately $40 million due to falling sweep yields and margin rates [2] - Approximately 59% of Robinhood's total revenues in the first half of 2025 came from transaction-based activities, which may counterbalance lost NIR as trading volumes in stocks, options, and crypto are expected to rise [3] Business Diversification - Robinhood's diversification strategy includes the Bitstamp acquisition, rollout of tokenized assets, and international expansion, which broadens its customer and revenue base [4] - Recurring subscription revenues from Robinhood Gold continue to scale, providing a more stable earnings stream [4] - The company's ability to balance trading, subscriptions, and global fintech services will be crucial in a lower-rate environment [5] Peer Comparison - Interactive Brokers and Charles Schwab are also expected to see reduced net interest income (NII) due to lower interest rates, with Interactive Brokers estimating a $73 million annual NII reduction for every 25-basis-point cut [6][7] - Schwab's NII accounts for over 50% of its total revenues, making it more sensitive to rate changes, although diversification into commission and advisory revenues may help mitigate impacts [7] Stock Performance and Valuation - Over the past year, Robinhood's shares have increased by 419.9%, significantly outperforming the industry average of 50.9% [8] - Currently, Robinhood's shares trade at a price-to-tangible book (P/TB) ratio of 14.77X, compared to the industry average of 3.06X, indicating a substantial premium [10] Earnings Estimates - The Zacks Consensus Estimate for Robinhood's earnings implies year-over-year growth of 47.7% for 2025 and 18.2% for 2026, with revised estimates of $1.61 and $1.90, respectively [11]

Business Model - Collector Crypt 将交易卡转化为具有内置流动性的代币化资产 [1] - Collector Crypt 通过 $CARDS 和 Gacha 驱动的商业模式，将实体卡片收集游戏化 [1]

New Investment Opportunity - Bitget Onchain officially supports limit orders for Ondo Finance tokenized assets [1] - 105 Real World Asset (RWA) tokens are available for investment [1] Trading Benefits - Zero gas fees when using USDC for trading [1]

Partnerships & Collaborations - SBI Group, a $200 billion financial giant in Japan, is partnering with Chainlink [1] Key Focus Areas - The collaboration aims to facilitate tokenized assets [1] - Cross-border payments are a key area of focus [1] - Stablecoin verification is another important aspect of the partnership [1]

Core Viewpoint - Coinbase Global Inc reported disappointing second-quarter earnings, leading to a decline in its stock price amid a busy earnings season [1] Group 1: Earnings Performance - Coinbase's revenues contracted 26% sequentially to $1.497 billion, while adjusted EBITDA declined by 45% to $512 million [2] - The company's earnings per share, excluding one-time items, were $1.45, missing the consensus estimate of $1.52 [4] - Total revenues of $1.50 billion missed consensus by 6%, although transaction revenues were slightly higher than estimates [11] Group 2: Market Position and Volumes - Industry trading volumes declined 26% sequentially, while Coinbase's volumes were down 40%, indicating a loss of market share [3] - The company highlighted a favorable macro backdrop for crypto markets, with July trading revenue of $360 million suggesting a run rate higher than expectations for the third quarter [5][12] Group 3: Analyst Ratings and Price Targets - JPMorgan maintained a Neutral rating and reduced the price target from $404 to $342 [2] - Goldman Sachs reaffirmed a Neutral rating but raised the price target from $305 to $348 [4] - Needham reiterated a Buy rating and raised the price target from $270 to $400, citing product expansion and opportunities within USDC [6] - Canaccord Genuity maintained a Buy rating with a price target of $400 [8] - Rosenblatt Securities reiterated a Buy rating and set a price target of $470 [11] Group 4: Future Outlook - Analysts expressed concerns about the growth in general and administrative expenses and technology development costs, but noted a strong recovery in crypto volumes in July [7] - The company is seen as a preferred partner for traditional finance players looking to enter the crypto space, supported by an improving regulatory landscape [9][10]

On-Chain Finance Adoption - Banks are potentially adopting on-chain solutions [1] - Westpac and Imperium Markets are using Chainlink for settling tokenized assets in Australia via Project Acacia [1] Technology & Partnerships - Chainlink is facilitating the settlement of tokenized assets [1]