Editing Robinhood Markets, Inc. (section)

* Robinhood is successfully transitioning from a pure commission-free trading app to a broader financial platform with trading + crypto + wealth + subscriptions + international reach.
* Q2 2025 results were strong: c.45% revenue growth, >100% net income growth, ARPU up, funded customers and assets under custody growing strongly.
* Growth drivers include transaction income (especially options/crypto), interest income (margin/cash), and new products (tokenization, futures/prediction markets).
* Key strengths: scale, brand with younger investors, product momentum, improving monetisation.
* Key risks: regulation (especially PFOF & crypto), volume/volatility dependency, execution risk of new business lines, valuation expectations.
* From a valuation standpoint, the market is expecting quite a lot — growth must continue and execution must be strong.
* If you’re bullish on continued retail trading growth and company execution, Robinhood offers meaningful upside; if you’re cautious about regulatory or volume risk, you may want to limit exposure or wait for more visibility.