Morning Minute: Robinhood Posts Its Best Quarter Ever

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt.

GM!

Today’s top news:

• Crypto majors are flat but rebounding after FOMC; BTC at $64.8k
• SEC says it’s ready to make rules for crypto if Clarity Act fails
• Robinhood posts best quarter ever, 13 business lines have $100M+ revenue
• MoonPay launches new AI product ‘PayBox’ along with surprise airdrop
• Binance US plans to enter prediction market space, applies for DCM status

📊 Robinhood Posts Its Best Quarter Ever

Robinhood reported the best quarter in its history on Wednesday. They recorded net revenue of $1.31 billion, up 32% from a year ago, and diluted EPS of $0.62 (vs $0.41 expected). Net income hit $573 million (up 48%), total platform assets climbed to $369 billion, and net deposits set a record near $21.7 billion. It was a blowout on almost every line.

Arguably, the most interesting update came from their prediction market business. Robinhood’s event contracts generated $156 million, up more than tenfold year over year, and for the first time, it passed both crypto at $100 million and equities at $129 million. Crypto is going the wrong way, with digital-asset revenue falling 38% from $160 million a year ago as retail trading volumes kept cooling. Options, up 29% to $342 million, and equities, up 95%, did the heavy lifting instead, along with Trump Account fees that helped pull other revenue up 54%. CEO Vlad Tenev framed the whole company as 13 separate business lines each generating over $100 million annualized, all tied to one goal of “making everyone an owner.”

And yes, Robinhood Chain was covered. On the call, Tenev said the chain has seen “great initial traction,” with its DEXs processing more than $12 billion in volume and the network becoming the fastest ever to hit 100 million transactions, with TVL around $325 million. He even showed a demo of his phone browsing through the chain with CASHCAT shown explicitly, leading to a quick 40% surge in the chain’s leading memecoin.

As for the market reaction, HOOD stock did sell off on the day and didn’t recover much after hours. It seems that price action is more tied to the hawkish FOMC than Robinhood’s earnings beat specifically. But zooming out, the business feels as strong as ever. They’ve got 13 business lines generating $100M+ in revenue and multiple major lanes for growth. It’s quite the bullish setup…

🌎 Macro Crypto and Markets

• Crypto majors are mostly flat; BTC even at $64.8k; ETH even at $1,920; SOL even at $74; HYPE -3% at $53.20
• Top alt movers include INJ (+4%), NEAR (+4%) and ZEC (+2%)
• Oil even at $83; Gold +1% at $4,080
• Stock futures are green and rebounding after a post-FOMC selloff; DOW +0.3%, Nasdaq +1.2%
• The Fed held rates steady at 3.50–3.75% in a 9-3 vote, with three regional presidents dissenting for a hike, the most dissents since 2016; Warsh’s commentary was fairly hawkish and markets sold off afterwards
• Coinbase heads into Thursday’s earnings with Wall Street trimming estimates, as a spot-trading slump left Q2 volume near $152 billion, well below the $178 billion expected
• Morgan Stanley executives said the traditional 9-to-5 banking day is dying, arguing that stablecoins and tokenization are pushing finance toward always-on, 24/7 settlement
• SEC Chair Paul Atkins said the agency is “ready, willing, and able” to write crypto market rules itself if the CLARITY Act flounders
• OpenAI’s rogue AI hacked four more platforms besides Hugging Face, per a quietly updated incident post, widening a containment failure that has alarmed security researchers
• Crypto scams cost Americans an estimated $80.7 billion in 2025, with crypto over half of all cybercrime losses, per a Consumer Federation of America report
• Stablecoin firm Brale said a new protocol removes a major hurdle to scaling custom tokens, making it easier for businesses to issue their own branded stablecoins

Corporate Treasuries & ETFs

Meme Coin Tracker

• Meme leaders were mixed; DOGE -1%, SHIB -1%, PEPE even, PENGU -1%, TRUMP +1%, BONK -2%
• Robinhood chain was led by HOODRAT (+140%) and StonkBroker (+12%); recent runner Pipedog fell 40%
• Solana leaders included ChooChoo (+15x) and Faucina (+19x); ANSEM -5% at $172M

💰 Token, Airdrop & Protocol Tracker

• MoonPay launched PayBox, a non-custodial AI payment vault inside Claude and ChatGPT, letting the assistant prepare crypto and card payments that users approve with a passkey, along with an airdrop for users tied to their AI subscription tiers
• ZCash’s Ironwood migration is now 10% complete, up from 3% in its first day
• Pump Fun co-founder Sapijiju argued PUMP will become more valuable long-term than Hyperliquid’s HYPE, claiming Pump Fun’s total addressable market is “simply way larger” than the global perps market Hyperliquid operates in, just “unproven”
• Aave is retiring deployments on six low-adoption chains including Scroll, zkSync, and Aptos, pulling back about $98.1 million in deposits to cut risk
• Binance US plans to apply for CFTC DCM status, enabling them to enter the prediction market space in the US

🚚 What is happening in NFTs?

• NFT leaders were mixed; Punks even at 32.3 ETH, BAYC even at 8.35 ETH, Pudgy -4% at 3.91 ETH; Hypurr’s even at 189 HYPE
• StonkBrokers (+25% to 3.84 ETH) and Satari (+9%) led top movers
• FWA enabled wrapped FWA tokens to enter its pool as they continue to expand ERC20 offerings; FWA -12% to $18M