Devin Ryan

Big day in the market for $HOOD. A lot of good discussion out there around the accelerating momentum on their own blockchain - and people are starting to wake up to the broader opportunity around to Tokenization. If you didn’t catch my recent conversation on @RobinhoodApp with @hood__house, I walk-through why I’m so bullish on the opportunity from tokenization, which will be amplified by agentic finance (“Tokenization unlocks trapped capital” at the 30 minute mark). 👇👇👇

Big day in the market for $HOOD. A lot of good discussion out there around the accelerating momentum on their own blockchain - and people are starting to wake up to the broader opportunity around to Tokenization. If you didn’t catch my recent conversation on @RobinhoodApp with @hood__house, I walk-through why I’m so bullish on the opportunity from tokenization, which will be amplified by agentic finance (“Tokenization unlocks trapped capital” at the 30 minute mark). 👇👇👇

Talking $SECZ earnings and stock move, what could support a recovery in crypto trading volume, importance of regulatory clarity, and why asset managers are pushing for Tokenization. @JennSanasie 👇👇 https://t.co/hWg8cdmBYu

Earnings season kicks off tomorrow with 5 out of the 6 largest banks reporting. Consensus is reflecting ~25% YoY EPS growth on average, closer to 40% for GS & MS. These have also been some of the best performing stocks in financials, the bar is quite high … but the themes should set a positive tone across financials & fintech.

Sec lending and pledged-asset borrowing aren’t the flashiest corners of market structure, but they could see some of the biggest impact from tokenization. Moving collateral onchain at scale should lower the cost of capital across the economy. Big deal for capital markets and potentially the broader economy given the multiplier on unlocked capital.

The IPO summer is here. Retail brokers are participating in a bigger way in the recent wave, where the business multipliers expand well beyond the deal distribution opportunity. Of course I still had to bring it back to agentic trading! $SOFI $HOOD $SCHW $COIN $ETOR $SPCX https://t.co/5U5lLkMkcW

The IPO summer is here. Retail brokers are participating in a bigger way in the recent wave, where the business multipliers expand well beyond the deal distribution opportunity. Of course I still had to bring it back to agentic trading! $SOFI $HOOD $SCHW $COIN $ETOR $SPCX https://t.co/5U5lLkMkcW

Some additional food for thought on @SpaceX IPO knock-on effects, particularly for the retail brokers that participated. The selling fee itself is a relatively modest event, but the more interesting areas to watch are the multipliers. Several examples: 1. Trading volume. More than 500 million shares and over $80B of dollar volume changed hands today. For perspective, that’s nearly 4x Facebook’s first day in dollar terms and well above the daily dollar volume of even the most actively traded stocks, including NVDA. Approximately the entire IPO allocation turned over in a single session. That activity flows through the brokers, and options haven’t even listed yet, where the economics are meaningfully better than equities. 2. Securities lending. Has been a light / disappointing revenue line for the retail brokers lately because capital markets have been quiet (4Q25 government shutdown and 1Q26 geopolitical disruption), and thus, hard-to-borrows disappeared - which drive Sec lending. In 3Q of last year, Sec lending was running in the mid-teens as a percentage of Robinhood’s revenue, and it fell by about half to start this year. Even that 3Q level was far from peak, in our view. SpaceX changes the trajectory, potentially dramatically. A small float on a ~$2T company with heavy short, hedging, and index-arb demand is what creates rich borrow spreads. Don’t think most people are calibrating for this (or implications on Sec lending of other large IPOs that could potentially follow). 3. Margin balances. Should build as investors finance positions, and the cash that came in chasing allocations sits in sweep earning a spread. Much of it stays on the platform even if the allocations don’t fill - and again if there are more large IPOs coming, that cash could continue to sit there waiting. 4. Access itself gathers assets. Keep an eye on brokerage and prediction markets apps moving up in the App Store, today was a good day. New funded accounts and money that showed up for this deal, and the IPOs behind it, tend to stick around and monetize for years at essentially no acquisition cost. It also separates the platforms that had a seat from those that didn’t, and we expect issuers to keep wanting retail in the book from here. The bigger unlock is whether this gets the equity capital markets engine going again. The $500M+ in fees here equals roughly 3% of the entire ECM fee pool from 2025, from a single deal. And for perspective on the cycle, the 2021 peak for equity underwriting fees ran at nearly twice the pace of early 2026. The engine is fragile but looks to just be restarting - doesn’t jive with calls of “peak” capital markets cycle…the pipeline is at a record level in both size and quality in our view. Many companies were watching today closely, and a positive reception in the coming weeks could pull it forward. As always, trading performance will be a critical factor in what comes next and when. On that point, the market has been selective but I would point out that the top 10 largest IPOs YTD are up on average about 25%…$SPCX added another positive datapoint today.

SpaceX day. 🚀 Quite the experience to be at the Nasdaq MarketSite this morning for the largest IPO ever priced! Thanks to @SquawkCNBC for having me on to discuss the implications for the banks, retail brokers, and the broader capital markets ecosystem. A historic fee event, but potential second-order impacts are an even bigger deal. $GS $MS $HOOD $SCHW $SOFI

SpaceX day. 🚀 Quite the experience to be at the Nasdaq MarketSite this morning for the largest IPO ever priced! Thanks to @SquawkCNBC for having me on to discuss the implications for the banks, retail brokers, and the broader capital markets ecosystem. A historic fee event, but potential second-order impacts are an even bigger deal. $GS $MS $HOOD $SCHW $SOFI