Robinhood Reports Strong Crypto Revenues, SAB 121 Reversal Sees Bipartisan Support

May 9, 2024
Market Update U.S. equity indices are showing modest gains today following weekly jobless claims coming in higher than expected, showing 231k versus 212k estimated, putting downward pressure on the #DXY (-0.21%) and rates. The $SPY has gained 0.36%, approaching the $520 mark, while the $QQQ has risen 0.14% to the $440. Crypto assets are showing larger gains, with #BTC (+1.57%) rising above $62k and #ETH (+1.05%) surpassing $3,000. The Render Network’s mobile app, OctaneX, was featured in Apple’s keynote presentation earlier this week, alerting users to the ability to leverage Render’s distributed GPU network. Following the press, #RNDR has been one of the top performers this week, gaining 13.80% thus far. Marathon Digital ($MARA) reports earnings after the market closes today and should provide some insight into how miners are navigating post-halving dynamics.Retail trading platform Robinhood (HOOD) reported first quarter earnings yesterday. Robinhood beat on the top and bottom lines, with $618 million in revenue ($552.7m est.) and a staggering $0.18 EPS versus consensus estimates of $0.06. The beats were helped by a 232% increase in crypto-related revenues, rising to $126 million and comprising over a third of all transaction-based revenue. The revenues

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