HOOD - With Bitcoin At All-Time Highs Here's What's Next For COIN HOOD
2024-06-14 09:09:53 ET
Summary
- Both Coinbase and Robinhood reported significant accelerations in trading volumes in Q1, with participation from both retail and institutional investors increasing.
- In just two quarters, Coinbase’s transaction revenue has risen nearly 275% due to accelerating growth in retail trading volume.
- Analyst estimates also point to a difficult growth landscape for the two in 2025 and 2026, with revenue growth expected to decelerate to reside in the low single-digit range.
By the Tech Insider Network Team
We said to our free readers in late January following the SEC’s approval of nearly one dozen spot Bitcoin ETFs that it was “widely expected that this approval and subsequent widespread access for institutions and retail investors will shape up to be one of the most bullish fundamental moments in Bitcoin’s history.” At the time, Bitcoin ( BTC-USD ) was trading for less than $40,000. Now, Bitcoin has repeatedly pushed above the $70,000 mark, and we updated our Bitcoin game plan and price targets to $106K to $190K in late April as Bitcoin pulled back below $60,000.
While Bitcoin and the spot BTC ETFs have clearly seen strong investor appetite since the approval in the beginning of the year – for example, BlackRock’s iShares Bitcoin Trust ( IBIT ) reached $10 billion in AUM in less than seven weeks as it went on to notch 71 consecutive days of net inflows. IBIT now has more than $23 billion in AUM, or 305,067 BTC, more than doubling in three months. Alongside strong initial adoption of the new ETF class, we’re also seeing major crypto exchanges and platforms benefit, with Coinbase and Robinhood both seeing crypto trading volumes and transaction revenues surge....
With Bitcoin At All-Time Highs, Here's What's Next For COIN, HOOD