Quarterly Altcoin Spotlight: Robinhood — Retail Brokerage Builds Crypto Rails at One-Fifth Hyperliquid's Multiple

Robinhood compounded revenue 36% a year for five years. It owns 14% of the US options market. It runs a 46.8% operating margin. It is quietly stacking perps, prediction markets, and tokenized equities onto an Arbitrum-based rollup. And it trades at 14.4x sales versus Hyperliquid at 75x. Here is what is happening, in plain English: