Research Reports 24 reports

Robinhood is the leading retail trading platform with 24M+ funded accounts and rapidly growing crypto revenue. As retail investors rotate into crypto, Robinhood's zero-commission model and wallet product position it to capture disproportionate transaction volume — with crypto now representing 30%+ of net revenues.

Block Inc. builds financial tools including Cash App, with significant Bitcoin treasury holdings and crypto trading services. Cash App processes billions in Bitcoin transactions annually, TBD (Wallet) builds open-source Bitcoin infrastructure, and Block holds 8,000+ BTC on its balance sheet — making SQ a diversified bet on Bitcoin's role in mainstream finance.

Coinbase is the only publicly traded, fully regulated US crypto exchange. Our sum-of-parts analysis values the exchange at $28B, staking/custody at $8B, and Base L2 at $12B. At $380 per share, Coinbase reflects fair value for a business that will benefit disproportionately from US regulatory clarity and the next retail wave.