Crypto Currents: Robinhood shares dip on revenue miss

• Unlock hedge fund-level information and almighty investing tools for smarter, sharper decisions

• Stay up of the marketplace with the latest quality and investigation and maximize your portfolio's potential

ROBINHOOD SHARES DIP ON REVENUE MISS WHILE BERNSTEIN SEES UPSIDE: Shares of Robinhood (HOOD) fell astir 8% successful after-hours trading Tuesday pursuing a fourth-quarter gross miss. The trading level reported grounds nett revenues of $1.28B, which fell abbreviated of Wall Street’s $1.34B expectation. The shortfall was driven mostly by a 38% year-over-year diminution successful crypto transaction gross to $221M, arsenic trading volumes connected the halfway app dropped 52%. Despite the contiguous sell-off, analysts astatine Bernstein maintained an Outperform standing with a $160 terms target, characterizing the weakness arsenic impermanent “crypto jitters.” The analysts highlighted that Robinhood’s prediction markets reached caller records and noted the company’s planned enlargement into tokenization. Separately, CoinDesk reports that Robinhood wide manager Johann Kerbrat criticized the accepted T+1 banal colony rhythm arsenic an “antiquated relic,” advocating for instant colony and confirming the company’s propulsion toward 24/7 trading via its caller Ethereum Layer 2 blockchain.

CANAAN STOCK SINKS DESPITE STRONG Q4 EARNINGS: Mining shaper Canaan (CAN) saw it’s shares driblet astir 7% connected Tuesday, adjacent aft the institution reported its strongest 4th successful 3 years. Revenue surged 121% year-over-year to $196.3M, driven by a 60% summation successful computing powerfulness income and a 98.5% leap successful mining revenue. The institution present holds a grounds 1,750 bitcoin (BTC-USD) successful its treasury. However, the banal terms slid to 56c, exacerbating fears regarding a imaginable Nasdaq delisting. The speech has warned Canaan that it indispensable rise its stock terms supra $1 by July 13 to stay compliant with minimum bid rules.

INSTITUTIONAL ADOPTION SHIFTS WITH GOLDMAN SACHS AND FRANKLIN TEMPLETON: Major fiscal institutions are recalibrating their attack to integer assets. In a regulatory filing, Goldman Sachs (GS) reduced its bitcoin ETF holdings by 40% successful the Q4. Conversely, plus managers proceed to deepen their blockchain integration. According to CoinDesk, executives from Franklin Templeton (BEN) and SWIFT stated astatine a caller league that the aboriginal of banking is “24/7 and natively on-chain,” with Franklin Templeton focusing connected tokenizing wealth marketplace funds to trim operational costs. In Europe, Ripple (XRP-USD) has partnered with U.K.-based insurer Aviva to research tokenizing accepted funds connected the XRP Ledger. Furthermore, Denmark’s largest lender, Danske Bank, has opened entree to bitcoin and ether (ETH-USD) ETFs from BlackRock (BLK) and WisdomTree (WT) for its clients, marking a pivot from its erstwhile restrictive stance.