Coinbase & Robinhood's Big Wins

1️⃣ Crypto Earnings Bonanza

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.

Is Coinbase or Robinhood Stock the Better Bet? on Bankless

We make the cases for COIN and HOOD.

BanklessJack Inabinet Jun 12, 2024 • 5 min read

2️⃣ Doodles Token Launch

In December of 2024, Doodles founder, Scott Martin, hinted at a token launch for the NFT project in a cryptographic tweet. Earlier this week, Doodles made it official, announcing on Twitter that they are launching a token with the ticker DOOD. The token will be launched, perhaps controversially, on the Solana chain and will have a supply of 10,000,000,000, with 23% of the token allocation going to the company and team while 30% will be allocated to the Doodles community.

3️⃣ Quintenz Nominated for CFTC Chair

This week, Trump nominated Brian Quintenz to lead the CFTC. Brian Quintenz has experience in the CFTC serving as a commissioner from 2017 to 2021 and is perhaps even more notably currently working at a16z crypto as their Global Head of Policy. If Quintenz were to be put in charge of the CFTC, he would have the responsibility of managing the CFTC's regulatory and enforcement agenda. This nomination by Trump highlights his campaign promise of making the US the crypto hub of the world.

4️⃣ Ethereum Foundation Begins Deploying ETH

With more attention being placed on the Ethereum Foundation's leadership, and critics demanding they turn to wartime mode, the EF opted this week to deploy ETH from its treasury into multiple protocols. Over the past week, over 45K ETH has been deposited across the Ethereum ecosystem with plans on deploying more capital in the future. Hopefully this will foster some sort of growth on-chain and incentivize builders to keep leveling up Ethereum.

5️⃣ OpenSea Teases $SEA

SEA is coming. The OpenSea Foundation tweeted earlier this week hinting at criteria for the SEA airdrop. While no official announcements are out there regarding tokenomics or a release date, the tweet details that historical usage of OpenSea will factor into the allocation of the airdrop that users will receive, and U.S. users will indeed be able to claim their allocation.