#bstockscis @BinanceCIS
#bstockscis Both get filed under "crypto-adjacent fintech." Their actual exposure to crypto couldn't be more different.
Robinhood diversified out 📉➡️📈 Crypto transaction revenue: $100M, down -38% YoY. Total net revenue: $1.308B, up +32% YoY. Do the division: crypto is now just 7.6% of the total book. What's carrying growth instead — 28.4M funded customers, Rothera prediction markets at $156M (10x YoY), Stock Tokens live in 120+ countries. Crypto used to be the headline. Now it's a rounding error next to everything else HOOD built.
Circle can't diversify away from its number 🔒 Total revenue $701.315M, and $667.733M of it — 95% — is reserve income earned on USDC's backing assets. The reserve return rate already fell 66bps YoY to 3.5%. USDC circulation grew +25% YoY to $76.5B and still only produced a 5% revenue gain, because rate compression ate most of the volume growth. This isn't a business with a crypto-exposure line item to trim — the exposure is the entire income statement.
Same sector tag, opposite structural risk: HOOD chose to stop needing crypto to grow. Circle's whole model needs Fed policy to cooperate. 🏛️
Which structure would you rather hold through a rate-cutting cycle — a company with optionality, or one betting its main revenue line on rates staying where they are? Curious to hear your take. 🧵
@BinanceCIS #bStocksCİS $HOODB $CRCLB
#bstockscis Both get filed under "crypto-adjacent fintech." Their actual exposure to crypto couldn't be more different.
Robinhood diversified out 📉➡️📈 Crypto transaction revenue: $100M, down -38% YoY. Total net revenue: $1.308B, up +32% YoY. Do the division: crypto is now just 7.6% of the total book. What's carrying growth instead — 28.4M funded customers, Rothera prediction markets at $156M (10x YoY), Stock Tokens live in 120+ countries. Crypto used to be the headline. Now it's a rounding error next to everything else HOOD built.
Circle can't diversify away from its number 🔒 Total revenue $701.315M, and $667.733M of it — 95% — is reserve income earned on USDC's backing assets. The reserve return rate already fell 66bps YoY to 3.5%. USDC circulation grew +25% YoY to $76.5B and still only produced a 5% revenue gain, because rate compression ate most of the volume growth. This isn't a business with a crypto-exposure line item to trim — the exposure is the entire income statement.
Same sector tag, opposite structural risk: HOOD chose to stop needing crypto to grow. Circle's whole model needs Fed policy to cooperate. 🏛️
Which structure would you rather hold through a rate-cutting cycle — a company with optionality, or one betting its main revenue line on rates staying where they are? Curious to hear your take. 🧵
@BinanceCIS #bStocksCİS $HOODB $CRCLB