Robinhood's cryptocurrency transformation detailed: 2024 revenue expected to be $2.95 billion, five-year CAGR reaching 34%, trading revenue proportion decreasing to 58%, options being the main source of profit; cryptocurrency business accounting for 21%, new revenue growth from Gold subscriptions and prediction markets, net interest income accounting for 35%. The company acquired Bitstamp, promoting wallet upgrades, integration with Arbitrum/Base, staking, API, and tokenization of securities, creating a full-stack platform for cryptocurrency and finance. Advantages include a large user base and a more profitable cryptocurrency trading model; risks include fierce competition, integration execution difficulties, and uncertainty in tokenization adoption. Current P/E is about 56, may face short-term pressure but has long-term potential.
