--- title: "Robinhood (Minutes): In the future, will retail investors also be able to buy private companies like SpaceX?" type: "Topics" locale: "en" url: "https://longbridge.com/en/dolphin/post/29405131.md" description: "Below is the $Robinhood(HOOD.US) Q1 2025 earnings call Minutes. For the Quick Interpretation of the earnings report, please refer to《Robinhood: Ups and Downs Rely on Trump, When Can It "Control Its Own Destiny"?》I. Key Earnings Information Review II. Management Statement: 1) Outlook: a. TradePMR will bring $85 million in costs, so we have updated the full-year adjusted operating expenses and SBC outlook, with the latest range being $2.085 billion to $2.185 billion. Note..." datetime: "2025-05-07T10:42:50.000Z" locales: - [en](https://longbridge.com/en/dolphin/post/29405131.md) - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/29405131.md) - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/29405131.md) author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)" generator: "portal-rs" --- # Robinhood (Minutes): In the future, will retail investors also be able to buy private companies like SpaceX? **Below is the** $Robinhood(HOOD.US) **Q1 2025 earnings call Minutes. For Quick Interpretation of the earnings report, please refer to《**[**Robinhood: Ups and Downs Hinge on Trump, When Will It "Take Control of Its Own Destiny"?》**](https://longportapp.cn/zh-CN/topics/29371931) **I. Key Earnings Highlights** **II. Management Commentary:** **1) Outlook:** **a.** TradePMR will incur $85 million in costs, prompting us to update our full-year adjusted operating expenses and SBC guidance to a new range of $2.085–2.185 billion. Note: This outlook excludes expected Bitstamp acquisition costs or credit loss provisions. **b. All nine major businesses now generate over $100 million in annualized revenue each; three new products—futures, index options, and prediction markets (e.g., betting on election outcomes)—each contribute ~$20 million in annualized revenue; TradePMR will add ~$50 million in annualized revenue.** **c.** Robinhood Strategies, Robinhood Banking, and Bitstamp (pending acquisition) will begin generating revenue later this year. Many of these businesses are expected to reach $100 million in annual revenue. *(Note: Strategies offers professional portfolio management for Gold members with smaller AUM at a 0.25% fee, capped at $250/year; Cortex uses AI for market analysis; Banking provides high-net-worth-style services.)* **2) Share Buybacks** The $1 billion buyback program launched in Q3 last year aims for completion in 2–3 years. $650 million has been executed at an average $33/share, including $300 million in Q1 to offset dilution from TradePMR. **The board authorized an additional $500 million, leaving $800+ million for buybacks over the next two years.** **3) Progress on Hood’s Three Missions:** **Three missions: #1 active trader platform, #1 next-gen wallet share, #1 global financial ecosystem.** **1\. Active Trader Platform:** a. Launched futures and prediction products in Q1. **Futures: April contracts exceeded 4.5 million**, surpassing Q1 totals; prediction markets saw $1B+ in contracts traded over six months. b. Desktop platform Robinhood Legend (launched last year) added crypto, index options, joint accounts, and advanced charts. c. Robinhood Strategies—40,000+ clients with $100M+ AUM; Cortex and Banking in development. d. Gold 信用卡: Users grew to 200K. **2\. Wallet Share:** a. Retirement assets: $16B, up ~20% YTD. b. TradePMR: Closed acquisition, adding $40B AUM. **3\. Global Financial Ecosystem:** a. Expanding UK brokerage and entering Asian markets. b. Bitstamp: Acquisition to close mid-year. **c. Gold users: 3.2M (12% penetration);** ~1/3 of new users quickly upgrade to Gold. d. International users: 150K. **III. Analyst Q&A** **Q: Updates on Gold member 信用卡 and checking accounts?** Cardholders doubled to 200K+. Robinhood Banking, announced at March’s "Gold Lost City" event, targets high-net-worth digital banking. Launching in Q3. **Q: When can we trade private companies like SpaceX?** It’s absurd that naive investors can’t access private markets—prolonged privatization deprives them of growth gains.代币化 could solve this (per my WaPo op-ed). We need legislation redefining accredited investors (currently excludes 80%+ of the public). Progress is underway. **Q: Timeline for 401(k) plans?** Long-term vision: Build a global financial ecosystem serving retail, institutions, and enterprises worldwide. TradePMR’s RIA services are step one. 401(k) is a decade-scale opportunity. **Q: April retail trends? New asset inflows—new or existing users?** Strong April. Diversified deposits from retirement, Strategies, crypto, etc. Focus shifted from user growth (2022) to active trading (e.g., futures). Nine $100M+ revenue streams reduce reliance on trading. **Q: Gold user growth—55K QoQ revenue increase. Outlook?** Gold is a best-in-class service, inspired by Prime.信用卡 and Banking (Gold-exclusive) will drive growth. No plans to raise prices. **Q: Crypto market rebound—thoughts?** Q1 was our second-best crypto revenue quarter. Volatility is high; we focus on share gains. Bitstamp will diversify beyond crypto trading. **Q: Deep dive on Strategies, futures, Cortex?** Strategies: 40K+ users, $100M+ AUM, positive social feedback. Futures enable shorting (no stock shorting yet). Cortex (Gold-only AI assistant) explains stock moves and builds strategies—no extra fee. **Q: Banks entering crypto—competitive impact?** Hard to speculate. We lead in innovation. Crypto is foundational tech—early innings for financial integration. More competition legitimizes the market; we’re well-positioned. **Q: ROI on March’s 2% transfer promo?** Payback periods are attractive. Average transfer: $90K ($180K for taxable accounts). **Q: Rising crypto take rates?** Pricing tests continue. Layered pricing rewards high-volume traders. April rates aligned with Q1. **Q: Legend desktop updates?** No revenue update ($50M annualized). Roadmap: Add futures, enhance Active Trader features, and live-streaming widgets. **Q: Credit provisions—$20M guidance vs. actual?** Delinquencies/charge-offs remain low. Higher provisions were fraud-related (brokerage, not cards). **Q: Prediction markets—$1B in six months. Details?** Sports contracts drove <50%. March events (Masters, NHL, NBA) boosted volume. Early-stage potential. **Q: Cross-sell from gambling/信用卡 to Gold?** 25M funded users actively try new products.信用卡 waitlist: 3M. Gold drives higher deposits and product adoption. **Q: Smart order routing’s impact on crypto take rates?** Early testing rewards loyal/high-AUM users with better pricing—unlike traditional finance. April rates matched Q1. **Q: TradePMR’s $85M cost—room to optimize?** Expect reductions next quarter. **Q: Crypto staking/FIT21 bill—regulatory risks?** No operational concerns. Clarity on crypto securities listings would unlock value—our key policy goal. **Q: Prediction market user engagement/penetration?** Diverse user base (sports vs. economic predictors). Unlike options traders, prediction users trade across products. **Q: NII guidance update?** None. Assumed 25bps rate cut ($50M NII hit). Asset growth offset rate drag. **Q: Overnight trading opportunities?** Growing demand. Macro events drive after-hours volatility. Global expansion makes 24/7 trading table stakes. **Q: Bitstamp post-acquisition plans?** Deal closes mid-year. Focus: institutional biz and global expansion (details reserved). \ **Disclosures:** [**Dolphin Research Disclaimers**](https://support.longbridge.global/topics/misc/dolphin-disclaimer) ### Related Stocks - [HOOD.US](https://longbridge.com/en/quote/HOOD.US.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**