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Publicly traded exchanges Coinbase (COIN) and Robinhood (HOOD) popped this week after delivering impressive earnings beats. Both companies more than doubled analyst earnings expectations, with COIN reporting $4.66 in earnings per share and HOOD posting $1.01
Although Coinbase saw $439B of crypto trading activity and impressively doubled platform volumes from Q3 to Q4, Robinhood stole the show with its $71B in Q4 crypto trading volumes, representing an enormous 5x quarter-over-quarter increase.
We previously identified HOOD as an up-and-coming underdog in the battle to become crypto’s top retail trading platform. Now, the exchange’s market capitalization has come to rival that of COIN, and its status as a registered securities exchange could pay dividends in a future where the SEC lays out clearer rules.
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