News

Robinhood and Coinbase Fall After Earnings Misses

Coinbase is down 13%. Robinhood has fallen 16%.

Oct 31, 2024 • 1 min read

Investors don’t seem appear as confident in crypto stocks and token buyers are in Bitcoin. Robinhood fell 16% and Coinbase dropped around 13% in intraday trading Thursday after poor earnings releases from each.

What's the Scoop?

Coinbase: Shares dropped around 8% after reporting revenue that missed forecasts by about 4%. However, its L2 network, Base, saw a 55% increase in transactions and a doubling of deployed smart contracts.
Robinhood: The stock trading app is on an upward tear, but didn't outpace growth from last quarter as analysts had forecasted.
MicroStrategy: MicroStrategy increased its Bitcoin holdings by 11%, achieving a 17.8% year-to-date return. However, the company saw a 10.3% drop in software revenue year-over-year.

Bankless Take:

Despite disappointing earnings, remember that the crypto market's boring summer has only recently livened up. Bitcoin's recent surge above $70K and significant net inflows into Bitcoin ETFs may prompt more action for public crypto companies, but these companies will only see the fruits of this action next quarter.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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