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taishiro
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Robinhood now has 13 lines doing $100M+ annualized.
That’s impressive product velocity. But the market will only reward the multiple if those non-trading engines can carry earnings when volatility cools and rates stop helping net interest.
Q3 is the first clean look at whether the diversification thesis is actually showing up in the P&L or still mostly narrative.
Trading growth is the easy headline. The harder (and more valuable) question is how much of that growth is becoming structural.
taishiro
• 相较于平台资产，净存款是否仍然健康，还是在强劲的第二季度之后，我们又看到了连续的放缓？
• ARPU的增长有多少是来自更高的用户参与度，而不仅仅是更多的客户？
• 关键是，来自事件合约和代币化产品的增长贡献是否足够稳定，以平滑零售交易中不可避免的低迷期？
#HOODQ3TradingGrowth
