$Robinhood(HOOD.US) rose more than three points, $BitMine Immersion Tech(BMNR.US) edged up, $Coinbase(COIN.US) edged up, $Futu(FUTU.US) edged up. Crypto-related fintech stocks generally rose today — $Robinhood(HOOD.US) launched stock tokenization + Layer 2 chain products in the EU starting 6/27; $BitMine Immersion Tech(BMNR.US) increased its ETH holdings to 5.7 million (4.7% of supply) on 6/28; $Coinbase(COIN.US) saw accelerated institutional client onboarding after obtaining the EU MiCA license; $Futu(FUTU.US) delivered solid performance in Taiwan and US client business.

All four are still on the "crypto financial infrastructure" track, with regulatory pace determining the next step of flexibility — in this environment, which one is currently the most worthwhile to hold? $Robinhood(HOOD.US) valuation is already expensive at forward PE 35x, $Coinbase(COIN.US) is actually the purest institutional exposure play, $Futu(FUTU.US) is a hedge; if choosing one among the three, $Coinbase(COIN.US) is more worth holding for the next interest rate cut cycle.