Robinhood Markets Inc (HOOD) 2025 Q2 法說會逐字稿

Thank you to everyone for joining Robinhood 's Q2 2025 earnings call. Whether you're tuning into the live stream at home or here with us in person. With us today are Chairman and CEO Vlad Tenev; CFO, Jason Warnick; and VP of Corporate Finance and Investor Relations, Chris Koegel.

感謝大家參加 Robinhood 2025 年第二季財報電話會議。無論您是在家中收看直播，還是親自來到這裡與我們一起觀看。今天與我們一起出席的有董事長兼執行長 Vlad Tenev、財務長 Jason Warnick 以及企業財務與投資者關係副總裁 Chris Koegel。

Vlad and Jason will offer opening remarks and then open the call to Q&A. During the Q&A portion of the call, we will answer questions from institutional research analysts, and we will also answer questions from finance content creators who may hold an ownership position in Robinhood.

Vlad 和 Jason 將致開幕詞，然後開始問答環節。在電話會議的問答環節，我們將回答機構研究分析師的問題，也將回答可能擁有 Robinhood 所有權的金融內容創作者的問題。

As a reminder, today's call will contain forward-looking statements. The actual results could differ materially from our current expectations, and we may not provide updates unless legally required. Potential risk factors that could cause differences, including regulatory developments that we continue to monitor, are described in the press release we issued today, the earnings presentation, and in our SEC filings, all of which can be found at investors.robinhood.com.

提醒一下，今天的電話會議將包含前瞻性陳述。實際結果可能與我們目前的預期有重大差異，除非法律要求，否則我們可能不會提供更新。可能導致差異的潛在風險因素（包括我們持續監控的監管發展）在我們今天發布的新聞稿、收益報告和美國證券交易委員會 (SEC) 文件中進行了描述，所有這些內容均可在 investors.robinhood.com 上找到。

Today's discussion will also include non-GAAP financial measures. Reconciliations to the GAAP measures we consider most directly comparable can be found in the earnings presentation. With that, please welcome Vlad and Jason.

今天的討論還將包括非公認會計準則財務指標。我們認為最直接可比較的 GAAP 指標的對帳可以在收益報告中找到。下面，歡迎 Vlad 和 Jason。

Thank you. All right, greetings and salutations. Hey, Jason. It's great to see everyone today. We're actually back in New York City at the Nasdaq where we had Investor Day in December. I see some familiar faces. Also great to have institutional analysts and some finance content creators. I see some finance content creators as well with us today.

謝謝。好的，大家好，敬禮。嘿，傑森。今天很高興見到大家。實際上，我們回到了紐約市的納斯達克，並於 12 月在那裡舉辦了投資者日。我看到了一些熟悉的面孔。擁有機構分析師和一些金融內容創作者也是一件很棒的事。今天我還看到一些金融內容創作者也和我們在一起。

So that's Robinhood live audience for the first time always innovating across every aspect of the business and the earnings is no exception, right? So let's get right into it. Second quarter, I think we really kept raising the bar with industry leading product velocity across our three focus areas.

所以這是 Robinhood 首次在業務的各個方面不斷創新，收益也不例外，對嗎？那麼就讓我們開始吧。第二季度，我認為我們在三個重點領域確實不斷提高業界領先的產品速度。

Number one in active traders, number one in wallet share for the next generation, and the number one global financial ecosystem. So why don't we dive in a little bit? Our active trader offering just keeps leveling up record trading volumes in Q2 across equities options, prediction markets, index options and futures, and by the way, pretty awesome that index options volumes grew 60% from Q1 and event contracts more than doubled from Q1 to nearly a billion in Q2.

活躍交易者數第一、下一代錢包份額第一、全球金融生態系統第一。那我們為什麼不深入一點呢？我們為活躍交易者提供的服務在第二季度不斷創下股票期權、預測市場、指數期權和期貨的交易量新高，順便說一句，相當了不起的是，指數期權交易量較第一季度增長了 60%，事件合約較第一季增加了一倍多，達到近 10 億。

I think these results were driven by relentless innovation, including in Q2 new tooling capabilities for mobile, Legend, the team's rapidly shipping updates, Cortex for gold members starting with Stock Digest, which have been used by hundreds of thousands of our customers.

我認為這些結果是由不懈的創新推動的，包括第二季度針對行動裝置的新工具功能、Legend、團隊的快速發布更新、從 Stock Digest 開始的針對黃金會員的 Cortex，這些功能已被我們的數十萬客戶使用。

And the best is yet to come. After three great product events, so far this year, we're hosting the second annual HOD Summit for Active Traders. That's going to be an event in Las Vegas in just a few weeks, and it's going to be much bigger than last year. Last year's event was pretty big, but this one should be twice as big, so that's very exciting.

而最好的還在後頭。繼舉辦了三場大型產品活動之後，今年到目前為止，我們將舉辦第二屆年度活躍交易者 HOD 高峰會。這將是幾週後在拉斯維加斯舉行的一項活動，而且規模將比去年大得多。去年的活動規模相當大，但今年的規模應該是去年的兩倍，所以非常令人興奮。

We're also working to serve far more of our customers' assets, which have doubled year over year to more than $25 trillion. How amazing is that? A few highlights there. Average assets per funded customer was over $10,000 for the first time, nearly doubling from a year ago.

我們也致力於為更多的客戶提供服務，這些客戶的資產比去年同期成長了一倍，達到 25 兆美元以上。這有多神奇？那裡有幾個亮點。每位融資客戶的平均資產首次超過 1 萬美元，幾乎比一年前翻了一番。

So a lot of people thought, Robinhood's always going to be in the low single digit thousands per account, but we're just keep, we just keep compounding and that assets per customer keeps marching upward. Robinhood strategies we've grown that by multiples now over 100,000 funded customers and over half a billion in assets.

因此，許多人認為，Robinhood 的每個帳戶資產永遠都會維持在數千美元左右，但我們會保持成長，不斷複合，每個客戶的資產就會不斷上升。透過 Robinhood 策略，我們的業務已成長數倍，目前已擁有超過 10 萬名資助客戶和超過 5 億美元的資產。

So, just a few months after launch there, we've tripled Robinhood gold card holders year-to-date, so over 300,000 cardholders, we continue to like what we're seeing and we're going to keep accelerating the roll out from here.

因此，在推出這項服務僅僅幾個月後，今年迄今為止，我們的羅賓漢金卡持卡人數量就增加了兩倍，超過 30 萬持卡人，我們繼續喜歡我們所看到的效果，並且我們將繼續加快推廣速度。

Retirement assets are now over $20 billion over $20 billion in assets, so this is customers entrusting us with their most long term serious money and that's more than doubled in the past year and we're excited to launch Robinhood banking in the fall so customers can bring even more of their assets in Robinhood.

退休資產現在已超過 200 億美元，這是客戶將他們最長期的重大資金委託給我們，這一數字在過去一年中增長了一倍多，我們很高興在秋季推出 Robinhood 銀行業務，以便客戶可以在 Robinhood 中投入更多資產。

Now actually with banking, we just rolled this out internally to the full employee base. It's really good. I think we're putting the finishing touches on it. I think you're really going to like it and very innovative offering, so plenty more there.

現在實際上對於銀行業來說，我們剛剛在內部向全體員工推廣了這項措施。真的很好。我想我們正在做最後的潤飾。我認為您一定會喜歡它，而且它還提供了許多創新內容。

Global financial ecosystem, we've been pushing even harder there. So I'm sure many of you saw our crypto event in France to catch a token. We expanded our European offering to 30 countries serving over 400 million people, including stock tokens, which I think tokenization is the biggest innovation in capital markets in over a decade.

全球金融生態系統，我們一直在努力推動。因此，我相信你們中的許多人都觀看了我們在法國舉辦的加密活動並獲得了代幣。我們將歐洲服務範圍擴大到 30 個國家，服務人口超過 4 億，其中包括股票代幣，我認為代幣化是十多年來資本市場最大的創新。

Stock tokens will do for stocks what stablecoin did for fiat currencies, benefits to users including 24/7 trading, instant settlement, the power of self-custody and also gives us the ability to expand to other assets, make all sorts of assets that previously weren't inaccessible to retail, tradable 24/7, just like any crypto asset.

股票代幣對股票的作用就像穩定幣對法定貨幣的作用一樣，為用戶帶來的好處包括全天候交易、即時結算、自我託管權，同時也使我們能夠擴展到其他資產，使以前零售無法獲得的各種資產可以像任何加密資產一樣全天候交易。

So that includes of course private markets, and lots of other real world assets. Perpetual futures coming soon in Europe and that's been very well received actually when we announced that, so very excited to roll that out. The US is not far behind. Tons of legislative progress. You guys know the GENIUS Act just passed.

當然，這包括私人市場和許多其他現實世界資產。永續期貨即將在歐洲推出，當我們宣布這一消息時，它實際上受到了熱烈歡迎，因此我們非常高興推出這款產品。美國也緊跟其後。大量的立法進展。你們都知道《GENIUS法案》剛剛通過。

We've launched staking in the US with over $750 million staked in just the first month, so pretty incredible progress for staking in the US. Bit stamp exchange by Robinhood, that acquisition closed. So we now have a growing institutional business, and we think that's going to be a big one over time and of course, the Robinhood chain.

我們已在美國啟動質押業務，僅在第一個月就獲得了超過 7.5 億美元的質押，因此對於美國質押業務而言，這是一個相當令人難以置信的進步。Robinhood 的 Bit stamp 交易所，該收購已完成。因此，我們現在擁有不斷成長的機構業務，我們認為隨著時間的推移，這將是一個很大的業務，當然還有 Robinhood 鏈。

To my knowledge, the first layer two block chain that's optimized and built with real world assets in mind. So, wrapping it up as a result of the strong product velocity, great business results, revenues up 45% year over year to nearly a billion, the third highest quarter of net deposits ever, sixth straight quarter, over $10 billion actually for net deposits and that's continued through July.

據我所知，這是第一個針對現實世界資產進行最佳化和建構的第二層區塊鏈。因此，由於強勁的產品速度和出色的業務成果，營收年增 45% 至近 10 億美元，這是有史以來淨存款額第三高的季度，連續第六個季度淨存款超過 100 億美元，並且這一趨勢一直持續到 7 月份。

The strong July, for net deposits puts us on track to exceed last year's total, which was $50 billion in net deposits, which was again a record. Gold subscribers up to a record $3.5 million. The gold team's been doing a very nice job. That's 13% adoption when you look at our overall customer base, but if you look at new customers that joined in quarter north of 35% adoption.

7 月淨存款強勁，預計將超過去年的總額，去年的淨存款為 500 億美元，再次創下紀錄。黃金訂閱用戶數達到創紀錄的 350 萬美元。金牌團隊的表現非常出色。如果從我們的整體客戶群來看，採用率為 13%，但如果從本季加入的新客戶來看，採用率則高達 35%。

So that's been really good to see, and we now have over 600,000 international customers when you fold in the customers we get via bit stamp so that's becoming a bigger and bigger part of the business. So we feel great about Q2 product velocity and results. I'll turn it over to you, Jason, to talk about financials before taking some Q&A.

看到這一點真是太好了，現在我們擁有超過 60 萬名國際客戶（如果算上我們透過 bit stamp 獲得的客戶），這將成為我們業務中越來越重要的一部分。因此，我們對第二季的產品速度和結果感到非常滿意。傑森，在進行問答之前，我會把話題交給你來談論財務問題。

Sounds good. Thanks, Vlad. Q2 was another great quarter as we drove market share gains, closed the acquisition of Bitstamp, and remained disciplined on expenses. As a result, we grew revenues 45% year over year, drove 81% incremental adjusted EBITDA margins, and doubled EPS from a year ago.

聽起來不錯。謝謝，弗拉德。第二季度又是一個出色的季度，我們推動了市場份額的成長，完成了對 Bitstamp 的收購，並在開支上保持了紀律。結果，我們的營收年增了 45%，調整後的 EBITDA 利潤率增加了 81%，每股收益比去年同期翻了一番。

Let's take a closer look at Q2, compared to last year. Revenues were $989 million. It's driven by strong year over year business growth. Trading volumes were up double to triple digits across all categories. Looking at some of our newer products, Q2 contract volumes were $11 million for futures, $17 million for index options and nearly $1 billion for prediction markets.

與去年相比，讓我們仔細看看第二季的情況。收入為 9.89 億美元。這是由業務逐年強勁成長所推動的。所有類別的交易量均增加了兩位數至三位數。看看我們的一些新產品，第二季期貨合約交易量為 1,100 萬美元，指數選擇權合約交易量為 1,700 萬美元，預測市場合約交易量為近 10 億美元。

So a lot of good momentum there on the new products. Interest earning assets were up over 50%, driven by cash sweep, margin, and strong securities lending activity, and it's great to see our gold cash sweep balances have crossed $30 billion, up more than 10 times since we started the high yield offer less than three years ago.

新產品的勢頭十分良好。在現金清掃、保證金和強勁的證券借貸活動的推動下，生息資產增長了 50% 以上，我們很高興看到我們的黃金現金清掃餘額已超過 300 億美元，自不到三年前我們開始提供高收益產品以來增長了 10 倍以上。

And for Robinhood Gold, we grew it to 3.5 million subscribers. That's up over 75% year over year as we continue to broaden the value proposition. We also stayed disciplined on expenses in Q2. Adjusted OpEx and SPC was up just 6% year over year, leading to 56% adjusted EBITDA margins.

而對於 Robinhood Gold，我們的訂閱用戶數量已成長至 350 萬。隨著我們不斷拓寬價值主張，這一數字年增了 75% 以上。我們在第二季也嚴格控制開支。調整後的營運支出和 SPC 年比僅成長 6%，導致調整後的 EBITDA 利潤率為 56%。

Now for Bitstamp, as I've said previously, we expect about $65 million of costs in 2025, so we're layering that on to our full year outlook for adjusted OpEx and SPC, bringing it to $2.15 to $2.25 billion. As a reminder, this outlook does not include costs from our anticipated acquisition of Wonderfy or provisions for credit losses.

現在對於 Bitstamp，正如我之前所說，我們預計 2025 年的成本約為 6500 萬美元，因此我們將其計入調整後的全年營運支出和 SPC 預測中，使其達到 21.5 億美元至 22.5 億美元。提醒一下，這項展望不包括我們預期收購 Wonderfy 的成本或信貸損失準備金。

As we enter Q3, we're off to a fast start in July. Net deposits are around $6 billion. It's a really nice pick up from May and June. Equity and options trading volumes are setting new monthly records, and crypto volumes for both Robinhood and for BitStamp are at six-month highs, so really great start to Q3.

隨著我們進入第三季度，7 月我們迎來了快速起步。淨存款約60億美元。與五月和六月相比，這是一個非常好的增長。股票和選擇權交易量創下了新的月度紀錄，Robinhood 和 BitStamp 的加密貨幣交易量都達到六個月高點，因此第三季開局非常好。

And we continue to see customers responding to our great margin rates, with margin balances now around $11 billion. So our momentum is strong entering the second half of the year, and we remain focused on driving another year of profitable growth in 2025. With that Chris, let's turn to Q&A.

我們繼續看到客戶對我們高額保證金利率的積極回應，目前的保證金餘額約為 110 億美元。因此，進入下半年，我們的發展勢頭強勁，我們仍將專注於在 2025 年實現另一年的獲利成長。克里斯，讓我們進入問答環節。

Thank you Jay. For the QA session, we'll start by answering top two questions from shareholders on Say Technologies ranked by number of votes. We passed over questions that we already addressed on this call or in prior quarters and grouped together questions that shared a common theme.

謝謝你，傑伊。在問答環節，我們將首先回答股東對 Say Technologies 提出的按投票數排序的前兩個問題。我們忽略了在本次電話會議或前幾季已經討論過的問題，而是將具有共同主題的問題歸為一類。

After the say questions we'll turn to questions from our live audience. All right, so the first question is from [Tarun Kay], who asks what will Robinhood banking, when will Robinhood banking be broadly available to customers?

回答完問題後，我們將轉向現場觀眾的提問。好的，第一個問題來自 [Tarun Kay]，他問 Robinhood 銀行業務是什麼，Robinhood 銀行業務何時會廣泛向客戶開放？

Awesome yeah, I'll feel that one. Thanks for the question, Tarun. As a reminder, we announced Robinhood banking at our Lost City of Gold event in San Francisco a couple months ago and the idea behind Robinhood banking, which is what inspired us to create this product, was that we wanted to deliver the private banking experience which has typically been a high net worth experience in digital form to the mass market.

太棒了，是的，我會感受到的。謝謝你的提問，Tarun。提醒一下，幾個月前，我們在舊金山的「失落的黃金之城」活動上宣布了羅賓漢銀行業務，而羅賓漢銀行業務背後的想法（也是我們創造這款產品的靈感來源）是，我們希望將私人銀行體驗（通常是高淨值人士的體驗）以數位形式提供給大眾市場。

And so you have the best of private banking which is high yield, things like estate planning, seamless integration between all of your other accounts, really nice net worth tracking along with some innovative features like cash delivery which actually we've started testing and piloting in the initial markets.

因此，您可以享受最好的私人銀行服務，即高收益、遺產規劃、所有其他帳戶之間的無縫整合、非常好的淨值追蹤以及現金交付等一些創新功能，實際上我們已經開始在初始市場進行測試和試行。

So as I mentioned earlier, we've rolled that out internally Robinhood banking. It's making good progress. It's looking really good, and it's still on track for roll out to customers later in the quarter.

正如我之前提到的，我們已經在 Robinhood 銀行內部推出了這項服務。目前進展良好。它看起來確實不錯，並且仍有望在本季度晚些時候向客戶推出。

All right. Thank you, Vlad. The next question is from [Louis H] who asks, does Robinhood have plans to step more into more heavily into lending, such as personal loans, auto loans, mortgages, and other products?

好的。謝謝你，弗拉德。下一個問題來自 [Louis H]，他問道，Robinhood 是否有計劃進一步涉足貸款領域，例如個人貸款、汽車貸款、抵押貸款和其他產品？

I'll start but feel free to jump in. As we've said over time, we want to be the place to custody all of our customers' assets and process all of their financial transactions, and I think lending plays right into this. You may have seen that through a partnership with Sage Home Loans, gold members now have access to really great rates on mortgages and one of the reasons they're able to deliver such great rates and we're able to deliver such great rates to customers, is we're passing all of our share of that, of the economics on the customers and the early feedback has just been really tremendous.

我會開始，但歡迎隨時加入。正如我們一直以來所說的那樣，我們希望成為保管所有客戶資產和處理所有金融交易的地方，我認為貸款正好符合這一點。您可能已經看到，透過與 Sage Home Loans 合作，黃金會員現在可以享受非常優惠的抵押貸款利率，他們能夠提供如此優惠的利率以及我們能夠為客戶提供如此優惠的利率的原因之一是，我們將所有的經濟利益都轉嫁給了客戶，而且早期的反饋非常好。

So if you're looking to buy a home loan, please become a gold member and check out, the rates. We're also, already providing, some forms of credit. We've got the gold card; Vlad mentioned 300,000 card holders. We have margin and, over time, we've got pretty big ambitions across all transaction types.

因此，如果您想購買房屋貸款，請成為金牌會員並查看利率。我們也已經在提供某些形式的信貸。我們有金卡；弗拉德提到有 30 萬持卡人。我們有利潤空間，而且隨著時間的推移，我們在所有交易類型上都有相當大的抱負。

Steven Chubak, Wolfe Research, LLC

Steven Chubak，沃爾夫研究有限責任公司

Jason Vlad, thanks so much for hosting this event. Good to see you too. Maybe just to start on net deposit, momentum because in the second quarter we did see a bit of a moderation. I know Steve Quirk spoke to some adjustments to promotional activity. You launched some promotions again alongside the crypto event and then we're seeing a re-acceleration in that deposits in July.

Jason Vlad，非常感謝您主持這次活動。我也很高興見到你。也許只是從淨存款開始，勢頭強勁，因為在第二季度我們確實看到了一些放緩。我知道史蒂夫·奎克談到了對促銷活動的一些調整。你們在加密貨幣活動的同時再次推出了一些促銷活動，然後我們看到 7 月存款再次加速成長。

And wanted to get a better sense as to how the strategy is evolving around net deposits and promotional activity more specifically and giving the attractive payback economics. Why not lean into promotional activity a bit more? Why retrench or pull back any of the promotions at all?

並希望更好地了解該策略如何圍繞淨存款和促銷活動更具體地發展並提供有吸引力的回報經濟。為什麼不多參與促銷活動呢？為什麼要刪減或取消任何促銷活動？

Yeah, do you want me to, I'll go ahead and, yeah, why don't you take it? Yeah, I'll go ahead and start, so first of all, we love the promotions and what's great is customers love these promotions. As you mentioned, the economics are incredibly compelling and when we launch these promotions we tend to see larger balances, from customers come in and that's showing up in our overall, averages.

是的，你想讓我這麼做嗎？我會繼續，是的，你為什麼不接受呢？是的，我先開始，首先，我們喜歡這些促銷活動，而且很棒的是，顧客也喜歡這些促銷活動。正如您所提到的，經濟效益非常引人注目，當我們推出這些促銷活動時，我們往往會看到來自客戶的更大餘額，這反映在我們的總體平均水平上。

Promotions are part of our playbook, we intend to continue to do it. We measure the economics on all of these promotions, and we watch the customer response. We had a really good promotion around crypto deposits where the community reached the goal and we doubled the match rate to 2%.

促銷是我們策略的一部分，我們打算繼續這樣做。我們衡量所有這些促銷活動的經濟效益，並觀察顧客的反應。我們圍繞加密存款進行了非常好的促銷，社區達到了目標，我們將匹配率翻了一番，達到 2%。

So really good opportunity there. I wouldn't read too much into the activity of promotions in Q2, like I said it's part of our playbook and we really like that.

所以這確實是個好機會。我不會過度解讀第二季的促銷活動，就像我說的，這是我們策略的一部分，我們真的很喜歡它。

Yeah, maybe I would just say two things. One is net deposits as a metric does have some volatility that's driven by traders. So if the market is moving in crypto or in other asset classes in a particular direction, traders deposit money to take advantage of those opportunities by the dip, so forth. So there is a component that's going to fluctuate up and down.

是的，也許我只想說兩件事。一是淨存款作為衡量指標確實存在一些由交易員推動的波動。因此，如果加密貨幣或其他資產類別的市場朝著特定方向發展，交易者就會存入資金以利用逢低買入的機會，等等。因此有一個組件會上下波動。

But if you look over the long run, and you sort of like smooth out the inter quarter, the trajectory for net deposits in this business, has been quite strong, and I think if I look at the tailwinds coming up, continued customer engagement, growth in new products, expansion into banking and all these new asset classes that are just ramping.

但如果從長遠來看，並且平滑季度間變化，這項業務的淨存款軌跡一直相當強勁，而且我認為，如果我看看即將到來的順風，持續的客戶參與度、新產品的增長、銀行業務的擴張以及所有這些正在興起的新資產類別。

All of that we believe will make the long term trend of net deposits grow and I think we're in the we're in a position where we've gotten more sophisticated about how we look at all marketing activities and we're increasingly looking at these promotions, alongside performance marketing and our other tools in one bucket.

我們相信，所有這些都將使淨存款的長期趨勢增長，我認為，我們對所有行銷活動的審視方式已經變得更加成熟，我們越來越多地將這些促銷活動與績效行銷和其他工具放在一起考慮。

And I think we're fortunate to just see high ROI opportunities across the board. So we've scaled marketing quite a bit already this year and it's been looking it's been looking good. So we have to balance scaling it with making sure that we keep costs in line and we deliver that profitable growth that the team's been doing such a good job in delivering.

我認為我們很幸運能夠全面看到高投資報酬率的機會。因此，我們今年已經擴大了行銷規模，而且效果看起來不錯。因此，我們必須在擴大規模和確保成本控制之間取得平衡，並實現團隊一直做得非常出色的獲利成長。

Dan Dolev, Mizuho Securities USA LLC

瑞穗證券美國有限責任公司 Dan Dolev

Thanks guys. Amazing quarter as always. And so my question is more broader you had this like really nice event in the south of France recently and can you maybe talk a little bit about the long term strategic opportunities with private, tokenization of private assets and some of the feedback you're getting from the market on all these great announcements that you've had, just, like 20 days ago or so. Thank you.

謝謝大家。一如既往的精彩季度。所以我的問題更廣泛，您最近在法國南部舉辦了一場非常棒的活動，您能否談談私人資產代幣化的長期戰略機遇，以及您在大約 20 天前發布的這些重要公告後從市場獲得的一些反饋。謝謝。

Yeah, I mean if you look at the, to catch a token event, I'd say it exceeded our expectations. I think for an event in Europe to have it watched 25 million plus times. I mean we were just talking about; we were just talking a little bit earlier that's more than many movies, right? So I think the team did a very nice job. I think it did two things.

是的，我的意思是，如果你看象徵性事件，我會說它超出了我們的預期。我認為對於歐洲的一個活動來說，它的觀看次數應該超過 2500 萬次。我的意思是我們剛才在談論；我們剛才在談論的比很多電影都多，對吧？所以我認為團隊做得非常好。我認為它起了兩件事。

One is it was sort of a blueprint to the rest of the world of what can happen when you have clear regulatory clarity around crypto assets and what what's going to happen is a lot of the criticisms about crypto assets being sort of like not tied to anything of fundamental value or mostly meme based goes away because you can actually tie the technology to things that have fundamental utility.

一方面，它就像一個藍圖，向世界展示了當你對加密資產有了清晰的監管時會發生什麼，而許多關於加密資產與任何基本價值無關或主要基於模因的批評都消失了，因為你實際上可以將這項技術與具有基本效用的事物聯繫起來。

We've seen that a little bit with stablecoin in the US. And I think tokenization of real world assets just extends that concept and we delivered it for exposure to public equities in Europe but we've also demonstrated it with private stocks in in Europe in the form of the giveaway and I think the reception to that was very positive.

我們已經在美國穩定幣上看到了這一點。我認為現實世界資產的代幣化只是擴展了這個概念，我們將其應用於歐洲的公開股票市場，但我們也以贈送的形式在歐洲的私人股票中展示了這一點，我認為對此的接受度非常積極。

I mean it's clear customers want this. They not only want it in Europe but they want it in the US as well and I think it's currently a big problem, a big iniquity that more and more companies are staying private longer and a lot of the big gains are reserved to private investors that are high net worth or institutional.

我的意思是，很明顯客戶想要這個。他們不僅想在歐洲獲得成功，還想在美國獲得成功。我認為，目前這是一個大問題，一個很大的不公平現象，即越來越多的公司保持私有化的時間更長，而許多巨額收益都留給了高淨值或機構的私人投資者。

So we are working to not just create a giveaway but to turn this into a real product that's usable both in the EUN and in the US and we're excited to do that I think we see a path to actually make that happen.

因此，我們不僅致力於製作贈品，還致力於將其轉變為可在歐盟和美國使用的真實產品，我們很高興這樣做，我認為我們看到了真正實現這一目標的途徑。

Well yeah, I think two things demonstrate the power of cryptotech technology and show a road map to what Robinhood could be if it was rebuilt from the ground up on crypto rails and I think there's a ton of benefits there and also solve some pain points for European customers. I think since that event, we've seen an acceleration in in our European business, and we think we see a path to that being a bigger and bigger piece of Robinhood over time.

嗯，是的，我認為有兩件事展示了加密技術的威力，並展示了 Robinhood 如果在加密軌道上從頭開始重建後的路線圖，我認為這會帶來很多好處，同時也能解決歐洲客戶的一些痛點。我認為自那次事件以來，我們的歐洲業務得到了加速發展，我們認為，隨著時間的推移，我們的歐洲業務將成為 Robinhood 越來越重要的組成部分。

I think the event also is a nice highlight to our product velocity. We've had a number of pretty successful customer events this year. In September, we have one for active traders at summit, but really proud of the team for how quickly we're building.

我認為這次活動也很好地凸顯了我們的產品速度。今年我們舉辦了多場相當成功的客戶活動。9 月份，我們在峰會上為活躍交易者舉辦了一場活動，但我們對團隊的快速建立感到非常自豪。

Edward Engel, Compass Point

愛德華‧恩格爾，指南針點

Hey. Thanks for taking my question. We've seen a couple more fintech companies start to apply for, with the OCC for banking licenses. Curious whether your mindset has changed on that, especially just given some of the recent rollouts you've had in the baking side.

嘿。感謝您回答我的問題。我們看到越來越多的金融科技公司開始向 OCC 申請銀行執照。好奇您對此的看法是否發生了改變，尤其是考慮到您最近在烘焙方面推出的一些新產品。

Yeah. Maybe I'll feel that, feel free to jump in. I would say first of all, we're always looking at the landscape and sort of like making decisions about where we see opportunities. You might remember, 2019 we acquired, we applied for a national bank charter with the OCC and the impetus for that was we wanted to get into high yield products to allow customers to generate more yields on their cash.

是的。也許我會有這種感覺，請隨意加入。我想說，首先，我們總是在觀察情勢，並決定在哪裡發現機會。您可能還記得，2019 年我們收購了美國銀行，並向美國貨幣監理署 (OCC) 申請了國家銀行執照，這樣做的動機是我們希望進入高收益產品領域，以便讓客戶從現金中獲得更多收益。

And what we found was we were at this interesting inflection point where the partnership ecosystem around banking improved to the point where you could get you could produce an even better savings product, the partnership route and you could see that not just with the yield but also the multiplicative FDIC protection.

我們發現，我們正處於一個有趣的轉折點，銀行業的合作生態系統已經改善到可以生產出更好的儲蓄產品，透過合作路線，你不僅可以獲得收益，還可以獲得乘性的 FDIC 保護。

So by partnering with banks and creating this FDIC product, we could actually offer you a very high yield and multiples of the FDIC protection. And Jason mentioned that's grown to over 3$0 billion in our cash sweep so that's been very successful and now with our partnership, with Coastal through Robinhood banking we're going to be able to offer a very competitive rate on actual savings accounts as well as checking.

因此，透過與銀行合作並創建此 FDIC 產品，我們實際上可以為您提供非常高的收益和數倍的 FDIC 保護。傑森提到，我們的現金清掃已經成長到超過 300 億美元，所以這非常成功，現在透過與 Coastal 的合作，透過 Robinhood 銀行，我們將能夠為實際儲蓄帳戶和支票帳戶提供非常有競爭力的利率。

So basically we found that thus far, we've had all the capabilities available through the partnership model and so the kind of cons have outweighed the pros of getting a charter but we're always open to re-evaluating it if the balance shifts and there's something that's much easier to do with the banking charter, especially as we get into more of these lending products, we're nimble and we can we can reevaluate quickly.

所以基本上我們發現到目前為止，我們已經擁有了透過合作模式可用的所有能力，因此獲得特許的弊端超過了優點，但如果平衡發生變化並且銀行特許更容易做某些事情，我們始終願意重新評估它，特別是當我們獲得更多這些貸款產品時，我們很靈活，我們可以快速重新評估。

Amit Kukreja, Amitisinvesting

阿米特·庫克雷賈（Amit Kukreja），Amitisinvesting

All right. Flat, finance content creator, good to see you.

好的。Flat，金融內容創作者，很高興見到你。

Congrats on a great quarter and congrats on innovating on the live event experience for earnings. Currently, right now, you guys have about 3.5 million gold subscribers, which seems to be the least cyclical part of the business because it's reoccurring sass revenues on that yearly subscription.

恭喜您度過了一個美好的季度，並祝賀您在現場活動體驗上的創新，從而帶來收益。目前，你們擁有大約 350 萬黃金訂閱用戶，這似乎是業務中最不受週期性影響的部分，因為它是年度訂閱的經常性收入。

More broadly, how are you guys thinking of protecting the business from cyclicality in the face of market volatility, rate cuts leading to a loss of net interest income, and anything else that could keep that type of growth going as sustainable as possible, given one of the biggest criticisms I've heard is that Robinhood is a very cyclical business.

更廣泛地說，鑑於我聽到的最大批評之一是 Robinhood 是一個非常具有周期性的業務，你們如何考慮在市場波動、降息導致淨利息收入損失以及任何其他可能保持這種增長盡可能可持續的因素下保護業務免受週期性影響。

Yeah, I mean, first of all, compared to just a few years ago, Amit, we're far more diversified. If you take just even the crypto business, that's diversifying. We launched a number of, products staking in the US is now taking off tokenization of US equities in international locations, but that, what we're seeing in crypto is happening across our business and you've heard me say that we have, nine businesses with over $100 million of revenue and we have a number of businesses that have a lot of momentum towards, being the tenth and beyond.

是的，首先，阿米特，與幾年前相比，我們的多元化程度更高了。如果你只從事加密業務，那麼這就是多樣化。我們在美國推出了一系列產品，目前正在推動美國股票在國際上的代幣化，但我們在加密貨幣領域看到的情況正在我們的整個業務中發生，您聽我說過，我們有 9 家企業的收入超過 1 億美元，而且我們有許多企業有著很大的發展勢頭，有望成為第十家甚至更多。

The other thing that I would say about kind of in the topic of like protecting your business against cyclical movements. Well really two things, the first is that the way we manage our business and we talk about being lean and disciplined, positions us in a place where when cyclicality hits, we aren't like some companies that really have to pull big on levers because all along we've been disciplined and you saw that we grew revenues 45% year over year and adjusted OpEx plus SBC was up 6% and so it's really kind of shining through and I think it positions us, in a position of strength, should those kinds of situations happen.

我想說的另一件事是關於如何保護您的業務免受週期性波動的影響。實際上有兩件事，第一，我們管理業務的方式，以及我們所說的精益和紀律，使我們在周期性衝擊來臨時，不必像某些公司那樣大力推動，因為我們一直都很自律，而且你會看到，我們的收入同比增長了 45%，調整後的運營支出加上 SBC 增長了 6%，所以這真的很突出，我認為，如果出現這種情況。

The other thing that I would say is I would caution us from not overreacting to those situations, the market opportunity and the TAM that we talked about in this actually in this venue back in December is massive. We have a massive TAM ahead of us, and I wouldn't want to over, rotate in a moment of cyclicality, when the market opportunity in front of us is so big.

我想說的另一件事是，我要提醒我們不要對這些情況反應過度，我們去年 12 月在這個場合討論的市場機會和 TAM 實際上非常巨大。我們面前有一個巨大的TAM，當我們面前的市場機會如此之大時，我不想在周期性的時刻過度旋轉。

Yeah and I would just add that I think that was a legitimate criticism of the business in 2021 when we went public. I mean it was just a retail boom, driven by multiple things including zero interest rates. We've been able to diversify our business in a high rate environment and we've been talking about the natural hedge of like, as rates go up, interest income goes up, but transaction revenue goes down.

是的，我只想補充一點，我認為這是對我們 2021 年上市時業務的合理批評。我的意思是，這只是一場零售業繁榮，受到包括零利率在內的多種因素的推動。我們已經能夠在高利率環境下實現業務多元化，並且我們一直在談論自然對沖，例如，隨著利率上升，利息收入上升，但交易收入下降。

So we've been able to drive these results in what's been historically still a pretty high rate environment and you know nine business lines with $100 million or more in annual revenue and we've got some that are on deck in kind of like the $50 million range.

因此，我們能夠在歷史上仍然相當高的利率環境中推動這些結果，你知道我們有九條業務線的年收入在 1 億美元或以上，還有一些業務線的收入在 5000 萬美元左右。

And there's a whole bunch more little seeds that we've either just launched or are going to launch in the future. So, in 2021 when we went public, it felt to me like we were much more fragile than today. I mean product velocity was a little bit gummed up with all the work that we did to deliver for that scale that we saw during COVID but now the road map, if you look at things that we expect to deliver in the short term, medium term and long term initiatives is pretty packed. So this is probably the least diversified you should ever see Robinhood.

我們也剛推出了或將在未來推出一大堆小種子。因此，當我們在 2021 年上市時，我覺得我們比今天脆弱得多。我的意思是，由於我們在 COVID 期間為實現如此規模所做的所有工作，產品速度有點受阻，但現在的路線圖，如果你看看我們預計在短期、中期和長期計劃中交付的東西，就會發現相當緊湊。因此，這可能是您所見過的 Robinhood 中多樣化程度最低的。

Gautam Chhugani, Bernstein.

高塔姆·楚加尼，伯恩斯坦。

Spoke about the tokenization opportunity in Europe but obviously there's a regulatory path in the US to make tokenization, particularly equity tokenization relevant for US. How do you see that playing out when it comes to regulatory approval for equity tokenization, particularly in view of the comments that came from the SEC post your event?

談到了歐洲的代幣化機會，但顯然美國有一條監管途徑可以使代幣化，特別是股權代幣化與美國有關。當涉及股權代幣化的監管批准時，您如何看待這種情況，特別是考慮到美國證券交易委員會 (SEC) 在您活動後發表的評論？

Yeah, so I think that tokenization in the US is interesting. If you think about the relative delta between the tokenized equities experience and untokenized which we've already built to scale here in this market, you get 24/7 versus 24/5 you get some access to self-custody and all the benefits of on chain which could mean things like collateralized lending and borrowing, which are a nice benefit but we already have industry leading margin rates.

是的，所以我認為美國的代幣化很有趣。如果你考慮我們已經在這個市場上建立的代幣化股票體驗和非代幣化股票體驗之間的相對差異，那麼你就可以獲得 24/7 的服務，而 24/5 的服務，你可以獲得一些自我託管權和鏈上的所有好處，這可能意味著抵押貸款和借款，這是一個很好的好處，但我們已經擁有行業領先的保證金率。

And then you have sort of like the cost aspects. Obviously, if more and more of the infrastructure goes from you know centralized legacy counterparties to block chain where it's essentially public infrastructure, the cost of operating the business would go down which would accrue eventually to customers in the form of in the form of more value.

然後你就需要考慮成本方面的問題了。顯然，如果越來越多的基礎設施從集中式傳統交易對手轉向本質上是公共基礎設施的區塊鏈，那麼營運業務的成本將會下降，最終將以更多價值的形式歸於客戶。

So I think the opportunity there are benefits but we're already offering customers very close to sort of like what they would get in the US. Overseas, they were a lot of customers don't even have access to US equities.

所以我認為那裡的機會是有好處的，但我們已經為客戶提供了非常接近他們在美國所能獲得的服務。在海外，很多客戶甚至無法投資美國股票。

So we think that we're going from zero to a great experience that we can scale globally to not just hundreds of millions but potentially billions in addressable market over the coming years as it gets more widespread. So I think it's different and in the same way stable coins among retail have been largely an ex US phenomenon and of course they're coming into the US but the US already has the benefit of pretty robust payment and banking systems.

因此，我們認為，我們將從零開始，創造一種偉大的體驗，隨著這種體驗的普及，我們可以在未來幾年內將其擴展到全球，不僅擴展到數億，而且可能擴展到數十億的潛在市場。所以我認為這是不同的，同樣，零售中的穩定幣在很大程度上是美國以外的現象，當然它們正在進入美國，但美國已經受益於相當強大的支付和銀行系統。

I think the real opportunity in the US would be tokenizing assets that were previously inaccessible and I think we're working with regulators to make that possible. I think those are like private markets and related real world assets are opportunities that don't exist up until now.

我認為美國真正的機會是將以前無法獲得的資產代幣化，我認為我們正在與監管機構合作以實現這一點。我認為這些就像私人市場和相關的現實世界資產是迄今為止不存在的機會。

So some things need to happen, we need to look at accreditation laws. We also are on a good path with securities tokenization, but that has to continue, and we think we can unlock that opportunity.

所以有些事情需要發生，我們需要研究認證法。我們在證券代幣化方面也走在了良好的道路上，但這必須繼續下去，我們認為我們可以解鎖這個機會。

Devin Ryan, Citizens JMP Securities, LLC

Devin Ryan，Citizens JMP Securities, LLC

Thanks so much. Hi, Vlad. Hi Jason, excellent results. I would love to ask one on tokenization, but I'll ask something different here. [SEC] lending, really ramping nicely, $54 million. In June alone, I think it was up 160% year over year, becoming actually a material revenue line item and historically we've seen that kind of ramp as capital markets turn back on and IPOs and hard to borrows kind of accelerate.

非常感謝。你好，弗拉德。嗨 Jason，結果非常好。我很想問一個關於代幣化的問題，但在這裡我會問一些不同的東西。 [SEC] 貸款，成長確實不錯，達到了 5,400 萬美元。僅在 6 月份，我認為它就比去年同期增長了 160%，實際上成為了一項重要的收入項目，從歷史上看，隨著資本市場回暖、IPO 和借貸困難加速，我們已經看到了這種增長。

So, can you maybe frame out how you're thinking about the opportunity there Is the book today is so much bigger the IPO market is literally just turning on, so it seemed like there's potential acceleration there. So is that June number a jumping off point if IPOs continue, or how should we think about that?

那麼，您能否闡述您如何看待那裡的機會？如今的帳簿規模如此之大，IPO 市場實際上才剛開始，因此似乎存在潛在的加速發展。那麼，如果 IPO 繼續進行，6 月的數字是否是一個起點，或者我們應該如何看待這一點？

Yeah, a great question. You know June was a record, and July is equally as strong, if not stronger. They're definitely strong market backdrops. First of all, great job by our securities lending desk. I thought the team did a really nice job. We've been on boarding, a lot of customers.

是的，這是一個很好的問題。你知道，六月創下了紀錄，七月也同樣強勁，甚至更強。它們絕對是強大的市場背景。首先，我們的證券借貸部門做得很好。我認為這個團隊做得非常好。我們已經接待了很多客戶。

Customers have been, adding a lot of assets into our fully paid program at the same time, our margin book is growing and that creates inventory for the SEC lending desk as well, and, with the market backdrop, what I'd say is that there are a handful of hard to borrows that had attractive returns in the in the quarter as well.

客戶一直在向我們的全額付費計劃中添加大量資產，同時，我們的保證金賬簿也在增長，這也為美國證券交易委員會的借貸部門創造了庫存，而且，在市場背景下，我想說的是，本季度有一些難以藉到的資產也獲得了可觀的回報。

So that continued into July as I mentioned we'll have to see, how that goes for the rest of the quarter and beyond, but I really love this, the strong inputs of adding customers, a growing book, adding assets into the fully paid program as well.

因此，正如我所提到的那樣，這種情況一直持續到 7 月份，我們必須看看本季度剩餘時間及以後的情況如何，但我真的很喜歡這種情況，增加客戶、增加賬簿、將資產添加到全額付費計劃中，這些都帶來了強勁的投入。

Alex Markgraff, KeyBanc Capital Markets Inc.

KeyBanc Capital Markets Inc. 的 Alex Markgraff

Thanks for taking my question, Jason. Maybe on, crypto monetization. Thank you for the bit stamp disclosure, but just on the core Robinhood monetization, can you talk a little bit about what you saw in the quarter and any effects you're seeing from smart, exchange routing so far?

謝謝你回答我的問題，傑森。也許是加密貨幣化。感謝您披露比特戳，但僅就核心 Robinhood 貨幣化而言，您能否談談您在本季度看到的情況以及到目前為止您從智能交換路由中看到的任何影響？

Yeah, so, just as a reminder, so customers have two ways to engage with crypto trading, at Robinhood. First, is the method that we've had for a long time, which is a market maker method that's where we get a rebate. We've been experimenting with pricing for some time, and you've seen us taking that up and we watch closely to make sure customers are continuing to get a great deal.

是的，所以，提醒一下，客戶有兩種方式在 Robinhood 進行加密交易。首先，是我們長期以來採用的方法，即做市商方法，我們可以從中獲得回扣。我們已經嘗試定價一段時間了，您已經看到我們正在採取這種措施，並且我們會密切關注以確保客戶繼續獲得優惠。

Just last week we moved the rebate rate to 85 bps, so that's in place. The second way, that customers can engage is direct with the exchange through the smart exchange router, and that's really opening a volume tier discount and based on volume, traders can achieve a 10 basis point commission on direct to exchange trading.

就在上週，我們將回扣率提高到了 85 個基點，現在這項政策已經實施。客戶可以參與的第二種方式是透過智慧交易路由器直接與交易所進行交易，這實際上開啟了交易量等級折扣，並且根據交易量，交易者可以在直接交易所交易中獲得 10 個基點的佣金。

And so far, it's early but we like what we're seeing there customers are bringing as they adopt, direct to exchange, they're bringing more volume, and they're achieving, more competitive rates, which is great, and we want Robinhood to be super attractive to high volume traders, but what's great to see, also is that revenue per trader is going up for those that are choosing to engage with the exchange.

到目前為止，雖然還處於早期階段，但我們很高興看到客戶採用直接交易的方式，他們帶來了更多的交易量，並且實現了更具競爭力的價格，這很好，我們希望 Robinhood 對高交易量交易者俱有超強的吸引力，但同樣令人高興的是，對於那些選擇與交易所合作的交易者來說，每位交易者的收入都在增加。

So, more revenue on the higher volume trading as well, even though it's a better rate. So, that's what we're seeing so far. In Q2 we saw the blended rate or the average rate at 58 basis points in the quarter. In July, through the month of July, it was kind of in the mid-60s, so, it has moved up a little bit.

因此，儘管利率更高，但交易量越大，收入就越多。這就是我們目前所看到的情況。在第二季度，我們看到混合利率或平均利率為 58 個基點。七月份，整個七月份，氣溫都在 60 多度，所以，氣溫略有上升。

All right. Thank you, Jason. We're now going to branch out to the audio cue, and so the first question we have on the line is from Patrick Moley at Piper Sandler.

好的。謝謝你，傑森。我們現在要轉到音頻提示，所以我們在線上聽到的第一個問題來自 Piper Sandler 的 Patrick Moley。

Yes, good evening. Thanks for taking the question. So I just had one on the credit card offering. You noted that you've tripled the number of cardholders year-to-date, but I think balances are only up about 45%. So I was hoping you could just elaborate on what you're seeing from credit card holders.

是的，晚上好。感謝您回答這個問題。所以我剛剛透過信用卡提供了一張。您提到今年迄今為止持卡人數量增加了兩倍，但我認為餘額僅增加了約 45%。所以我希望您能詳細說明一下您所看到的信用卡持有人的情況。

Are you seeing the economics that you'd like there and how should we think about, you ramping that into the end of the year? I think you said that you plan to accelerate the roll out, so any additional color there would be greatly appreciated. Thanks.

您是否看到了您所希望的經濟狀況，我們應該如何考慮將其提升到年底？我想您說過您計劃加速推出，因此任何額外的顏色都會非常感激。謝謝。

Yeah, we like what we're seeing on the economics. We've been meeting with the team regularly, and, when we look at the revolve rate, that's in line with what we would hope for, and the book is performing really well at this early stage. We're gaining confidence and looking forward to putting that in the hands of more and more of our customers.

是的，我們喜歡我們所看到的經濟狀況。我們一直定期與團隊會面，當我們查看周轉率時，我們發現這與我們所希望的一致，而且這本書在早期階段表現得非常好。我們越來越有信心，並期待將這種信心傳遞給越來越多的客戶。

Yeah, and I would just add that if your question about balances, it usually takes balances a little bit of time to increase on the revolve. So it's not like if you increase cardholders by 3X, the balances don't immediately increase by 3X. There tends to be a little bit of a lag. So that's why you're seeing that.

是的，我只想補充一點，如果你的問題是關於餘額，餘額通常需要一點時間才能在旋轉中增加。因此，持卡人數量增加 3 倍後，餘額不會立即增加 3 倍。往往會有一點點滯後。這就是你看到這個的原因。

James Yarrow, Goldman.

詹姆斯·亞羅，高盛。

Thanks for taking the question. Maybe, could you just perhaps preview a bit more on the Robinhood chain. Maybe you could just talk about, the advantages of building this for real world assets, and maybe just competitive advantages here versus other layer to block chains, and then finally just any update on timing.

感謝您回答這個問題。也許，您能否稍微預覽一下 Robinhood 鏈。也許您可以談談，為現實世界資產建立此功能的優勢，以及與區塊鏈其他層相比的競爭優勢，最後談談時間上的更新。

Yeah absolutely and actually since our event we've just gotten lots and lots of calls for developers that either want to tokenize the shares of their own companies or otherwise jump on the tokenization of real world assets revolution and partner with us.

是的，事實上，自從我們舉辦活動以來，我們已經接到了很多開發人員的電話，他們要么想將自己公司的股票代幣化，要么想加入現實世界資產代幣化革命並與我們合作。

I think the big advantage that we have with the Robinhood chain is that we have a captive audience of over 25 million customers in the US with now over 1 trillion in assets under custody. So obviously we think that we can build a great developer ecosystem and we want to be great for developers but that level of end user adoption and the user base that trusts us with so many of their assets, I think are going to be very very difficult for others to replicate.

我認為 Robinhood 鏈的一大優勢在於，我們在美國擁有超過 2,500 萬名忠實客戶，目前託管的資產超過 1 兆。因此，顯然我們認為我們可以建立一個偉大的開發者生態系統，我們希望為開發者提供良好的服務，但我認為，這種程度的最終用戶採用率以及將如此多的資產託付給我們的用戶群，對於其他人來說將非常難以複製。

So we think that gives us a big advantage and also nobody's really going after this specific opportunity there. There's a lot of chains out there that want to build the best chain for Degen traders, but I think the opportunity for real world assets and the unique characteristics that they have to be put on chain is a bit of a unique one that I don't think anyone else is tackling as directly.

因此我們認為這給了我們很大的優勢，而且沒有人真正追求這個特定的機會。有很多區塊鏈都想為 Degen 交易者打造最好的區塊鏈，但我認為現實世界資產的機會以及它們必須放在鏈上的獨特特性是比較獨特的，我認為沒有其他人能夠如此直接地解決這個問題。

Brian Bedell, Deutsche Bank

德意志銀行的 Brian Bedell

Great, thanks. Good afternoon, I guess, just a question on the $100 million businesses expanding that, nice to see the traction moving up from nine businesses. I think you mentioned Vlad, there are at least a couple businesses now in the $50 million range.

太好了，謝謝。下午好，我想問一下關於價值 1 億美元的企業擴張的問題，很高興看到牽引力從 9 家企業上升。我想你提到了弗拉德，現在至少有幾家企業的市值在 5,000 萬美元左右。

If you could just elaborate on those and then two ones that are [nascent], still staking and the tokenize stocks in Europe. Any sense of when you think those businesses on our annualized revenue run rate could get to say that, roughly $50 million markers that, a year or two or longer term?

如果您可以詳細說明一下這些，然後是兩個尚處於[新興]階段、仍在質押和歐洲代幣化股票的。您認為，我們的年度收入運行率中的那些企業在一年、兩年或更長時間內能達到大約 5,000 萬美元的水平嗎？

Yeah, I'll start, and you can fill in. There's, there are several that are moving really up on the revenue run rate. I mean you've got trade PMR and bit stamp, you've got prediction markets scaling really well, and you've got a number of others that are coming up behind it, whether it's, index options, and ike the Robinhood gold card, I was going to say legend as well. So we, there's a number of vectors there that are just gaining a lot of steam.

是的，我先開始，然後你填寫。其中，有幾家的收入運行率確實在上升。我的意思是，你已經擁有了交易 PMR 和比特戳，你的預測市場規模也非常好，而且你還有許多其他正在湧現的產品，無論是指數期權，還是像羅賓漢金卡，我也想說它們都是傳奇。因此，我們有許多正在獲得巨大發展的載體。

Craig Siegenthaler, Bank of America

克雷格·西根塔勒，美國銀行

Hey, good afternoon, Vlad and Jason. Hope everyone's doing well and I wish you'd be joining you there live, but I wanted to start with tokenize stocks. So one of your competitors also launched a tokenized stock product in Europe just this week, although their structure is different, and your launch is also structured under three phases.

嘿，下午好，弗拉德和傑森。希望大家都過得好，我希望你能現場加入，但我想從代幣化股票開始。因此，您的一個競爭對手本周也在歐洲推出了一款代幣化股票產品，儘管他們的結構不同，但您的發布也分為三個階段。

So I know there'll be progress ahead too, but if you take a step back, how do you think about the advantages with your SPV contract model and your end goal of running on Bitstamp rails versus the ERC 20 tokens which are backed by shares?

所以我知道未來也會有進步，但如果你退一步考慮，你如何看待你的 SPV 合約模型的優勢以及在 Bitstamp 軌道上運行的最終目標與由股票支持的 ERC 20 代幣相比的優勢？

Yeah, I think one of the advantages of our offering, and again, it is going to progress in three different stages. We're in kind of stage one right now. But the advantage is, every transaction, every mint and burn of a token has a corresponding transaction in the traditional market.

是的，我認為我們的產品的優勢之一，而且它將分成三個不同的階段發展。我們現在處於第一階段。但優點是，每一筆交易，每一個代幣的鑄造和銷毀在傳統市場中都有相應的交易。

So what that means is you minimize the risk of de peggings where you're trading an asset that's at a wildly different price than the traditional asset. I think that's a big thing because in order for customers to gain confidence with the technology and the experience, they have to get a really good price and so the system was designed for that and in Phase one as the supply of the token of the tokens increases, we can build that up by creating a pretty close tie with the traditional markets.

所以這意味著，當你交易的資產價格與傳統資產價格相差很大時，你可以最大限度地降低脫鉤風險。我認為這是一件大事，因為為了讓客戶對技術和體驗有信心，他們必須獲得真正好的價格，所以系統就是為此而設計的，在第一階段，隨著代幣供應量的增加，我們可以透過與傳統市場建立相當緊密的聯繫來建立這一點。

Now Phase two, which we anticipate getting into it in the in the coming months, would be getting the tokens to trade on bit stamp and that will unlock 24/7 trading so we're at we're at 24/5 right now which matches the US market, but 24/7 would be unlocked when Bitstamp comes online with the stock tokens.

現在，我們預計將在未來幾個月內進入第二階段，即讓代幣在 BitStamp 上進行交易，這將解鎖全天候交易，因此我們現在處於 24/5 交易狀態，這與美國市場相匹配，但當 Bitstamp 上線股票代幣時，全天候交易將被解鎖。

And basically there you'll have the best of both worlds. When we have access to the traditional markets, we'll be able to match or beat the price there and if the traditional markets are closed like Saturdays and Sundays or holidays, you'll still be able to transact.

基本上，您可以享受兩全其美的體驗。當我們進入傳統市場時，我們將能夠匹配或擊敗那裡的價格，如果傳統市場在周六、週日或假日關閉，您仍然可以進行交易。

And then there's phase three, which we unlock the full power of D fi and you'll be able to hold them non-custodially and transact on chain. And we have the technical capabilities to do all of this. It's just a question of going through the regulatory process. And we think that's basically the optimal path to getting customer adoption and you know counter party adoption to these products in a way that's usable for the end users.

然後是第三階段，我們釋放 D fi 的全部功能，您將能夠非託管地持有它們並在鏈上進行交易。我們擁有完成所有這些工作的技術能力。這只是一個監管程序的問題。我們認為這基本上是讓客戶採用並讓對方以可供最終用戶使用的方式採用這些產品的最佳途徑。

Ben Budish, Barclays Capital Inc.

Ben Budish，巴克萊資本公司

Hi, good evening and thank you for taking the question. I wanted to follow up on some of the earlier discussion and maybe some of the answer to the last question on what you see as the benefits of tokenized equities.

大家好，晚上好，感謝您回答這個問題。我想跟進之前的一些討論，或許還可以回答最後一個問題，也就是您認為代幣化股票有什麼好處。

I'm curious just given some of your disclosures around the fee model and the potential spreads that traders in Europe may incur for tokenized equities, versus sort of your model of offering a very low cost all in service.

我很好奇，鑑於您披露的一些費用模式以及歐洲交易者在代幣化股票交易中可能產生的潛在利差，與您提供非常低成本的全包服務模式相比。

How do you think about ensuring that execution costs stay low, spreads are tight, what is, what are you guys doing to sort of ensure that or how are you thinking about, ensuring that sort of level of execution and keeping it consistent perhaps with what you see in your equities business elsewhere? Thank you.

您如何考慮確保執行成本保持在較低水平、利差較小，您正在做什麼來確保這一點，或者您如何考慮確保這種執行水平並使其與您在其他股票業務中看到的情況保持一致？謝謝。

Yeah. I'll take that one again. So actually, if you look at the early feedback from our European offering by and large or I should say far and away, the number one piece of feedback is they love the prices and the value on stock tokens. The prices are very competitive. The only fee that customers incur when they trade stock tokens in Europe is the 10 basis point foreign transaction fee, which is very competitive.

是的。我會再拿那個。因此實際上，如果你看一下我們歐洲產品的早期回饋，或者我應該說到目前為止，最重要的回饋是他們喜歡股票代幣的價格和價值。價格非常有競爭力。客戶在歐洲交易股票代幣時唯一需要支付的費用是10個基點的外匯交易費，這筆費用非常有競爭力。

So, there's no other spread that Robinhood benefits from economically and the aim is to pass back the full value again outside of the foreign exchange transaction fee which is very competitive to our peers. So we think it's a great offering great economics we can scale it and so far, customers seem to be loving it.

因此，Robinhood 在經濟上沒有從其他利差中獲益，其目標是在外匯交易費之外再次返還全部價值，這對我們的同行來說非常有競爭力。因此，我們認為這是一個很棒的產品，具有很好的經濟效益，我們可以擴大其規模，到目前為止，客戶似乎都很喜歡它。

John Todaro, Needham.

約翰·托達羅，尼德漢姆。

Okay? Yeah, we're here. Great, so congrats on the quarter, phenomenal quarter. I guess just kind of coming back on some of the earlier questions, but the tokenize stocks, they did eventually invite a world where we see fee compression in crypto.

好的？是的，我們到了。太好了，恭喜這個季度，非凡的季度。我想這只是回到之前的一些問題，但是代幣化股票最終確實帶來了一個加密貨幣費用壓縮的世界。

We've historically haven't really seen that, but I guess if we see token size stocks kind of have similar pricing to equity markets, is crypto kind of eventually follow in that? It's just obviously another asset that's tokenized.

從歷史上看，我們還沒有真正看到過這種情況，但我想，如果我們看到代幣規模股票的定價與股票市場相似，那麼加密貨幣最終是否會效仿呢？顯然這只是另一種代幣化的資產。

Interesting question. I don't think that. We're likely to see any impact on spot crypto prices merely because of the presence of tokenized securities. I don't know if you have a different view, but I mean Robinhood has been offering in in the US market spot crypto alongside traditional equities and options and we just don't feel like there's much of a connection between how customers are even thinking about pricing in these various asset classes.

有趣的問題。我不這麼認為。我們很可能會看到，僅僅因為代幣化證券的存在，加密貨幣現貨價格就會受到任何影響。我不知道您是否有不同的看法，但我的意思是 Robinhood 一直在美國市場提供現貨加密貨幣以及傳統股票和期權，我們只是覺得客戶對這些不同資產類別的定價方式沒有太大聯繫。

So I don't know if there's anything that would fundamentally change with tokenization. I don't expect it to. I think at the end of the day the customer just thinks of it as getting exposure to the asset and the underlying mechanism or technology.

所以我不知道標記化是否會帶來根本性的改變。我並不指望它會這樣。我認為，最終客戶只是將其視為接觸資產和底層機製或技術。

They don't really want to know about that. I mean if you can make it feel as simple as possible and hide the blockchain process complexities, so they don't have to be a computer scientist to have to understand how everything works. That's what the customer wants, so they're generally agnostic about what's powering it behind the scenes as long as it works and it gives them the exposure that they're looking for.

他們其實不想知道這些。我的意思是，如果你可以讓它感覺盡可能簡單並隱藏區塊鏈過程的複雜性，那麼他們就不必成為電腦科學家就能理解一切是如何運作的。這就是客戶想要的，所以他們通常不清楚背後的驅動力是什麼，只要它能發揮作用，並能為他們帶來他們想要的曝光度就好。

Yeah, I would agree with that and just looking at some analogies like the pricing is different for index options versus futures versus equities versus options. So I think that there's room for each asset class to kind of stand on its own from a pricing perspective.

是的，我同意這一點，並且從一些類比來看，指數選擇權、期貨、股票和選擇權的定價是不同的。因此我認為從定價角度來看，每個資產類別都有獨立的空間。

And our goal is to be competitive and give customers great value across the board so that we continue to grow our market share and not just among casual traders and investors, but also the advanced traders that tend to be a little bit more price sensitive.

我們的目標是保持競爭力並全面為客戶提供巨大價值，以便我們繼續擴大市場份額，不僅在普通交易者和投資者中，而且在對價格更為敏感的高級交易者中。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Hi guys. Thanks for taking my question. Maybe just on staking quite impressive you guys have kind of reached $750 million within a month. Curious what percentage of kind of crypto assets are currently being staked, and how are you thinking about kind of growing that over time?

嗨，大家好。感謝您回答我的問題。也許只是在質押方面就令人印象深刻，你們在一個月內就達到了 7.5 億美元。好奇目前有多少比例的加密資產被質押，以及您如何考慮隨著時間的推移增加這一比例？

Yeah, we've got about $6 billion of stackable assets. The majority of those are in states where it's allowed. So customers have really responded quickly to the opportunity, and I think the opportunity more broadly is to continue to win market share in the crypto space.

是的，我們擁有約 60 億美元的可堆疊資產。其中大多數位於允許此類行為的州。因此，客戶確實對這個機會做出了快速反應，我認為更廣泛的機會是繼續在加密領域贏得市場份額。

Awesome. And then just on crypto pricing, looks like another kind of quarter where [taker] kind of ticked up a bit. Could you maybe just talk about the pace of the those maybe pricing gains that you guys have been taken and how we should expect that over the next few quarters.

驚人的。然後僅就加密貨幣定價而言，看起來像是另一個季度，其中[接受者]有點上漲。您能否談談您們可能已經實現的定價上漲的速度以及我們對未來幾季的預期？

Yeah. I think we're in a place where we like the pricing and we'll settle in for a little while. We're continuing to experiment, but we feel pretty good where we’re at the moment.

是的。我認為我們目前處於一個我們滿意的定價位置，我們會暫時穩定下來。我們正在繼續嘗試，但我們對目前的狀況感覺很好。

Kyle Voigt, Keefe, Bruyette & Woods, Inc.

凱爾·沃伊特（Kyle Voigt），Keefe, Bruyette & Woods, Inc.

Hey, good evening, everyone. So Vlad, you've executed on a number of bolt on deals over the past couple of years, including Bitstamp, X1, TradePMR, which have all gotten you new product capabilities or helped to expand your geographic reach.

嘿，大家晚上好。那麼 Vlad，在過去幾年裡，您已經執行了許多附加交易，包括 Bitstamp、X1、TradePMR，這些交易都為您帶來了新的產品功能或幫助您擴大了地理覆蓋範圍。

I guess when you take a step back and think about the platform as it exists today, do you still think there are opportunities for bolt ons to add on new product capability and accelerate geographic expansion, or have you filled most of those obvious product holes?

我想，當您退一步思考當今存在的平台時，您是否仍然認為有機會透過附加功能來增加新的產品功能並加速地理擴張，或者您是否已經填補了大多數明顯的產品漏洞？

And in terms of the size of deals, you have a valuable currency now, but would you be comfortable executing on larger scale M&A going forward versus the smaller bolt ons we've seen over the past couple of years?

就交易規模而言，您現在擁有寶貴的貨幣，但與過去幾年我們看到的較小規模的附加交易相比，您是否願意在未來執行更大規模的併購？

Yeah, I'm happy to take a stab at that and Jason feel free to jump in. Our core debt team has been actively looking at opportunities continuously and we have a we have a very strong team, very disciplined team. They take a look and they want to make sure that they're executing on our strategy where with every deal, we not only get a team that we believe can help us and and is aligned with us but that we get we get significant acceleration, 18 month acceleration at minimum over building ourselves.

是的，我很樂意嘗試一下，Jason 也可以加入。我們的核心債務團隊一直在積極尋找機會，我們擁有一支非常強大、非常自律的團隊。他們看了之後，希望確保他們正在執行我們的策略，即透過每一筆交易，我們不僅會得到一個我們相信可以幫助我們、與我們保持一致的團隊，而且我們還會獲得顯著的加速，在我們自己建設方面至少會加速 18 個月。

So, even though we tend to bias towards building in house, we've certainly made a number of acquisitions, the Trade PMRX1, Bit stamp you mentioned, but also WonderFi which gets us access to a scaled user base in the Canadian market. So we're, we remain excited about that one.

因此，儘管我們傾向於內部開發，但我們確實進行了一些收購，包括您提到的 Trade PMRX1、Bit stamp，還有 WonderFi，這使我們能夠在加拿大市場獲得規模化的用戶群。所以我們對此仍然感到興奮。

Certainly, with the change in market cap over the past year I think that opens up more opportunities for us. I mean the Bitstamp one was a significant deal back when we entered into it over a year ago but we're still going to be disciplined and make sure that we follow the playbook and that every company that we would acquire gives us acceleration, a great team with great DNA and really makes sense with the thesis of building the number one global financial ecosystem.

當然，隨著過去一年市值的變化，我認為這為我們帶來了更多的機會。我的意思是，當我們一年多前進入 Bitstamp 時，這是一個重要的交易，但我們仍然會嚴格遵守紀律，確保遵循劇本，並且我們收購的每家公司都會給我們帶來加速，一個擁有優秀 DNA 的優秀團隊，並且真正符合建立全球第一金融生態系統的論點。

Yeah, the only thing, I would reiterate the disciplined approach, we feel like we've done a really nice job of selecting companies that accelerate our road map, but also, are a great deal for shareholders and we'll continue to be disciplined from that perspective. It's really just a broader question about capital allocation and we've been allocating capital to grow organically.

是的，唯一要強調的是，我們要重申嚴謹的態度，我們覺得我們在選擇能夠加速我們路線圖的公司方面做得非常好，而且對股東來說這也是一件好事，從這個角度來看，我們將繼續嚴於律己。這實際上只是一個關於資本配置的更廣泛的問題，我們一直在分配資本以實現有機成長。

You see that with a lot of the new product announcements that we've made. We've been doing that through M&A as well and look, our road map is full and we're always looking for ways to accelerate. I do tend to like smaller, more efficient businesses that we can take and run with but we're always looking.

您可以從我們發布的許多新產品公告中看到這一點。我們也一直透過併購來實現這一目標，我們的路線圖已經很滿了，我們一直在尋找加速的方法。我確實傾向於選擇規模較小、效率更高、我們可以一起經營的企業，但我們一直在尋找。

Matt O'Neill, FT Partners.

馬特·奧尼爾（Matt O'Neill），FT Partners。

Hey there, this is Zach Gun on format. I just wanted to ask on gold subscribers, so it continues to grow and it's at a 13% adoption rate. My question is how should we think about the upper bound of that kind of a target of what you're trying to get to over the medium term and just what are the main gatekeeping factors that are limiting growth in that gold subscriber number and then just lastly, how should we think about the cadence of the growth there?

大家好，我是 Zach Gun。我只是想問一下黃金訂閱用戶的情況，它持續成長，採用率為 13%。我的問題是，我們應該如何看待您在中期試圖達到的目標的上限，以及限制黃金用戶數量增長的主要門檻因素是什麼？最後，我們該如何看待那裡的成長節奏？

You're doing $50 million I think in ads the last two quarters just stepped down a little bit this quarter. So just curious about how we should think about that? Thank you.

我認為你們的廣告支出在過去兩個季度為 5000 萬美元，但本季略有下降。所以我只是好奇我們該如何看待這個問題？謝謝。

Yeah, I mean, I'll start la and please feel free to jump in. We want it to be obvious that if you're a Robinhood customer, you're a gold customer, and so we continue to broaden the value proposition, and we're seeing customers respond really nice growth rate.

是的，我的意思是，我將開始，請隨意加入。我們希望顯而易見的是，如果您是 Robinhood 的客戶，那麼您就是黃金客戶，因此我們會繼續拓寬價值主張，並且我們看到客戶對成長率的反應非常好。

Vlad mentioned in his prepared remarks that new customers are joining at multiples the rate. I think it was 35% of our Q2 new customers joined gold in terms of upper bounds, one of the things that we like to do is benchmark and some of the best subscription, products out there whether it's Amazon or others or, substantially higher than where we're at, today and it inspires us as a as an opportunity to keep investing in the program, and then continue to work on making sure customers are aware of the value proposition.

弗拉德在準備好的發言中提到，新客戶加入的速度是原來的數倍。我認為，就上限而言，我們第二季度的新客戶中有 35% 加入了黃金計劃，我們喜歡做的事情之一就是對標一些最好的訂閱產品，無論是亞馬遜還是其他公司，或者大大高於我們今天的水平，它激勵我們繼續投資於該計劃，然後繼續努力確保客戶了解價值主張。

And I'm personally really excited about the banking product that's about to come out and that'll be another great addition to the gold proposition. Yeah.

我個人對即將推出的銀行產品感到非常興奮，這將是黃金主張的另一個重大補充。是的。

The only thing I'd add is you should think about gold as, if you're a gold member then you're a member of a really high quality exclusive financial club but it's also available to everyone. So we're trying to toe the line between it being premium but also accessible to the mass market and I don't think anyone, I don't think very many people can toe that line.

我唯一想補充的是，你應該把黃金視為，如果你是黃金會員，那麼你就是真正高品質專屬金融俱樂部的會員，但它也對所有人開放。因此，我們試圖在高端產品和大眾市場之間找到平衡，但我認為沒有人，也沒有多少人能夠做到這一點。

I think it's been working very well, and a couple of the products that are very nascent are ones that we're very excited about. Jason mentioned banking. We also have the Gold card; Cortex I mean Cortex has gotten amazing reviews in its first iteration.

我認為它運作得很好，而且我們對一些剛起步的產品感到非常興奮。傑森提到了銀行業務。我們還有金卡；Cortex，我的意思是Cortex在第一次迭代中就獲得了驚人的評價。

That's a gold only offering and we're just going to keep iterating on that and making that better and better. So, I think we see tons of tailwinds to continuing to make gold better and making the subscriber account increase as a result of that.

這是僅針對黃金的產品，我們會繼續對其進行迭代，使其變得越來越好。因此，我認為我們看到了大量的順風因素，可以繼續改善黃金並因此增加訂閱帳戶。

Yeah, at $5 a month, Robin at gold is just the best deal in finance. So, if you're not a gold member, jump on that.

是的，每月 5 美元，Robin at gold 就是金融領域最好的選擇。因此，如果您還不是黃金會員，那就趕快加入吧。

Ken Worthington, J.P. Morgan Securities LLC.

肯‧沃辛頓，摩根大通證券有限責任公司。

Hi, good afternoon. Thanks for taking the question here. Wanted to talk about the build-out of the active trader furthering your comments and the prepared remarks. How are the ranks of the active traders building like the great market to make people are making money, it's a great market to build this sort of active trader base. So how is that going?

嗨，下午好。感謝您在這裡提出這個問題。想談談活躍交易者的建立，進一步闡述您的評論和準備好的評論。活躍交易者的隊伍是如何像偉大的市場一樣建立起來的，讓人們賺錢，這是一個建立這種活躍交易者基礎的偉大市場。那麼進展如何？

And then in terms of transfer of assets, you're positive or having positive against all the major brokerage competition. Is Robinhood TOA positive in the same way with the active trader client as well? Or is there any sort of differences between sort of money coming in and money going out in that particular segment?

然後在資產轉移方面，你對所有主要經紀競爭都持正面態度。Robinhood TOA 對活躍交易者客戶是否也同樣有利？或者說，在那個特定領域，收入和支出的資金是否有差異？

Yeah. We don't have a breakdown available, in that way, but we can share that we're positive again this quarter against all of the major competitors, and, we kind of track progress on the active trader arc of our business by looking at market share, market share across all traded assets, equities options, futures now, prediction markets, and of course crypto.

是的。我們沒有可用的細分數據，但我們可以分享的是，本季我們對所有主要競爭對手再次持正面態度，我們透過查看市場佔有率、所有交易資產的市場佔有率、股票選擇權、現在的期貨、預測市場，當然還有加密貨幣，來追蹤我們業務的活躍交易者弧的進展。

And it's like growing really nicely across the board. So we really like what we seeing. Of course, that's somewhat of a lagging indicator because new products lead to greater market share but the leading indicators are the product velocity and we've been doing really well with a number of things thus far this year.

整個產業都在穩步發展。所以我們真的很喜歡我們所看到的。當然，這在某種程度上是一個落後指標，因為新產品會帶來更大的市場份額，但領先指標是產品速度，而今年到目前為止，我們在很多事情上都做得很好。

And we haven't even had HOOD Summit which is our active trader event that's in a few weeks and we're going to be unveiling even more that that we're excited about. So I would say looking backward market share which is sort of like how we track progress very strong, medium term we've had things with legend that we're very positive on and the things that are about to come. I think you'll see in a couple of weeks, but, I think you guys are really going to like them.

我們甚至還沒有舉辦 HOOD 高峰會，這是我們的活躍交易者活動，幾週後我們將揭曉更多讓我們興奮的消息。因此我想說，回顧過去的市場份額，這有點像我們如何非常強勁地追蹤進展，從中期來看，我們已經有一些傳奇的事情，我們對即將發生的事情非常樂觀。我想你們會在幾週後看到它們，但我想你們一定會喜歡它們。

Another metric that we track internally is net promoter score, and we've been seeing that move up, overall, but also with our active traders and, we're reaching levels. It's like a high-water mark over the last four plus years. So feeling really good about that and it's also tends to be a leading indicator for increased market share over time.

我們內部追蹤的另一個指標是淨推薦值，我們看到該值總體上一直在上升，而且隨著我們的活躍交易者不斷增加，我們也達到了一定的水平。這就像是過去四年多來的最高水位線。所以對此感覺非常好，而且這也往往是隨著時間的推移市場份額增加的領先指標。

Yeah, and it's great you mentioned that. I mean that's a big part of why we're confident in the business we're looking at how happy our customers are. Customers keep getting happier and we've seen in the past that leads to them growing their wallet share with us, putting more assets into Robinhood, becoming gold subscribers at an increasing rate, adopting our products. So we think, we think we still see significant tailwinds to that.

是的，你提到這一點非常好。我的意思是，這正是我們對業務充滿信心的重要原因，我們關注的是客戶的滿意度。客戶越來越滿意，我們過去看到，這導致他們在我們這裡增加了錢包份額，將更多資產投入 Robinhood，以越來越快的速度成為黃金訂戶，並採用我們的產品。因此我們認為，我們仍然看到顯著的順風。

Mike Cyprys, Morgan Stanley.

摩根士丹利的麥克‧賽普里斯 (Mike Cyprys)。

Great, thanks for taking the question. Maybe just following up on the active trader commentary. There just hoping you could elaborate a little bit on what sort of uptake you're seeing with Legend. How that's contributing on 24/5?

太好了，謝謝你回答這個問題。也許只是跟進活躍交易者的評論。我只是希望您能稍微詳細說明一下您所看到的 Legend 的吸收情況。這對 24/5 有何貢獻？

I guess how much of your volume are you seeing in the overnight session and then on prediction markets if maybe you could just elaborate on the success there and what sort of mix you're seeing between sports and other types of contracts?

我想問一下，您在隔夜交易中以及預測市場中看到的交易量有多少，您能否詳細說明一下那裡的成功，以及您在體育和其他類型的合約之間看到的是什麼樣的組合？

Maybe I'll start on prediction markets and then you can chat about legends. So prediction markets is cumulative now at about $2 billion contracts we're nearly 1$ billion in the quarter. In terms of the mix, since we launched, customers have engaged in over $100 million economic contracts, so really nice.

也許我會從預測市場開始，然後你們可以聊聊傳奇。因此，預測市場現在累積的合約金額約為 20 億美元，本季則接近 10 億美元。就組合而言，自我們推出以來，客戶已經簽訂了超過 1 億美元的經濟合同，這真的很好。

A large percentage of the transactions, in prediction markets are with sports and we love to see our customers engage in that way as well. I think over time what you're going to see is we'll continue to you know add selection across all elements of culture whether it's things that be on the front page to the business section to the sports page and I think we can tell by the engagement by customers that it's a product that is resonating.

預測市場中很大一部分交易與體育有關，我們也樂於看到我們的客戶以這種方式參與其中。我認為隨著時間的推移，你會看到我們將繼續在所有文化元素中添加選擇，無論是頭版、商業版還是體育版，我認為我們可以透過客戶的參與度判斷這是一款引起共鳴的產品。

Yeah and I would tell you, yeah, I mean a good chunk of it is sports, but we've also been focused on that because that's an area where not a lot of our competitors are present. So we see that as a big opportunity and we've been investing but we've also been building the capability to list lots of different types of contracts, and we anticipate broadening the suite to multiple categories.

是的，我會告訴你，是的，我的意思是其中很大一部分是體育運動，但我們也一直專注於此，因為這是我們的競爭對手並不多的領域。因此，我們認為這是一個巨大的機遇，我們一直在投資，但我們也一直在建立列出許多不同類型合約的能力，我們期望將該套件擴展到多個類別。

On Robinhood Legend, volumes continue to grow nicely overnight as well. We don't have specific numbers to share there, but everything's looking very positive, and we like what we're seeing.

在 Robinhood Legend 上，交易量隔夜也持續良好成長。我們沒有具體的數字可以分享，但一切看起來都非常積極，我們對所看到的一切感到滿意。

And it's great we keep getting feedback from customers. The team's hard at work and they're literally rolling out improvements week over week. So, a lot of momentum there and improving the product experience.

我們不斷收到客戶的回饋，這真是太好了。團隊正在努力工作，他們每週都在不斷改進。因此，我們擁有很大的發展動能並正在改善產品體驗。

All right, since this is our last, or sorry, we've now, gotten through the audio cue, and since we're, we are here in person, I think we have time for a couple more in person questions if anybody has any other questions they'd like to ask. All right, Steven Chubak you started us off.

好的，因為這是我們的最後一次，或者抱歉，我們現在已經通過音頻提示，而且因為我們親自來到這裡，所以如果有人還有其他問題想要問的話，我想我們還有時間再回答幾個面對面的問題。好的，史蒂文·楚巴克，你先開始吧。

So maybe going back to the pricing discussion, you guys have done a really nice job of demonstrating the value prop you've been able to increase price or take rate on crypto, without seeing any meaningful impact in terms of market share. In fact, it's been reflecting steady market share gains.

所以也許回到定價討論，你們已經很好地展示了價值主張，你們已經能夠提高加密貨幣的價格或利率，而沒有看到市場份額方面有任何有意義的影響。事實上，它的市場份額一直在穩步增長。

We know that some of your larger competitors are going to be entering the crypto trading space, maybe not necessarily with as broad or robust of an offering, but wanted to get your perspective on how much you to what extent you can protect that pricing advantage as the Schwabs and Morgan Stanley with ETRADE, via ETRADE, actually look to enter this space as well?

我們知道，你們的一些較大的競爭對手即將進入加密貨幣交易領域，可能不一定會提供如此廣泛或強大的產品，但想听聽你的看法，在嘉信理財和摩根士丹利通過 ETRADE 也希望進入這一領域的情況下，你們能在多大程度上保護這種定價優勢？

As well. Maybe I'll try the crypto pricing this time. So, a couple of things. One is you mentioned the market share gains in crypto. I think that, maybe one thing that hasn't really been talked about very much is the rollout of smart exchange routing and what that does with tiered pricing for high volume traders.

也一樣。也許這次我會嘗試加密定價。所以，有幾件事。一是您提到了加密貨幣市場份額的成長。我認為，也許有一件事還沒有被廣泛討論，那就是智慧交易路由的推出，以及它對大宗交易者的分級定價有何影響。

I mean, frankly, before we rolled that out, if you're a high volume trader trading, tens of millions of dollars in notional a month, our offering wasn't very competitive for you, because you were getting great advanced pricing elsewhere and so our offering was too expensive for these customers.

我的意思是，坦白說，在我們推出這項服務之前，如果你是一個大額交易商，每月的名義交易額高達數千萬美元，那麼我們的服務對你來說並不是很有競爭力，因為你在其他地方已經獲得了很好的預付定價，所以我們的服務對這些客戶來說太貴了。

And I think we've done a good job in addressing that. Ofcourse, smart exchange routing continues to be adopted, but we think that now we have a competitive offering for customers trading higher volume and as you see more and more Bitstamp integration as we continue to bring that onto the fold, the experience for a crypto, high volume trader will become even better on Robinhood.

我認為我們在解決這個問題上做得很好。當然，智慧交換路由將繼續被採用，但我們認為現在我們為交易量較大的客戶提供了有競爭力的產品，隨著您看到越來越多的 Bitstamp 集成，隨著我們繼續將其納入其中，加密貨幣、大交易量交易者的體驗將在 Robinhood 上變得更好。

So a lot of these gains that you've seen are without us actually fully serving, the active traders on the crypto side. In terms of, so I think we feel good, and I think the numbers will speak for themselves there. In terms of large I think you're referring to incumbent brokerage competitors getting into crypto. I mean I don't know we've been hearing that question for quarters and they still haven't gotten into crypto.

因此，您所看到的許多收益都是在我們實際上沒有充分服務於加密貨幣方面的活躍交易者的情況下實現的。就此而言，我認為我們感覺良好，而且我認為數字會說明一切。就大而言，我認為你指的是現有的經紀競爭對手進入加密貨幣領域。我的意思是，我不知道我們已經聽到這個問題好幾個季度了，但他們仍然沒有進入加密貨幣領域。

So I don't know how long it's going to take. I tend to not really worry about competitors unless they have a product in market that's actually beating us, and I just think we're going to continue to move ahead. We've added staking now we're sort of like continuing to add assets and different block chains across the board.

所以我不知道這需要多長時間。我通常不太擔心競爭對手，除非他們在市場上有能夠擊敗我們的產品，我只是認為我們會繼續前進。我們現在添加了權益，有點像是繼續全面添加資產和不同的區塊鏈。

I know we added some new ones last week and I think the velocity of the crypto team's been really good. So again, tend not to worry about competitors until they actually have products in the market that are beating our products.

我知道我們上週增加了一些新成員，我認為加密團隊的速度非常好。所以，再說一次，不要擔心競爭對手，直到他們真正在市場上推出能夠擊敗我們產品的產品。

Yeah, and I think the point that Vlad is making that I'd reiterate is that in crypto pace of innovation is a competitive advantage and, I see Johan here, he and his team, I would bet on their, they're moving at an incredible pace as we demonstrated, at the to catch a token event.

是的，我認為 Vlad 提出的觀點是，我想重申的是，在加密貨幣領域，創新的速度是一種競爭優勢，我看到 Johan 在這裡，他和他的團隊，我敢打賭，正如我們所展示的，他們正以驚人的速度前進，趕上一個象徵性的事件。

Devin Ryan, Citizens.

德文·瑞安（Devin Ryan），公民。

Thanks for letting me wrap it up here. So Jason, a lot of credit for the expense management here because 56% adjusted even do margins in the quarters pretty amazing given the level of growth you guys are putting up. So I know you've committed to this kind of theme of driving and revenues can bounce around, but this theme of driving kind of faster top line growth and expense growth.

謝謝你讓我在這裡結束這次談話。所以 Jason，這裡的費用管理功不可沒，因為考慮到你們所實現的成長水平，56% 的調整甚至使季度利潤率相當驚人。所以我知道你已經致力於這種驅動主題，收入可能會有所波動，但這種驅動主題是推動更快的收入成長和費用成長。

But as we start to kind of look ahead and maybe not to get too far ahead of ourselves for 2026, but just talk about the relationship and the commitment to continuing to drive kind of top line faster than expenses, especially with all the initiatives you guys have underway, and I'm sure there's no lack of areas to spend money on.

但是，當我們開始展望未來時，也許不要對 2026 年想得太遠，而只是談論關係和承諾，繼續以比支出更快的速度推動營收成長，特別是考慮到你們正在進行的所有舉措，我相信不乏可以花錢的領域。

So just the relationship and maybe also areas where you're finding to save some money to then reinvest back into growth. Thanks.

因此，不僅僅是關係，也許還有你發現可以節省一些錢然後再重新投資於成長的領域。謝謝。

Yeah, you bet and I'll just kind of tell you how we think about it more generally. You know there's we have a large business and large businesses present opportunities to be more efficient, more productive, and so when we think about deploying capital for organic growth, what we do is we look at our existing businesses and ask them to improve process and use technology, so that their cost growth stays in the low single digits and in some cases, our GMs would assert that we've asked them to actually decrease costs.

是的，沒錯，我只是想告訴你我們對此的整體看法。您知道，我們擁有大型企業，大型企業提供了提高效率、提高生產力的機會，因此，當我們考慮部署資本實現有機增長時，我們所做的就是審視現有業務，要求他們改進流程和使用技術，以便他們的成本增長保持在較低的個位數，在某些情況下，我們的總經理會斷言我們已經要求他們真正降低成本。

And there's a lot of opportunity I'm sure talk a lot about AI and just process improvement more generally and we've done a really nice job of being able to grow those existing businesses but do it in a way that's costs are growing at a very slow percentage and so that's a big part of our business that's growing at a really small percentage and what that does is it frees up the incremental dollars to put in areas that drive growth, whether that's new business initiatives or it's things like marketing and we love marketing and we're constantly debating about putting more marketing dollars to work because the ROIs are so good and the payback is so short.

我相信有很多機會，我們談論了很多關於人工智慧和更普遍的流程改進，我們在發展現有業務方面做得非常好，但成本增長非常緩慢，因此我們業務的很大一部分增長百分比非常小，這樣做可以釋放增量資金，投入到推動增長的領域，無論是新的業務計劃還是營銷之類的事情，我們熱愛營銷，我們一直在爭論是否要投入更多的營銷資金，因為投資回報率很高，而且回報。

So what I tell you is, even though we're delivering such incredible leverage on the business, the debates inside the company aren't come on, Jason, like loosen up on the purse strings. It's really been focused on finding ways to be more efficient and it frees up a lot of capital and a lot of costs that we can then deploy into other areas.

所以我要告訴你的是，儘管我們在業務上發揮瞭如此不可思議的影響力，但公司內部的爭論並沒有放鬆錢袋的束縛，傑森。它真正專注於尋找提高效率的方法，並釋放大量資本和成本，然後我們可以將其部署到其他領域。

And that's not to say that we don't have these debates and periodically add you know five head count here, two head count there but it is in a situation where we're choking the business and I think you can see that with the growth that we're able to deliver. So, I'm not always the most popular person in the room and [Shiv] who's here with me, is probably even more so because I make him say no more than I do, but --

這並不是說我們沒有這些爭論，也不是說我們沒有定期在這裡增加五個人，在那裡增加兩個人，但在這種情況下，我們正在扼殺業務，我想你可以從我們能夠實現的增長中看到這一點。所以，我並不總是房間裡最受歡迎的人，和我一起在這裡的[Shiv]可能更受歡迎，因為我讓他說的話比我說的多，但是--

Incredibly unpopular.

極度不受歡迎。

Incredibly, but I, I'll tell you it, we have a DNA at the company and it's in our culture to be lean and disciplined and I think it's really showing up in our results.

令人難以置信的是，但我要告訴你，我們公司有 DNA，精實和紀律是我們的文化，我認為這確實體現在我們的表現上。

I would also just add that two of the areas that have just been critical to our business sustaining the rate of innovation and kind of customer adoption of our products have been engineering and customer service and both of those areas are probably like very.

我還要補充一點，對我們的業務維持創新速度和客戶對我們產品的採用至關重要的兩個領域是工程和客戶服務，這兩個領域可能都非常關鍵。

I mean we've invested early and aggressively in using AI for both of those and it's having tremendous results. I mean I would venture to say we're world class across both of those and of course other areas as well and we're looking at everything but those are the two that like really move the needle for our business.

我的意思是，我們很早就積極地投資於人工智慧在這兩個領域的應用，並且取得了巨大的成果。我的意思是，我敢說我們在這兩個領域以及其他領域都是世界一流的，我們正在關註一切，但這兩個領域真正推動了我們的業務發展。

I think that's why we've been able to demonstrate I mean it's a big part of why we've been able to demonstrate this growth while keeping, OpEx relatively flat up a little bit.

我認為這就是我們能夠證明這一點的原因，我的意思是，這在很大程度上解釋了為什麼我們能夠證明這種成長，同時保持營運支出相對穩定。

All right, that concludes the Q&A of our call. Glad any closing remarks?

好的，我們的電話問答到此結束。很高興有結束語嗎？

Yeah, I mean, thank you guys for listening and to not just our retail shareholders but institutional analysts, the finance content creators in this room for the engagement, really hope this was informative but also fun and, yeah, maybe we'll do it again. Thank you again and watch out for HOOD Summit, in Las Vegas in the next few weeks. So we're not slowing down the innovation will continue.

是的，我的意思是，感謝你們的聆聽，不僅感謝我們的散戶股東，也感謝機構分析師，以及在座的金融內容創作者，真的希望這次講座既有信息量，又充滿樂趣，是的，也許我們會再做一次。再次感謝您，請關注未來幾週在拉斯維加斯舉行的 HOOD 峰會。因此我們不會放慢創新的腳步。

Thanks so much. Okay.

非常感謝。好的。