Robinhood Markets, Inc. (HOOD) 2026 Q2 法說會逐字稿

Thank you to everyone for joining Robinhood's Q2 2026 earnings call, whether you're tuning into the live stream or here with us in person.

感謝各位參加 Robinhood 2026 年第二季財報電話會議，無論您是收看直播，或是親臨現場與我們同在。

With us today are Chairman and CEO, Vlad Tenev; CFO, Shiv Verma; and VP of Corporate Finance and Investor Relations, Chris Koegel. Vlad and Shiv will offer opening remarks and then, open the call to Q&A.

今天與會者包括董事長兼執行長 Vlad Tenev；財務長 Shiv Verma；以及企業財務與投資人關係副總裁 Chris Koegel。Vlad 與 Shiv 將先發表開場致詞，接著開放問答。

During the Q&A portion of the call, we will answer questions from the audience, which includes institutional research analysts; finance content creators, who may hold an ownership position in Robinhood; and both institutional and retail shareholders.

在問答環節中，我們將回答現場觀眾的提問，觀眾包括機構研究分析師；金融內容創作者（其可能持有 Robinhood 的持股部位）；以及機構與散戶股東。

As a reminder: Today's call will contain forward-looking statements. Actual results could differ materially from our current expectations. We may not provide updates, unless legally required.

提醒各位：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。

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 our SEC filings, all of which can be found at investors.robinhood.com.

可能導致差異的風險因素（包括我們持續關注的監管發展）已載於我們今日發布的新聞稿、財報簡報，以及我們向 SEC 提交的文件中；上述資料皆可於 investors.robinhood.com 查閱。

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.

今天的討論也將包含非 GAAP 財務衡量指標。與我們認為最具可比性的 GAAP 指標之調節表，可於財報簡報中查閱。

With that, please welcome Vlad and Shiv.

接下來，歡迎 Vlad 與 Shiv。

Wow. Thank you, guys, for joining. Thanks for the warm welcome. It's awesome to see a packed house in here. We're back, again, at Nasdaq, in New York City, taking a big bite out of the Big Apple, with Shiv, here, and Chris.

哇。感謝各位參與。謝謝大家熱情的歡迎。很棒能看到現場座無虛席。我們再次回到紐約市的納斯達克，和 Shiv 以及 Chris 一起，在大蘋果咬下一大口。

Largest audience, yet, for an earnings event. I remember, Shiv, last year, it was -- when we did the first event with analysts in person, we were worried. Would anyone come?

這是迄今為止財報活動規模最大的觀眾。我記得，Shiv，去年我們第一次與分析師舉辦實體活動時，還很擔心。會有人來嗎？

Not too many people did. But the people that did had a lot of fun. Now, I'm glad to see the word has spread. It's really great to see shareholders; analysts; buy-side and sell-side content creators in the audience here.

來的人不算多。但來的人都玩得很開心。現在，我很高興看到消息已經傳開了。很高興在現場看到股東、分析師，以及買方與賣方的內容創作者。

It's been about 5 years -- actually, I think, exactly 5 years -- since we rang the bell at the Nasdaq. In that time, we've really accomplished significant growth. We've delivered for our customers.

距離我們在納斯達克敲鐘已經大約 5 年——其實我想，剛好就是 5 年。在這段期間，我們確實達成了顯著成長。我們也為客戶交出了成果。

In that time period, since IPO, total platform assets have quadrupled. Adjusted EBITDA has more than 8x. But one thing hasn't changed: why we exist.

自 IPO 以來，平台總資產已成長至原來的四倍。調整後 EBITDA 超過 8 倍。但有一件事沒有改變：我們存在的原因。

Robinhood exists to make everyone an owner. I think that's a unique vision. I don't think a lot of companies are going after this. It's a powerful vision, not just for each individual customer but I think, also, for society, at large.

Robinhood 的存在，是為了讓每個人都能成為擁有者。我認為這是一個獨特的願景。我不認為有很多公司在追求這件事。這是一個強而有力的願景，不僅對每一位個別客戶如此，我也認為對整個社會亦然。

I think that a society without ownership broadly distributed is very fragile. We think broad ownership is essential to a free, stable, and prosperous society because, when more people have stake in the outcome; more skin in the game, they're literally invested in the outcome.

我認為，一個所有權未能廣泛分配的社會是非常脆弱的。我們認為廣泛的所有權對自由、穩定且繁榮的社會至關重要，因為當更多人對結果有利害關係、真正「有皮在遊戲裡」，他們就會在字面意義上對結果進行投資。

We want more people to be invested in the companies of our great country. I think we've just scratched the surface for what we can do there.

我們希望有更多人能投資於我們偉大國家的企業。我認為我們在這方面才剛剛起步。

To achieve our aspirations of making everyone an owner, we're focused on three things:

為了實現「讓每個人都成為擁有者」的願景，我們聚焦於三件事：

Number 1, being number 1 in active traders, which will allow customers to own any tradable asset.

第一，成為活躍交易者數量的第一名，讓客戶能擁有任何可交易資產。

Number 2 is being the leader in wallet share for the next generation, bringing ownership to the entire family so the whole family and, really, lifelong ownership.

第二，成為下一代錢包占有率（wallet share）的領導者，把所有權帶進整個家庭，讓全家都能參與，並且真正做到終身的所有權。

And then, number 3, building the leading global financial ecosystem, which is really about expanding the ownership that we've been able to contribute to in the US worldwide. Billions of people around the world could benefit.

第三，打造領先的全球金融生態系，這主要是把我們在美國所促成的所有權擴展到全球。全球數十億人都可能受益。

In Q2, our continued product velocity across these three arcs led to a bunch of records. On the active-trader front, core business is humming, which drove market-share gains and record volumes across not just equities but, also, options and prediction markets in the quarter.

在第二季，我們在這三大主軸上的產品推進速度持續加快，帶來多項紀錄。在活躍交易者方面，核心業務運轉順暢，推動市占提升，並在本季不僅股票，連期權與預測市場都創下成交量新高。

Also, have to highlight, Rothera started supporting Robinhood prediction markets and has rapidly become a top 3 DCM -- top 3 designated contract market -- in the US.

另外必須強調，Rothera 開始支援 Robinhood 預測市場，並迅速成為美國前三大 DCM——前三大指定合約市場（designated contract market）。

We also launched the first version of agentic trading, which allows customers to build AI agents to trade equities, options, and crypto; and to have access to Robinhood tools and features. We're very excited about that.

我們也推出了代理式交易（agentic trading）的第一個版本，讓客戶能建立 AI 代理來交易股票、期權與加密貨幣，並可存取 Robinhood 的工具與功能。我們對此非常興奮。

Looking at wallet share, Trump Accounts have officially launched, which is a historic step towards enabling broad financial ownership from birth. We're honored to serve as broker and sole initial trustee, helping millions of American children become owners of our great economy from day 1.

在錢包占有率方面，Trump Accounts 已正式上線，這是朝向自出生起就能實現廣泛金融所有權的歷史性一步。我們很榮幸擔任經紀商與唯一的初始受託人，協助數以百萬計的美國兒童從第一天起就成為我們偉大經濟的擁有者。

We also crossed an exciting milestone for the Robinhood Gold Card: 1 million cardholders. Yeah. That's a number we're very excited about.

我們的 Robinhood Gold Card 也達成一個令人振奮的里程碑：100 萬名持卡人。是的。這個數字讓我們非常振奮。

Actually, the Gold Card is now driving over $17 billion in annualized purchase volume. It's being heavily used. I think a lot of people in this room maybe have them.

事實上，Gold Card 現在帶動的年化消費金額已超過 170 億美元。使用率非常高。我想在座很多人可能都有。

Plus, $3 billion: We broke $3 billion in banking deposits since we began rolling out, just last November. All of this, put together, contributed to record net deposits.

另外，存款達到 30 億美元：自去年 11 月開始逐步推出以來，我們的銀行存款已突破 30 億美元。以上種種加總起來，促成了淨入金創下新高。

Customers are continuing to trust us with more and more of their assets, which, in turn, help drive total platform assets to record levels in quarter, as well.

客戶持續把越來越多資產交付我們管理，而這也進一步推動平台總資產在本季同樣創下新高。

Finally, global financial ecosystem. We closed our acquisition of WonderFi in Canada. We received our capital-market services license in Singapore.

最後是全球金融生態系。我們完成了在加拿大對 WonderFi 的收購。我們也在新加坡取得資本市場服務牌照。

At our crypto and international event, The World is Flat, we introduced a suite of products, including Robinhood Chain, which is the first chain purpose-built for real-world assets.

在我們的加密與國際活動「The World is Flat」上，我們推出一系列產品，包括 Robinhood Chain——第一條專為真實世界資產打造的鏈。

We've been seeing a lot of great initial traction on all these products but, in particular, the chain. We saw over $12 billion in DEX volume. That's over $12 billion in trading volume on decentralized exchanges after launch, which made it one of the largest chains by transaction volume over the past week.

我們看到這些產品都有很好的初期動能，尤其是這條鏈。我們看到 DEX 成交量超過 120 億美元。也就是上線後在去中心化交易所的交易量超過 120 億美元，使其在過去一週按交易量計算成為最大的鏈之一。

It was also the fastest chain to get to 100 million transactions. I think we're well north of 150 million transactions at this point, which is very, very cool.

它也是最快達到 1 億筆交易的鏈。我想目前已遠超過 1.5 億筆交易，這真的非常酷。

Also, customers have deposited over $200 million into Robinhood Earn. Remember: Robinhood Earn is our stablecoin lending product that's powered by Robinhood Chain and our stablecoin, USDG. Now, it allows customers to earn 7% APY, which is a competitive rate. $200 million, so far. It's just been a few weeks.

此外，客戶已在 Robinhood Earn 存入超過 2 億美元。提醒一下：Robinhood Earn 是我們的穩定幣借貸產品，由 Robinhood Chain 與我們的穩定幣 USDG 提供支援。目前它讓客戶可賺取 7% 年化收益率（APY），這是具競爭力的利率。到目前為止已達 2 億美元。而這才過了幾週。

Stock tokens -- which I'm, perhaps, the most excited about -- we're very excited about bringing ownership of real-world assets to everyone in the world. Stock tokens are available in more than 120 countries, which allow many people around the globe to experience the idea of ownership.

股票代幣——也許是我最興奮的部分——我們非常期待把真實世界資產的所有權帶給全球每一個人。股票代幣已在超過 120 個國家提供，讓全球許多人都能體驗「擁有」的概念。

Tokenization makes it possible to expand exposure to high-quality assets, like US stocks, to every single person with an Internet connection. If you have a smartphone; you have an internet connection, you can connect to our blockchain; you can get exposure to US stocks. That's very exciting.

代幣化讓每一位有網路連線的人，都能擴大對美國股票等高品質資產的曝險。只要你有智慧型手機、有網路連線，就能連上我們的區塊鏈，取得對美國股票的曝險。這非常令人振奮。

Overall, we're now serving over 1 million accounts outside the US and very much at the beginning there. Continued product velocity across these three arcs led to record results in Q2:

總體而言，我們目前在美國以外服務的帳戶已超過 100 萬個，而這方面仍然非常處於起步階段。這三條主軸上的持續產品推進速度，帶動了第二季創紀錄的成果：

Record revenues of $1.3 billion. That's up 32% from last year. Record net deposits of $22 billion, which is a 28% annualized growth rate. Record Gold subscribers of 4.8 million, which is now 17% attach rate, relative to our net-funded accounts.

營收創紀錄達 13 億美元。較去年成長 32%。淨存款創紀錄達 220 億美元，折算年化成長率為 28%。Gold 訂閱戶創紀錄達 480 萬，現已達到 17% 的附加率（相對於我們的淨入金帳戶）。

Now, I'll hand it over to Shiv to discuss our results in more detail. Shiv?

接下來我把時間交給 Shiv，請他更詳細地說明我們的業績。Shiv？

All right. Thanks, Vlad. Before getting the results, I wanted to share three big take-aways from the quarter:

好的。謝謝你，Vlad。在進入業績之前，我想先分享本季三個重要重點：

To start, the core business is going strong. Net deposits were a record $22 billion, a 28% growth rate. We drove new records across equities, options, prediction markets, and margin. It's also great to see top-of-funnel growth picked up, as we added nearly 1 million funded customers in the quarter.

首先，核心業務表現強勁。淨存款創紀錄達 220 億美元，成長率為 28%。我們在股票、選擇權、預測市場與融資融券等方面都創下新紀錄。同時也很高興看到漏斗頂端的成長回升，本季我們新增了將近 100 萬名入金客戶。

Second, this led to both record revenues of 32% year over year but, also, another quarter of strong profitability, with 57% adjusted EBITDA margins. We're continuing to drive strong top-line growth and profitability, at scale.

第二，這帶來了營收年增 32% 的創紀錄表現，同時也再度實現強勁獲利能力，調整後 EBITDA 利潤率達 57%。我們持續在規模化的同時，推動強勁的營收成長與獲利。

Lastly, we're dialed in on expenses. We're lowering and tightening our outlook, even as our core businesses grew to new highs. We layered on new products.

最後，我們也緊盯費用。即使核心業務成長至新高，我們仍下修並收緊展望。我們也疊加推出了新產品。

Let's review our Q2 results compared to a year ago. As we said before, revenues grew 32% to a record $1.3 billion. This was driven by strong growth across the business.

接著我們回顧第二季相較一年前的業績。如先前所述，營收成長 32%，達到創紀錄的 13 億美元。這主要由全業務的強勁成長所帶動。

Transaction volumes increased to record levels across the majority of our asset classes. We drove market share to new highs. Interest earning assets also grew. We had records across margin; our credit-card book; and, also, Robinhood Banking.

在我們多數資產類別中，交易量提升至創紀錄水準。我們的市占率也升至新高。生息資產亦有所成長。我們在融資融券、信用卡資產組合，以及 Robinhood Banking 方面也都創下紀錄。

Finally, other revenues were up, as Gold subscribers reached an all-time high of 4.8 million. We started generating revenues for our work on the Trump Accounts.

最後，其他營收也上升，因為 Gold 訂閱戶達到歷史新高的 480 萬。我們也開始就 Trump Accounts 的相關工作產生營收。

While product velocity continues to increase and revenues continue to grow to new highs, we also stayed disciplined on costs.

在產品推進速度持續提升、營收不斷創新高的同時，我們也在成本上維持紀律。

Adjusted OpEx and SBC was $641 million, as we managed expenses well below our prior outlook range, all while including costs related to two new businesses, Rothera and WonderFi, that were not included in our prior outlook.

調整後營運費用（OpEx）與以股份為基礎的薪酬（SBC）為 6.41 億美元；我們將費用控制在低於先前展望區間的水準，同時也納入了兩項新業務 Rothera 與 WonderFi 的相關成本，而這些成本並未包含在先前的展望中。

As we look to the rest of the year, while we're adding costs related to Rothera and WonderFi, we also continue to get even more efficient in how we operate. This is allowing us to both self-fund Rothera and WonderFi costs but, also, remove additional costs from the system.

展望今年剩餘時間，雖然我們會增加與 Rothera 和 WonderFi 相關的成本，但我們也持續在營運方式上變得更有效率。這讓我們不僅能以自有資金支應 Rothera 與 WonderFi 的成本，同時也能從系統中移除額外成本。

We're lowering and tightening our 2026 outlook for adjusted OpEx and SBC to a range of $2.675 billion to $2.775 billion.

我們下修並收緊 2026 年調整後營運費用（OpEx）與以股份為基礎的薪酬（SBC）展望至 26.75 億至 27.75 億美元的區間。

We believe it is a competitive advantage to not only be a growth company that can invest for the long term but also leverage our lean and disciplined operating model to self-fund a meaningful amount of these new investments.

我們認為，競爭優勢在於：不僅作為一家能為長期投資的成長型公司，同時也能運用精實且具紀律的營運模式，自行籌措相當可觀的新投資資金。

You take it all together -- the strong top-line growth and expense discipline we drove in Q2 -- it flowed to the bottom line.

綜合來看——我們在第二季推動的強勁營收成長與費用紀律——最終反映在獲利端。

Adjusted EBITDA was $741 million, up 35% year over year and a 57% margin. Earnings per share was $0.62, up 48%, year over year.

調整後 EBITDA 為 7.41 億美元，年增 35%，利潤率為 57%。每股盈餘為 0.62 美元，年增 48%。

If we turn to capital allocation, there's a few top of minds:

談到資本配置，目前有幾個重點：

In June, we opportunistically raised $2.2 billion of capital to give us even more flexibility to invest for future growth. We believe we have a massive opportunity ahead of us. The capital gives us even more capacity to go after it.

6 月我們把握時機籌集了 22 億美元資本，讓我們在投資未來成長方面更具彈性。我們相信前方有巨大的機會。這筆資本讓我們更有能力去把握它。

We raised this capital at attractive terms for shareholders, with both a 0% coupon and no net dilution until our share price exceeds $300.

我們以對股東具吸引力的條件籌得這筆資本，包含 0% 票息，且在股價超過 300 美元之前不會產生淨稀釋。

Even while raising capital, we are prudently managing our share count. Year to date, we've repurchased 7.5 million shares for $664 million. As we said before, the denominator matters.

即使在籌資的同時，我們也審慎管理股數。今年迄今，我們已以 6.64 億美元回購 750 萬股。如先前所說，分母很重要。

Overall, we're really proud of the results we drove in Q2. Q3 is also off to a good start.

總體而言，我們對第二季所取得的成果感到非常自豪。第三季也有個不錯的開局。

July average daily volumes, compared to a record Q2, are in a similar area for equities, options, and event contracts. July net deposits are tracking towards the $4 billion area. This does not yet include deposits into the Trump Accounts.

7 月的日均交易量，相較於創紀錄的第二季，在股票、選擇權與事件合約方面大致相近。7 月淨存款目前趨勢約落在 40 億美元左右。這尚未包含流入 Trump Accounts 的存款。

Stepping back, we feel great about all the products we're shipping and the growth that we're driving. But we've also heard from some investors that it can be difficult to know which growth areas to focus on.

拉遠來看，我們對正在推出的所有產品以及所推動的成長感到非常振奮。但我們也聽到一些投資人反映，可能不容易判斷應該聚焦哪些成長領域。

I wanted to share three areas that we think are important for measuring progress and success on our long-term vision:

我想分享三個我們認為對衡量長期願景進展與成功很重要的面向：

First, net deposits. Customers continue to trust us with their hard-earned deposits at over a 20% growth rate. As we drive strong net-deposit growth, assets compound. This leads to strong business growth.

第一，淨存款。客戶持續以超過 20% 的成長率，把辛苦賺來的存款託付給我們。當我們推動強勁的淨存款成長時，資產會複利累積。這會帶來強勁的業務成長。

Second, Rule of 40 .We're driving double-digit revenue growth with strong adjusted EBITDA margins, a combination that has made us more than a Rule of 80 company for the past few years.

第二，40 法則（Rule of 40）。我們在維持強勁調整後 EBITDA 利潤率的同時，推動雙位數營收成長；這樣的組合讓我們在過去幾年不僅符合 40 法則，甚至更像是一家「80 法則」公司。

We think it's important to be both a growth company and a company that operates with strong margins -- all of this at our scale of over $5 billion of annual revenue, which is quite rare.

我們認為，同時成為成長型公司與具備強勁利潤率的公司很重要——而且是在我們這種年營收超過 50 億美元的規模下，這相當罕見。

Third, $100 million ARR businesses. We're excited to share we're now up to 13 businesses that have reached this level, as we rapidly ship for customers, including two new more that we added just this quarter, Robinhood Legend and the credit card.

第三，年經常性收入（ARR）達 1 億美元的業務。我們很高興分享，目前已有 13 項業務達到這個水準；我們快速為客戶推出產品，其中包含本季新增的兩項：Robinhood Legend 與信用卡。

As we build out a family of financial apps, we plan to add even more $100 million ARR businesses in the year to come.

隨著我們打造一個金融 App 家族，我們計畫在未來一年新增更多年經常性收入（ARR）達 1 億美元的業務。

If we keep making progress on these areas quarter after quarter, year after year, the financial results should follow and take care of themselves.

只要我們在這些面向一季又一季、年復一年持續取得進展，財務成果就會隨之而來，並自然水到渠成。

As we've shared before, our financial North Star remains the same: maximize earnings per share and free cash flow per share for shareholders, over time.

如同我們先前分享的，我們的財務北極星仍然不變：隨時間推進，為股東最大化每股盈餘與每股自由現金流。

Before I move to Q&A, I'm actually going to turn it back over to Vlad to show us a few of these great products that we've recently built. Vlad?

在我進入問答之前，我其實要把時間交回給 Vlad，請他向大家展示我們最近打造的一些很棒的產品。Vlad？

Thanks, Shiv. I want to try something a little bit different, if I may?

謝謝你，Shiv。如果可以的話，我想嘗試一點不一樣的方式？

A lot of you are probably familiar with our main app. But, over the past few years, we've really expanded from a single trading app to a broader system.

你們很多人可能都很熟悉我們的主 App。但在過去幾年，我們確實已從單一交易 App 擴展成更廣泛的系統。

What I wanted to do was just show you; give you a little tour of some of the other family of apps that we've built and we've really been improving upon very recently.

我想做的是帶大家看一下；簡單導覽我們打造的其他 App 家族成員，而且我們最近也確實大幅持續改進它們。

Here they are: our four apps. I would not show you the main one. But why don't we start with this one here, Trump Accounts?

它們在這裡：我們的四個 App。我就不展示主要那個了。不過我們先從這個開始如何，Trump Accounts？

Again, this has been an incredible collaboration between Treasury; National Design Studio; Robinhood, our teams; and BNY. I believe it's the best digital experience the government has ever delivered.

再次強調，這一直是財政部、國家設計工作室、Robinhood（我們的團隊）以及 BNY 之間一場令人難以置信的合作。我相信這是政府迄今交付過最好的數位體驗。

Actually, Secretary Bessent, a couple of days ago, said -- this was, like, the best product launch that the government has ever done. I think that's high praise because, NASA, I think, would be in that.

其實，貝森特部長在幾天前說——這大概是政府做過最棒的產品發表。我覺得這是很高的讚譽，因為我想 NASA 也會在那個等級裡。

Anyway, this is my kid's Trump Account. If you notice, you can select your kid there. One of the things that I think we've done really well -- and, maybe, you'll recognize some of the design language and inspiration from Robinhood -- is showing the magic of compound interest. That's front and center.

總之，這是我孩子的 Trump 帳戶。如果你注意看，你可以在那裡選擇你的孩子。我認為我們做得非常好的一件事——而且也許你會認出一些來自 Robinhood 的設計語彙與靈感——就是呈現複利的魔力。這被放在最顯眼的位置。

You not only see the account values today. But you can see what happens by age 18. You can even simulate, okay, if I add $50 or $130 per month, what can we expect to happen with compounding to age 18? You can even see age 60 so you extend it to retirement age.

你不只會看到今天的帳戶價值。你也能看到到 18 歲時會發生什麼。你甚至可以模擬：好，如果我每月加 $50 或 $130，到 18 歲在複利作用下，我們可以期待什麼結果？你甚至可以看到 60 歲，把它延伸到退休年齡。

What we really wanted to do was illustrate how magical it is and get people thinking, long term. You can scroll down here. You can actually get a feeling for the companies that are in the low-cost ETFs.

我們真正想做的是把它有多神奇呈現出來，讓大家開始用長期的角度思考。你可以往下滑。你其實可以感受到低成本 ETF 裡包含了哪些公司。

And then -- this is my favorite thing -- contribution flow. We have this awesome illustration. We make it super easy to contribute.

然後——這是我最喜歡的部分——投入（contribution）流程。我們有一個很棒的插圖。我們讓投入變得超級容易。

If you want to do $5, my Robinhood checking account is linked. You have this, like, coin animation that fills up your piggy bank. You can make it a recurring contribution.

如果你想投入 $5，我的 Robinhood 支票帳戶已經連結。你會看到像是硬幣動畫把你的撲滿填滿。你也可以把它設成定期投入。

Actually, the level of the coins in the piggy bank -- this is a nice little detail -- corresponds exactly to how close you are to your annual giving limit of $5,000.

其實，撲滿裡硬幣的高度——這是一個很棒的小細節——會精準對應你距離每年 $5,000 的年度捐贈上限還差多少。

You can also share here. There's a QR code you can easily share with friends; or put on a registry; or have for birthdays. You can share this link at the bottom directly, too. Folks can just contribute, without even having an account, through Apple Pay, which I think is cool.

你也可以在這裡分享。有一個 QR code，你可以很容易分享給朋友；或放到禮物清單（registry）上；或用在生日。你也可以直接分享底部這個連結。我覺得很酷的是，大家甚至不需要有帳戶，也能透過 Apple Pay 直接投入。

Here's the educational content. We try to make it easy to just go through and learn the basics about the stock market and investing. That's the idea. There's plenty more coming. We think it can be the best charitable giving vehicle so we're working hard on that.

這裡是教育內容。我們試著讓大家很容易一路看下去，學到股票市場與投資的基礎。這就是想法。後面還會有更多內容推出。我們認為它可以成為最好的慈善捐贈工具，所以我們正在為此努力。

Michael Dell, as you guys know, gave a very large donation with his wife, Susan, and many others, as well. We're working to make it easy for employers to donate. There's a $2,500 tax-free employer limit per year, which Robinhood is participating in.

如各位所知，Michael Dell 與他的妻子 Susan，以及許多其他人，都捐了非常大筆的款項。我們也在努力讓雇主捐贈變得更容易。雇主每年有 $2,500 的免稅上限，Robinhood 也有參與。

If you guys don't have it, I definitely recommend picking it up and getting it for your children or grandchildren. You should expect that it just continues to get better and better.

如果各位還沒有，我非常建議下載並替你們的孩子或孫子女辦一個。你可以期待它只會持續變得越來越好。

That's the Trump Accounts app. Again, great collaboration between Treasury, National Design Studio, BNY, and our team.

這就是 Trump Accounts 應用程式。再次感謝財政部、國家設計工作室、BNY 與我們團隊的出色合作。

Let's take a look at the Banking app. That's the second one up here. We believe we're building the best digital banking experience in the market.

我們來看看 Banking 應用程式。就是上面第二個。我們相信我們正在打造市場上最好的數位銀行體驗。

You can get a sense of the premium Art Deco feel. We wanted to build a banking experience with no compromises.

你可以感受到那種高級的裝飾藝術（Art Deco）風格。我們想打造一個不妥協的銀行體驗。

Usually, other neobanks have sacrifices that you have to make from the experience being purely digital. But we want it to be a true private banking product.

通常，其他新型數位銀行（neobanks）因為體驗完全數位化，你必須在某些地方做出取捨。但我們希望它是一個真正的私人銀行產品。

One of the things people love about it most is your APY. We've now made it so that you can earn high APYs on both checking and savings, just by setting up direct deposit and being a Gold subscriber so no minimums.

大家最喜歡它的一點之一就是你的年化收益率（APY）。我們現在讓你只要設定薪資直撥（direct deposit）並成為 Gold 訂閱者，就能在支票與儲蓄帳戶都賺取高 APY，而且沒有最低門檻。

People really love not having to think too hard and concentrate on moving their funds back and forth to make sure the bulk of their money is earning the highest yield. We just give you 3.5%, automatically, on every account.

大家真的很喜歡不必想太多、也不用一直把資金來回挪動，去確保大部分的錢都在賺最高收益。我們會在每個帳戶上自動給你 3.5%。

Customers love it. So far, about 40% of customers are signed up for direct deposit, which is a great attach rate.

客戶很喜歡。到目前為止，大約有 40% 的客戶已設定薪資直撥，這是一個很好的綁定率（attach rate）。

You can also see, down here, we've got the Rewards menu, which we've done a redesign to make it easier to get into. 3% cashback, you can see. You can upgrade to the Gold Card. We have all sorts of other reward redemptions.

你也可以看到在下面，我們有 Rewards 選單；我們重新設計過，讓它更容易進入。你可以看到 3% 現金回饋。你可以升級到 Gold Card。我們還有各式各樣的其他獎勵兌換。

And then, down here, that's the family tab. You can add family members. This is, really, the first banking product where the family is the first-class citizen.

然後在下面，那是家庭（family）分頁。你可以新增家庭成員。這真的是第一個把家庭視為一等公民（first-class citizen）的銀行產品。

And then, all of your transactions are down here. Really, I think this is a key part of building a financial ecosystem for our customers.

接著，你所有的交易都在下面。我認為這確實是為我們客戶打造金融生態系的一個關鍵部分。

Customers direct deposit into Banking. They can spend with their credit card. Cashback flows back into brokerage, which kick-starts or turbo-charges their investing. We make it incredibly easy to do that.

客戶把薪資直撥到 Banking。他們可以用信用卡消費。現金回饋會回流到券商帳戶（brokerage），進而啟動或加速他們的投資。我們讓這一切變得非常容易。

Also, just one note -- I'm not going to show this -- but we just started rolling out the Platinum Card. It's looking really good. I think we've gone through a lot of the feedback that we had on launch. I encourage you guys, maybe after earnings, to check out the website because it's looking really good.

另外補充一點——我不會展示這個——但我們剛開始逐步推出 Platinum Card。看起來真的很不錯。我想我們已經針對上市時收到的許多回饋做了調整。我鼓勵各位，也許在財報之後，去看看網站，因為現在看起來真的很棒。

All right. Let me show, now, the third one, which is the Robinhood Wallet. As part of our announcements at The World is Flat, we launched Robinhood Chain mainnet. Of course, a robust Chain like Robinhood Chain needs a robust wallet to match.

好。接下來我來展示第三個，也就是 Robinhood Wallet。作為我們在 The World is Flat 發表的一部分，我們推出了 Robinhood Chain 主網（mainnet）。當然，像 Robinhood Chain 這樣強健的鏈，也需要一個同樣強健的錢包來匹配。

Let me show you how customers are using it. Now, I'll do a caveat. I'll show a lot of features that actually aren't available in the US. These are really just ex-US products. Think of it that way. They're not available here. But people in over 120 countries outside can actually use them.

我來給你看客戶如何使用它。先提醒一下。我會展示很多其實在美國不可用的功能。這些基本上都是美國以外（ex-US）的產品。你可以這樣理解。在這裡無法使用。但在美國以外超過 120 個國家的用戶其實可以使用。

You'll see, right away, similar design language to Robinhood. But everything is powered by crypto technology.

你會立刻看到與 Robinhood 類似的設計語彙。但所有功能都是由加密技術驅動。

One of the tabs we have on the bottom there is perpetual futures. The wallet, itself, is well integrated into Robinhood Chain. The chain is a first-class citizen.

我們在底部其中一個分頁是永續期貨（perpetual futures）。這個錢包本身與 Robinhood Chain 整合得很好。這條鏈是一等公民（first-class citizen）。

Here, through our partnership with Lighter, you can, if you're an active trader outside the US, get leverage exposure to not just crypto perps but, also, commodity perps and single-stock perps, as well. We make it easy to add funds, deposit, withdraw, and place trades.

在這裡，透過我們與 Lighter 的合作，如果你是美國以外的活躍交易者，你可以取得槓桿曝險，不僅是加密永續合約（crypto perps），也包括商品永續合約與單一股票永續合約。我們讓加值、存入、提領與下單交易都很容易。

The other thing I'm very excited about is stock tokens. Here, I'll show you what they look like. This is NVIDIA. If you're a customer outside the US, you can get exposure to NVIDIA through stock tokens.

另一件讓我非常興奮的是股票代幣（stock tokens）。我在這裡給你看它們長什麼樣。這是 NVIDIA。如果你是美國以外的客戶，你可以透過股票代幣取得 NVIDIA 的曝險。

They have certain advantages over traditional stocks, even. They're tradable 24/7, including Saturdays and holidays. You can even send it on-chain. You can see the address. You can receive, just like you would any crypto.

它們甚至相較於傳統股票也有一些優勢。它們可 24/7 交易，包括週六與假日。你甚至可以在鏈上轉送。你可以看到地址。你可以接收，就像你接收任何加密貨幣一樣。

This makes it really easy to expand ownership, worldwide. All you need is an Internet connection and to be connected to the blockchain.

這讓在全球範圍內擴大持有權變得非常容易。你只需要網際網路連線，並連上區塊鏈即可。

Looking ahead, we're going to continue to push on this. We're working on adding lots more stocks and really pushing on tokenization of other real-world assets. We have a lot of momentum here so a lot to do.

展望未來，我們會持續推進這件事。我們正在努力新增更多股票，並大力推動其他現實世界資產的代幣化。我們在這裡有很強的動能，所以還有很多要做。

There's plenty of other products in the pipeline. We have our third annual HOOD Summit in a couple of months, the Engines of Creation, live from Houston, Texas. Stay tuned for that. I think that'll be very exciting.

產品管線裡還有很多其他產品。再過幾個月，我們將舉辦第三屆年度 HOOD 峰會「創造的引擎」，在德州休士頓現場舉行。敬請期待。我想那會非常令人興奮。

With that, Chris, unless you want me to show more apps, we can go to Q&A.

那麼，Chris，除非你想要我再展示更多 App，不然我們可以進入問答。

Thank you very much, Vlad and Shiv.

非常感謝你們，Vlad 和 Shiv。

For the Q&A session, we're going to start by answering shareholder questions from Say Technologies. After the Say questions, we'll turn to live questions from our audience; and then, go to the dial-in participants.

在問答環節，我們會先回答來自 Say Technologies 的股東提問。回答完 Say 的問題後，我們會轉向現場觀眾的提問；接著再回答電話撥入的與會者。

I'm going to kick it off with our first question from Say, who should be joining us live. [Zach], are you joining us?

我先從第一個來自 Say 的問題開始，提問者應該會現場加入我們。[Zach]，你有加入嗎？

Zach? I don't see him, although I do see a blinking cursor.

Zach？我沒看到他，不過我確實看到一個閃爍的游標。

Hello. Do you guys hear me?

哈囉。你們聽得到我嗎？

Oh. There you are.

喔，你在這裡了。

Hey, everyone. Happy to be here. Just wanted to know: What is the goal of Robinhood Social? When will it go live to the general public?

嗨，各位。很高興在這裡。我想了解：Robinhood Social 的目標是什麼？什麼時候會對一般大眾正式上線？

Thanks for the question. I also noticed you are on Robinhood Social, if I'm not mistaken. There was some discussion on Robinhood Social about this question. It's very full circle.

謝謝你的問題。我也注意到你在使用 Robinhood Social，如果我沒記錯的話。Robinhood Social 上也有人討論過這個問題。這真的很有「兜一圈回到原點」的感覺。

Yeah. The goal with Robinhood Social is, actually, Robinhood, up until now, has largely been a tool to place the trade but the idea for the trade would typically come from outside. You'd get the idea somewhere from the real world and then, come and place your trade.

是的。Robinhood Social 的目標其實是：到目前為止，Robinhood 大多是一個用來下單交易的工具，但交易想法通常來自外部。你會在現實世界的某個地方得到想法，然後來這裡下單。

And so we asked ourselves: Can we actually help customers learn from one another? Can we take advantage of the large community that we've built? Can we make it so that we can help you with idea generation?

所以我們問自己：我們能不能真正幫助客戶彼此學習？我們能不能善用我們建立起來的龐大社群？我們能不能幫你在產生投資想法這件事上提供協助？

So far, we're seeing great early signs. One of the advantages that we have compared to other social-media platforms is since we have the trading data, we can make sure that everything is validated.

到目前為止，我們看到非常好的早期跡象。相較於其他社群媒體平台，我們的一個優勢是：因為我們有交易資料，我們可以確保所有內容都經過驗證。

When you say you've made a trade, it's actually real. You can see that the customer, actually, has the portfolio that they claim they have.

當你說你做了一筆交易時，那其實是真的。你可以看到該客戶確實擁有他所聲稱的投資組合。

We're adding more and more features. The goal is to get it out to everyone by the end of the quarter. What we're doing is we're just iterating and making sure everything like the feed-ranking algorithm, all of the functionality in the posts are tuned before we make it available to everyone.

我們正在加入越來越多功能。目標是在本季結束前讓所有人都能使用。我們正在做的是持續迭代，並確保像是動態消息排序演算法、貼文中的所有功能等，在對所有人開放前都調校到位。

But we like what we're seeing. We feel pretty good about rolling it out before the end of the quarter.

但我們喜歡目前看到的結果。我們對在本季結束前推出相當有信心。

All right.

好。

Wow. Yeah. Thank you so much.

哇。是的。非常感謝。

Thank you.

謝謝。

All right. Thank you for your questions, Zach.

好。謝謝你的提問，Zach。

Next question is coming from [John].

下一個問題來自[John]。

Hey, John.

嗨，John。

Hey, guys. Hey, Shiv and Vlad. Thanks for taking my question. Mine's on the CLARITY Act. I understand it's still moving through the Senate so things could change.

嗨，各位。嗨，Shiv 和 Vlad。謝謝你們回答我的問題。我的問題是關於《CLARITY 法案》。我了解它仍在參議院推進中，所以事情可能會有變化。

But, maybe, if something similar were to pass, could you give an idea of what would be the most impactful aspects of that to Robinhood? If there are delays, any impacts, as well?

但是，如果有類似的法案通過，你們能否說明一下，對 Robinhood 影響最大的面向會是什麼？如果有延宕，也會有什麼影響嗎？

Yeah. Totally. I'll field that one.

是的。完全可以。這題我來回答。

I think the CLARITY Act is very, very important because, while the current administration has been great and, really, is the first crypto-forward administration that's embracing the new technology, we want the foundation of the industry in the US to be durable.

我認為《CLARITY 法案》非常、非常重要，因為雖然現任政府表現很好，而且確實是第一個對加密貨幣相對友善、擁抱新技術的政府，但我們希望美國產業的基礎能夠長久穩固。

We don't want the floor to be shifting out from under us every four, eight years; and new rules to be put in place. I think that, in order for the industry to really grow, regulatory stability is necessary. That happens through legislation.

我們不希望每四年、八年就像地板在腳下移動一樣，然後又有新的規則被制定出來。我認為，要讓產業真正成長，監管的穩定性是必要的。而這需要透過立法來實現。

We saw that with GENIUS Act. I think CLARITY takes it one step further. In particular, one of the things that we've been pushing hard on, as you saw earlier, is tokenization. We've been investing in our tokenized offerings.

我們在《GENIUS 法案》上看到了這點。我認為《CLARITY 法案》更進一步。特別是，我們一直大力推動的一件事——如你先前所見——就是代幣化。我們一直在投資我們的代幣化產品。

We think that's going to be a big industry. We're pushing that outside the US. You see some of the advantages, already, just in the past year from, like, [V1] of our tokenized products to [V2]. It's now fully on chain.

我們認為那會是一個很大的產業。我們正在把它推向美國以外的市場。你已經可以看到一些優勢，就在過去一年裡，從我們代幣化產品的 [V1] 到[V2]。現在已經完全上鏈。

Now, it's 24/7 trading. It's, like, you can send and receive fractionalization by default. There's lots of advantages. We think it would be a shame if the US didn't get to benefit from all those advantages.

現在是 24/7 交易。而且像是你可以預設就能進行碎股化（fractionalization）的發送與接收。有很多優勢。如果美國無法受惠於這些優勢，那會很可惜。

We're excited about that -- all of the aspects of it. We think CLARITY helps take us one step further. But, also, we're not standing still. We're pushing hard on our on-chain and traditional centralized products.

我們對此感到興奮——對它的各個面向都是如此。我們認為《CLARITY 法案》能讓我們再往前一步。但同時，我們也不會停下來。我們會在鏈上產品與傳統中心化產品上持續大力推進。

We're making sure we continue to innovate overseas in some areas; but, otherwise, with Robinhood Earn and other on-chain products in the US.

我們會確保在某些領域持續在海外創新；但除此之外，在美國也會透過 Robinhood Earn 與其他鏈上產品持續推進。

We think we'll be good, regardless. But, of course, CLARITY is going to be very, very important to making the most out of all of these products that we've been building.

我們認為無論如何我們都會做得很好。但當然，《CLARITY 法案》對於充分發揮我們正在打造的所有這些產品的價值，將會非常、非常重要。

Cool. Thanks for taking my question.

很棒。謝謝你回答我的問題。

All right. Thanks, John. The last question from Say comes from [Joe].

好。謝謝你，John。來自 Say 的最後一個問題來自[Joe]。

Hi, Vlad and Shiv.

嗨，Vlad 和 Shiv。

Hey, Joe.

嗨，Joe。

Can you give us an update on early traction with Trump Accounts since the July launch? Specifically, the number of accounts opened; assets flowing in; and how you're thinking about long-term contributions to net deposits and assets under custody?

你們能否更新一下自 7 月推出以來，Trump Accounts 的早期成效？具體來說，開立的帳戶數量、流入的資產，以及你們如何看待其對長期淨入金與託管資產（AUC）的貢獻？

Oh. Yeah. Great question. Yeah.

喔，是的。好問題。是的。

We've been very pleased with the progress, thus far. Seven million children have signed up. We've seen over $1.5 billion in -- or nearly $1.5 billion, I should say, is the number of contributions into Trump Accounts, already.

到目前為止，我們對進展感到非常滿意。已有七百萬名兒童完成註冊。我們已經看到有超過 15 億美元——或者更準確地說，接近 15 億美元——的資金貢獻流入 Trump 帳戶。

Again, that's before a lot of the philanthropic contributions have started flowing in. Yeah. Yeah. We think that this is going to get to tens of millions. We're working aggressively to do that.

再次強調，這還是在許多慈善捐助尚未開始大量流入之前。是的。是的。我們認為這將達到數千萬人。我們正積極推動以達成這個目標。

Obviously, contributions, we believe, will continue to grow very rapidly from here. It'll take continued hard work. I think the great thing about programs that have success is, people want a lot more things. They want them quickly. I think, with our partners, we're working hard to deliver.

顯然，我們相信從現在起捐款將會非常快速地持續成長。這需要持續的努力。我認為成功的計畫最棒的一點是，人們會想要更多東西。他們希望很快就能得到。我想，與我們的合作夥伴一起，我們正努力交付。

So on deck soon, making it so that employers can fund the Trump Accounts of their employees, making a great philanthropic experience.

所以接下來很快會推出：讓雇主可以為其員工的 Trump 帳戶提供資金，打造很棒的慈善體驗。

I think for folks that want to donate and to be philanthropic, there's actually poor options available, right now. There's not great options. There's no default option, at least.

我認為對於想要捐款、想做慈善的人來說，目前其實可選項很差，對吧。沒有很好的選項。至少沒有預設選項。

You have to evaluate charities. You have to figure out, are they being wasteful with their fees? Is the money actually getting to where you want it to get to?

你必須評估慈善機構。你必須弄清楚，他們是否在費用上浪費？錢是否真的流向你希望到達的地方？

I think this can provide a default, great, low-cost mechanism. We're excited about that. It's just the beginning.

我認為這可以提供一個預設的、很棒且低成本的機制。我們對此感到興奮。這只是開始。

All right. Thank you, Vlad.

好。謝謝你，Vlad。

That concludes the Say portion of our Q&A. We're now going to go to Q&A from our live audience.

以上結束我們 Q&A 的 Say 部分。接下來我們將進入現場觀眾的問答。

(Event Instructions)

(活動說明)

All right. Can we get the mic to Dan Dolev?

好。可以把麥克風交給 Dan Dolev 嗎？

Hi. Dan Dolev, at Mizuho. Congrats, Vlad. Congrats, Shiv. Amazing quarter.

嗨。我是 Mizuho 的 Dan Dolev。恭喜你，Vlad。恭喜你，Shiv。這一季表現太驚人了。

I think what surprised us the most on the positive side was the amazing growth in the funded accounts. Maybe, you can shed some light on what part of that is structural? What are you doing? Maybe, a quick update on the progress in Europe and how that is going?

我想最讓我們正面驚喜的是入金帳戶的驚人成長。也許你可以說明一下，其中哪些部分是結構性的？你們做了什麼？另外，也請簡要更新一下歐洲的進展以及目前的情況如何？

Very impressive there. Thank you.

那邊非常令人印象深刻。謝謝。

Yeah. I'm happy to start with that one, Vlad. Give you a little break.

是的。Vlad，我很樂意先回答這題。讓你稍微喘口氣。

Absolutely. Thank you.

當然。謝謝。

We said, on the last quarter, we were making a concerted effort to regrow top of funnel. As you mentioned, really great to see the progress. 1 million funded customers, the most we've added in a quarter in nearly five years since the IPO.

我們在上一季就說過，我們正有意識地努力讓漏斗頂端重新成長。如你所提，看到進展真的很棒。入金客戶達到 100 萬，是自 IPO 以來近五年內單季新增最多的一次。

There was a variety of different vectors so it wasn't any one thing.

這是多種不同向量共同作用的結果，並不是單一因素。

A really strong market backdrop, that definitely helped. We had a lot of new products that came out -- banking, credit card, for example -- those contributed strong organic growth.

非常強勁的市場大環境，確實有幫助。我們也推出了許多新產品——例如銀行服務、信用卡——這些帶來了強勁的自然成長。

We also had the SpaceX IPO, which helped. We had an acquisition in the quarter, which provided a couple hundred thousand accounts. We continue to grow overseas.

我們也有 SpaceX 的 IPO，這也有幫助。我們在本季完成了一項收購，帶來了數十萬個帳戶。我們也持續在海外成長。

And so what it's showing is just the power of the ecosystem or the financial apps that Vlad was saying. At any given time, there may be a couple different vectors that are growing.

因此，這顯示的就是生態系的力量，或如 Vlad 所說的金融 App 的力量。在任何時點，都可能有幾個不同的成長向量在推動。

In this quarter, we saw a lot of them hit at the same time. We're going to keep focusing on this. Whether it's through new products or marketing, it's going to be one of our top KPIs, going forward.

在這一季，我們看到其中很多項同時發力。我們會持續聚焦在這件事上。無論是透過新產品或行銷，這都會是我們未來最重要的 KPI 之一。

More to do.

還有更多要做。

I'm sorry, Vlad?

抱歉，Vlad？

Oh. I just said there's more to do.

喔，我只是說還有更多要做。

All right. I think, moving from the front row to the second row, [Dan Fannon]?

好。我想從第一排移到第二排，[Dan Fannon]？

Yeah. Thanks. Wanted to talk on prediction markets and how you're thinking about sustainability, as we exit the World Cup, bridge to football season, just how you think about the long-term durability of this, like, asset class and what you're seeing outside of maybe some of the sports stuff related to macro or bigger events.

是的。謝謝。我想談談預測市場，以及你們如何看待其可持續性：當我們走出世界盃、銜接到美式足球賽季時，你們如何看待這種「資產類別」的長期耐久性？以及除了可能與運動相關的內容之外，對於宏觀或更大型事件，你們看到了什麼？

Yeah. Absolutely. I think the great thing about prediction markets is there's events all the time. You mentioned football season. That's coming up.

是的。當然。我認為預測市場最棒的一點是，事件一直都在發生。你提到美式足球賽季。那很快就要到了。

There's also the midterms, which I think are extremely important. They're going to be a topic of discussion. Of course, customers are going to want to trade them and hedge their portfolios.

另外還有期中選舉，我認為那極其重要。它將成為討論焦點。當然，客戶會想交易它們並對其投資組合進行避險。

Yeah. There's events, just on a consistent basis. We're gearing up for that. We're making product improvements constantly. We're making pricing improvements.

是的。事件是持續不斷發生的。我們正在為此做準備。我們持續進行產品改進。我們也在做定價改進。

Rothera has gone live. I think the World Cup was really a proof of concept there. We're looking to scale that rapidly and make it much bigger, with the goal of providing great pricing to our customers.

Rothera 已經上線。我認為世界盃在那方面確實是一個概念驗證。我們希望快速擴大規模並把它做得更大，目標是為客戶提供很好的價格。

That's really how we think about it. Can we route to multiple venues with the goal of making sure, as a customer, you get the best deal possible on Robinhood?

這就是我們的思考方式。我們能否路由到多個交易場域，目標是確保作為客戶，你在 Robinhood 上能拿到盡可能最好的成交條件？

All right. Thanks, Dan.

好。謝謝你，Dan。

Next to Dan -- and there are a lot of questions in the room so we'll keep the mic moving around.

下一位在 Dan 旁邊——現場有很多問題，所以我們會讓麥克風持續傳遞。

David Smith, do you want to take the next question?

David Smith，你要問下一題嗎？

Hey. Thank you. In the past, you've spoken about how it's typical for new customers to come to Robinhood, based on interest in one particular product; and engage with you for more products, over time, as they become more familiar with your offerings.

嗨。謝謝。過去你們曾談到，新客戶通常是因為對某一項特定產品有興趣而來到 Robinhood；隨著對你們的產品更熟悉，會在時間推移中使用更多產品。

With the really strong prediction-market engagement we saw in June and seemingly continuing into July, can you help us get a sense of how much came from existing prediction market-users; existing Robinhood customers who, maybe, were new to prediction markets; and, also, from new customers who joined Robinhood in the past month or two to transact with you in this product?

鑑於我們在 6 月看到預測市場的互動非常強勁，而且似乎延續到 7 月，你能否幫我們了解一下：其中有多少來自既有的預測市場使用者；多少來自既有 Robinhood 客戶但可能是預測市場新手；以及有多少來自過去一兩個月為了使用這項產品而加入 Robinhood 的新客戶？

Shiv, how do you feel about that one?

Shiv，你怎麼看這題？

Yeah. I'm happy to take it. We've said Before: When you come to Robinhood to do one thing, you tend to do more. A couple of things we'll point you to:

是的。我很樂意回答。我們之前說過：當你來 Robinhood 做一件事時，你往往會做更多。有幾點我們想請你參考：

New customers still sign up for Gold, about 40% to 50%. Customers come in. Their journey is they come for something -- equities, options, prediction markets, crypto, banking. They discover Gold. They discover other products.

新客戶仍然會訂閱 Gold，大約 40% 到 50%。客戶進來後，他們的旅程是為了某件事而來——股票、選擇權、預測市場、加密貨幣、銀行服務。

What we're seeing is, regardless of what product you come in for, you tend to sign up for Gold and you tend to adopt others. One thing we looked at, if you're a prediction-market customer, for example, you're actually more likely to have a retirement account with Robinhood.

我們看到的是，不論你是為了哪一個產品而來，你往往會註冊 Gold，並且也會採用其他產品。我們觀察到的一點是，例如，如果你是預測市場的客戶，你其實更有可能在 Robinhood 開設退休帳戶。

And so any vector you come in, whether it's banking, prediction markets, credit card, you tend to adopt others. And so I'd say it's just one of them that we saw were strong in the quarter.

所以不管你是從哪個切入點進來，無論是銀行、預測市場、信用卡，你往往也會採用其他產品。所以我會說，這只是我們在本季看到表現強勁的其中一項。

Banking was really strong. That's been a really nice new vector that's been coming in. Credit card, as well. We said we have over 1 million customers there.

銀行業務非常強勁。這是一個很不錯的新切入點，持續帶來新客戶。信用卡也是。我們說過那邊已經有超過 100 萬名客戶。

Q1 and Q2, you still have a little bit of retirement season so you saw some people coming from there. Whether there's new events in the prediction market, such as the World Cup or the midterms coming in, they come there.

第一季和第二季，你仍然會有一點退休季，所以你會看到有些人從那邊進來。不論是預測市場出現新的事件，例如世界盃或期中選舉，他們也會因此到那邊來。

The last number we shared was we had about 1.5 million people that have used the prediction markets. That number is now closer to 2 million so continue to grow nicely there.

我們上次分享的數字是，大約有 150 萬人使用過預測市場。現在這個數字更接近 200 萬，所以那邊仍在持續良好成長。

But I think the main take-away is it's across all of the different products. People are coming in and adopting multiple products at the same time.

但我認為主要重點是，這是橫跨所有不同產品的現象。人們進來後，會同時採用多個產品。

Yeah. On the marketing side, we continue to see strong ROIs and it's diversified so strong ROIs on prediction markets but, also, Gold and some of the active-trader offerings, as well.

是的。在行銷方面，我們持續看到強勁的投資報酬率（ROI），而且來源多元——預測市場的 ROI 很強，但 Gold 以及一些活躍交易者的產品也同樣表現不錯。

I think we're in the fortunate position of having it be working really, really well across multiple fronts.

我想我們很幸運，因為它在多個面向都運作得非常、非常好。

All right. Thank you. Next question.

好。謝謝。下一題。

Maybe, Devin Ryan, back in the front row.

也許請前排的 Devin Ryan。

Thanks so much. Devin Ryan, Citizens. Hey, Vlad. Hey, Shiv.

非常感謝。Devin Ryan，Citizens。嗨，Vlad。嗨，Shiv。

Hey.

嗨。

Question, Vlad: You mentioned version 1 of Agentic, obviously, is still fairly new. But can you talk about what you're learning with customers that are using that? How is their investment performance? Is there anything else interesting that you're seeing with their behaviors?

問題，Vlad：你提到 Agentic 的 1.0 版本顯然還相當新。但你能談談你們從使用它的客戶身上學到什麼嗎？他們的投資績效如何？在他們的行為上，你們還看到其他有趣的現象嗎？

And then, how does that then map to version 2.0? I know you guys are very focused on bringing these capabilities to all of your customers. That's probably where this becomes a much bigger deal for Robinhood.

然後，這又如何對應到 2.0 版本？我知道你們非常專注於把這些能力帶給所有客戶。這大概也是它對 Robinhood 來說會變成更重大的一件事的地方。

How do we think about mapping that out; and what that will look like; and when? Thanks.

我們該如何思考這個推進路徑；它會長什麼樣子；以及時間點？謝謝。

Yeah. Since we're the first major platform doing this, we wanted to start fairly conservatively, right? We started with stocks and, also, started with the agentic account being separate from your main account.

是的。由於我們是第一個做這件事的大型平台，我們希望一開始相對保守，對吧？我們先從股票開始，而且也讓 agentic 帳戶與你的主要帳戶分開。

And so what you typically see there is customers fund it with a relatively small amount of money and link their agent. Of course, we've expanded it since then so, now, options are tradable with agentic as well.

所以你通常會看到客戶用相對小額的資金入金，並連結他們的代理。當然，我們之後也擴展了，所以現在 agentic 也可以交易選擇權。

We've seen customers do really interesting things. Like, they can put together really complex and sophisticated strategies.

我們看到客戶做出非常有趣的事情。例如，他們可以組合出非常複雜且精密的策略。

Crypto is coming soon, as well. We're going to expand the toolkit to cover as much as possible from the entire Robinhood ecosystem.

加密貨幣也即將推出。我們會擴充工具組，盡可能涵蓋整個 Robinhood 生態系中的各項功能。

We've had over 100,000 people, actually, integrate and open up agentic accounts, which has been very cool. Yeah, the AUM in agentic or the trading volumes have, also, been growing. That's been good to see.

實際上已經有超過 100,000 人整合並開立了 agentic 帳戶，這非常酷。是的，agentic 的資產管理規模（AUM）或交易量也在成長。看到這點很不錯。

In terms of friction, I think one piece of friction has been that, not everyone loves, surprisingly, going to a Codex or a Claude Code and stitching together these two apps. You have to have quite a bit of sophistication in order to do that. We're thinking, how can we make that even easier?

就摩擦點而言，我想其中一個摩擦點是，令人意外地，不是每個人都喜歡去 Codex 或 Claude Code，然後把這兩個 App 串接起來。你需要相當程度的專業能力才能做到。我們在想，如何能讓這件事更容易？

Also, in many cases, the models, themselves, aren't familiar with being used for trading so, sometimes, they'll fight you and they'll say, well, I don't know. I don't really want to trade. You have to work hard to get it to do what you want to do.

另外，在很多情況下，模型本身並不熟悉用於交易，所以有時候它們會跟你「對抗」，會說：嗯，我不知道。我其實不太想交易。你得很努力才能讓它照你想要的方式去做。

Yeah. We're hard at work, addressing both of those things and other things.

是的。我們正在努力解決這兩件事以及其他問題。

All right. Thank you, Vlad.

好。謝謝你，Vlad。

Next, let's go to Christian Bolu, sitting next to Devin Ryan.

下一位，我們請坐在 Devin Ryan 旁邊的 Christian Bolu。

Thanks for the question. Christian Bolu, Autonomous.

謝謝提問。Christian Bolu，Autonomous。

Vlad, I think you called out Rothera as a top 3 DCM. I'm just trying to think through, longer term, how -- your vision around having a DCM; having retail distribution, is there a possibility here that you could further build that out, whether it's perps or traditional futures, to take on, maybe, the top 2 DCMs out there?

Vlad，我想你提到 Rothera 是前三大的 DCM。我只是想從長期角度思考——你對於擁有一個 DCM、並具備零售通路的願景是什麼？是否有可能進一步擴建，不論是永續合約（perps）或傳統期貨，來挑戰目前市場上的前兩大 DCM？

Yeah. Yeah. Obviously, we're top 3 after one month. But the goal would be to keep growing that, right? We're not satisfied, just, with where we are after just a couple of months.

是的。是的。顯然，我們在一個月後就成為前三大。但目標是持續成長，對吧？我們不會只滿足於短短幾個月後的現況。

Yeah. I think the roadmap on the Rothera side, not speaking for them because it is a joint venture, is to continue to grow; add more capabilities.

是的。我認為在 Rothera 這邊的路線圖——我不代表他們發言，因為這是合資企業——是持續成長並增加更多能力。

Of course, they're definitely focused, right now, on the prediction-markets event contracts. But, over time, you should see that expanding.

當然，他們目前確實聚焦在預測市場的事件合約。但隨著時間推進，你應該會看到它擴展。

In terms of, you mentioned, perps, we also have perps, not just on-chain, like I showed you, but through our Bitstamp exchange overseas, where we've been rapidly increasing the scope of the perps offerings -- now offering commodity perps. You should see that that inventory should expand and grow, over time, as well.

至於你提到的永續合約（perps），我們也有 perps，不只是像我展示的那樣在鏈上；我們也透過海外的 Bitstamp 交易所提供，並且正在快速擴大 perps 產品範圍——現在也提供商品類 perps。你應該也會看到那個產品庫存隨時間擴大並成長。

I think, our customers, through the Robinhood retail apps, will have access to the best products from multiple exchange providers. Our job will be to stitch that together; make it really clear what the costs are; and, also, make those costs as low as possible for the customers.

我認為，我們的客戶透過 Robinhood 的零售 App，將能接觸到來自多家交易所供應商的最佳產品。我們的工作是把它們串接整合起來；清楚呈現成本；並且也讓客戶的成本盡可能低。

But you should assume that it's multi-homed and that the customers can get the best of everything.

但你可以假設這會是多平台（multi-homed）的，客戶能取得各方面最好的選擇。

It can also be a B2B business, over time. We can onboard additional FCMs.

長期來看，這也可以是一個 B2B 業務。我們可以導入更多 FCM。

Right now, we're laser focused on making sure the Robinhood customer gets a great example. But, when you think out longer term, there's no reason why this can't be a large institutional business, as well.

目前我們高度聚焦，確保 Robinhood 客戶能獲得很棒的體驗。但從更長期來看，沒有理由它不能同時成為一個大型的機構業務。

Christian, if you'll hand the mic right behind you to Ramsey, that'd be great.

Christian，如果你能把麥克風遞給你後面的 Ramsey，那就太好了。

Hi. Ramsey El-Assal, from Cantor. Thanks for taking my question.

嗨。Ramsey El-Assal，來自 Cantor。謝謝讓我提問。

Building on some of your comments and some of the prior questions, now that Robinhood Chain is live and thriving, how should we think about the broader DeFi roadmap for you, guys? You've got obviously, tokenized assets, Robinhood Earn, perps in your wallet -- I saw.

延續你的一些評論以及前面的一些問題，現在 Robinhood Chain 已經上線並且蓬勃發展，我們應該如何看待你們更廣泛的 DeFi 路線圖？你們顯然有代幣化資產、Robinhood Earn、錢包裡的 perps——我看到了。

What other on-chain services could be the next sort of growth opportunities? I'm thinking, maybe, like lending and borrowing or other yield-generating type products. Any comment?

接下來還有哪些鏈上服務可能成為下一波成長機會？我在想，可能像是借貸或其他能產生收益的產品。有什麼評論嗎？

Well, we already have that through partners. You can build lending and borrowing pools on-chain. People have started building really interesting stuff.

嗯，我們已經透過合作夥伴提供了。你可以在鏈上建立借貸資金池。大家已經開始打造一些非常有趣的東西。

I think one of the really cool things about seeing so much volume -- again, fastest chain to 100 million transactions -- is, a lot of other chains have to do a lot of work to get third parties to integrate.

我認為看到這麼大的交易量有一件很酷的事——再說一次，最快達到一億筆交易的鏈——是很多其他鏈必須做大量工作，才能讓第三方願意整合。

We were fortunate to get pretty much all the major wallets and protocols to integrate with us over the past couple of weeks because they saw the volume.

我們很幸運，在過去幾週幾乎讓所有主要錢包和協議都與我們完成整合，因為他們看到了交易量。

And then, that, in turn -- when you're a developer thinking about what chain to build for first, you're seeing all this momentum; seeing all the wallets -- and we've gotten a lot of developer activity, too. We've been among the top chains in terms of developer activity.

接著，反過來——當你是一位開發者在思考要先為哪條鏈開發時，你會看到這股動能；看到所有這些錢包——而且我們也獲得了很多開發者活動。就開發者活躍度而言，我們一直名列前茅。

Yeah. Some of the interesting things are developers building things that compose with the real-world assets, the RWAs, so all kinds of things that utilize the stock tokens in interesting ways -- in ways that we haven't thought of.

是的。一些有趣的事情是，開發者在打造能與現實世界資產（RWA）組合的應用，所以有各式各樣以有趣方式使用股票代幣的東西——是我們以前沒想到的用法。

Our roadmap will be, of course, making the infrastructure better and better; making the APIs cleaner. The block speed and block times are quite good so it's a great chain for developers but could continue to get better.

我們的路線圖當然是把基礎設施做得越來越好；把 API 做得更乾淨。區塊速度和出塊時間都相當不錯，所以對開發者來說是一條很棒的鏈，但仍然可以持續變得更好。

Just adding in more RWAs; more stock tokens, expanding to all kinds of other asset classes, as well, which we're already hard at work on. We think that the unique thing is us supplying the RWAs as a key primitive of the chain, making sure those work really well and then, seeing what other developers can do to compose them.

再加入更多 RWA；更多股票代幣，也擴展到各種其他資產類別，這些我們也已經在全力推進。我們認為獨特之處在於，我們把 RWA 作為這條鏈的關鍵基礎元件來供給，確保它們運作得非常好，然後看看其他開發者能如何把它們組合起來。

All right. Thank you, Vlad. All right. Ramsey, right behind you, James Yaro has his hand up.

好。謝謝你，Vlad。好。Ramsey，你後面那位，James Yaro 舉手了。

James Yaro, Goldman Sachs. Thanks for taking the question.

James Yaro，高盛。謝謝讓我提問。

I wanted to touch a little bit more on perps in the US. What's the appetite to add them in the US brokerage? What are the hurdles to rolling them out? Are you looking to roll them out in the near term, CFTC approval permitting?

我想再多談一點美國的永續合約（perps）。在美國券商端加入它們的意願如何？推出時的障礙是什麼？如果 CFTC 核准，你們是否打算在近期推出？

Yeah. Yeah. As you can imagine, we've been in conversations with CFTC. They've been constructive. Yeah. We are making progress.

是的。是的。如你所想像的，我們一直在與 CFTC 對話。他們的態度很具建設性。是的。我們正在取得進展。

I don't have specific things to share. But I think we feel really good about our customers having a great perps experience.

我沒有具體內容可以分享。但我認為，我們對於讓客戶擁有很棒的永續合約體驗感到非常有信心。

We already have it in Europe. The work is not a large amount of work.

我們在歐洲已經有了。要做的工作量並不大。

All right. Thanks. James, can you pass the mic immediately to your left?

好。謝謝。James，你可以把麥克風立刻遞給你左手邊那位嗎？

Hi. I'm [Daniel].

嗨。我是[Daniel]。

This is like the game of checkers we're playing.

這就像我們在玩跳棋一樣。

Are there plans to add support for foreign stocks? Right now, investors have to buy ETFs to get exposure to certain foreign companies.

有計畫加入對外國股票的支援嗎？目前投資人必須買 ETF 才能取得對某些外國公司的曝險。

Yes. In short, yes. Obviously, it's on our roadmap. Over time, you should expect that, as a Robinhood customer, we not only want to give US stocks to customers all over the world but we want to give foreign stocks to customers all over the world, including to the US.

有。簡而言之，有。顯然這在我們的路線圖上。隨著時間推進，你應該可以期待，作為 Robinhood 客戶，我們不只想把美股提供給全球各地的客戶，我們也想把外國股票提供給全球各地的客戶，包括提供給美國。

We're going to build out a marketplace. I think our common infrastructure could be a real asset there. Yeah. Unfortunately, it's not one of those things I can just snap my fingers and we're connected everywhere, even though I try.

我們會建立一個市場平台。我認為我們的共通基礎設施在那裡會是一項真正的資產。是的。不幸的是，這不是那種我打個響指就能到處都連上線的事情，儘管我有在努力。

But, yeah, it's definitely top of mind for us. Yeah. It's great to see customers always -- the active traders always want more things so we're always busy. We love that.

但，是的，這絕對是我們非常關注的重點。是的。很高興看到客戶——活躍交易者總是想要更多東西，所以我們一直很忙。我們很喜歡這樣。

All right. If you could pass the mic to your right and back one row? All right. Thank you.

好。你可以把麥克風往你右邊遞，然後往後一排嗎？好。謝謝。

Hey, Vlad. Hey, Shiv. Jon, from Artemis. Congrats on launching Robinhood Chain: $15 billion of monthly trading volume, 2-plus million of monthly transacting users. I think close to $500 million of stable coin supply.

嗨，Vlad。嗨，Shiv。我是 Artemis 的 Jon。恭喜推出 Robinhood Chain：每月 150 億美元的交易量、每月 200 多萬名有交易行為的用戶。我想穩定幣供給量接近 5 億美元。

Yeah.

是的。

What could go right with Robinhood Chain? Because you could offer the opportunity of having the Robinhood app to everyone, globally. What could go right?

Robinhood Chain 有哪些可能進展順利的地方？因為你們可以把讓全球每個人都能使用 Robinhood App 的機會帶來。哪些事情可能會進展得很順？

I think a lot could go right. Thank you, by the way. I've been enjoying your content and your analysis (multiple speakers) --

我覺得很多事情都可能進展得很順。順帶一提，謝謝你。我一直很喜歡你在 X 上的內容和分析（多位講者）——

Thank you.

謝謝。

-- on X. It's been really good.

——真的很棒。

Yeah. I think that we built Robinhood Chain to be purpose-built for real-world assets. I should clarify: I like memes, as well. They always get a little upset in me.

是的。我認為我們打造 Robinhood Chain，是為現實世界資產量身打造的。我應該澄清一下：我也喜歡迷因。它們總是會讓我有點激動。

Robinhood was one of the original. We created this market in so many ways. Whatever it is you want to build, a Robinhood Chain can be the permissionless home for that.

Robinhood 是最早的一批之一。我們在很多方面創造了這個市場。不管你想打造什麼，Robinhood Chain 都可以成為其無需許可（permissionless）的家。

Our unique contribution is the real-world assets. I think we're doing, really, the difficult work on the liquidity side; on the regulatory side, to make sure we safely bring all of these assets on-chain and make them useful.

我們獨特的貢獻是現實世界資產。我認為我們正在做真正困難的工作：在流動性面、在監管面，確保我們能安全地把所有這些資產帶上鏈並讓它們變得有用。

We started with a first set of stock tokens. We're going to grow that, over time; make them fully DeFi-enabled. And then, we're already hard at work thinking about other types of real-world assets that we can add.

我們從第一批股票代幣開始。我們會隨著時間擴大；讓它們完全具備 DeFi 功能。然後，我們也已經在全力思考還能加入哪些其他類型的現實世界資產。

I think you're already starting to see some of the activities. Developers are doing really interesting things that I hadn't thought of. I think our job is to give them better and better tools to do it.

我想你已經開始看到一些活動。開發者正在做一些我沒想到的、非常有趣的事情。我認為我們的工作是提供越來越好的工具，讓他們能做到這些。

I think the enthusiasm has been great. But there's obviously much more to do. We're never mistaking and confusing enthusiasm with complacency.

我覺得大家的熱情很高。但顯然還有更多事情要做。我們從不把熱情誤當成自滿。

We know that we just got to keep building and making sure that it's the most useful chain for developers and all of our traders.

我們知道我們只需要持續建設，並確保它是對開發者以及我們所有交易者最有用的一條鏈。

Thanks, John. Can you pass the mic a couple of rows up to Craig? Thank you.

謝謝，John。你可以把麥克風往前傳幾排給 Craig 嗎？謝謝。

Hi. Craig Maurer, with FT Partners.

嗨。我是 FT Partners 的 Craig Maurer。

If I could just ask a question about the quarter? You had a disclosure in the deck showing that you're trending toward, roughly, $4 billion in net deposits. That's down quite a bit from June. It's the lowest of the year. I was wondering if there's any commentary around that. Does it have anything to do with wealth?

我想就這一季問個問題。你們在簡報中揭露的數據顯示，淨存款趨勢大約朝 40 億美元靠攏。這比 6 月下降不少。也是今年最低。我想知道對此是否有任何評論。這是否與財富管理（wealth）有關？

I also want to ask about the health of investors, considering the drawdown in semis and what's been happening in the market. Thanks.

我也想問一下投資人的健康狀況，考量到半導體的回撤，以及市場上正在發生的事情。謝謝。

Yeah. I'm happy to take that one. Our goal, as we've said, is 20% on an annualized basis. I don't look at any particular quarter and month. There will be things that change, from time to time.

是的。我很樂意回答這題。我們的目標，如同我們所說，是以年化計算 20%。我不會去看某一個特定季度或月份。有些事情會不時改變。

If you look at year to date, including July, we're still well north of that 20%. As you mentioned, we had a really strong Q2. Great to see the engagement. It will fluctuate, from time to time. But I don't read anything into it.

如果你看年初至今（包含 7 月），我們仍然遠高於 20%。如你提到的，我們第二季非常強勁。很高興看到這樣的參與度。它會不時波動。但我不會從中解讀出什麼。

Net deposits have a variety of factors. It's what's going on in the macro. It's when do we launch new products. There is some seasonality. Summer tends to be a little bit slower -- what promotions were going on.

淨入金受到多種因素影響。包括總體環境在發生什麼。也包括我們何時推出新產品。還有一些季節性因素。夏季通常會慢一些——以及當時有哪些促銷活動。

And so what we're focused on is, can we keep delivering for customers? Can we keep doing these new products? And then, over the fullness of a year or even longer, we should be growing at about 20%. Everything we're seeing is, that's still happening.

因此我們關注的是：我們能否持續為客戶交付價值？我們能否持續推出這些新產品？然後，在一整年甚至更長的時間尺度上，我們應該能以約 20% 的速度成長。我們看到的一切都顯示，這仍在發生。

In terms of the health of the customer, very healthy engagement. And so our customers tend to be techno-optimists. They tend to be younger. They tend to believe. And so they use some of these drawdowns as ways to buy.

就客戶的健康狀況而言，參與度非常健康。我們的客戶往往是科技樂觀主義者。他們通常更年輕。他們傾向於相信。因此他們會把這些回撤視為買入的機會。

And so, on down days or down months, we tend to see really strong net buying. That's what we saw in Q2. We're continuing to see that. As I shared, July, the average daily volumes are very similar to the Q2 average so continuing to see strong net deposits there.

所以在下跌的日子或下跌的月份，我們往往會看到非常強勁的淨買入。這就是我們在第二季看到的情況。我們也持續看到這種情況。如我分享的，7 月的日均成交量與第二季平均非常接近，因此那裡也持續看到強勁的淨入金。

Everything else that we're seeing is that the health of the customer is very strong.

我們看到的其他一切都顯示，客戶的健康狀況非常強勁。

Yeah. I'd say, we have some good long-term tailwinds to that growth. It's not just the short-term things like promos and the macro. But we're building more durable engines of net-deposit growth.

是的。我會說，我們在這個成長上有一些很好的長期順風。不只是像促銷和總體環境這些短期因素。我們正在打造更具持久性的淨入金成長引擎。

I think Banking has been a great success, thus far. It's still early. It's not yet fully integrated into the main app or the ecosystem. I think we have more room there.

我認為 Banking 迄今為止非常成功。但仍在早期。它還沒有完全整合進主 App 或生態系。我認為那裡還有更多空間。

Advisor Network. I think that's the beginning of what could be a really, really strong RIA integration. As you probably know, the RIA channel is a good, durable, consistent source of net deposits.

Advisor Network。我認為那是可能成為非常、非常強的 RIA 整合的起點。如你可能知道，RIA 通路是淨入金一個良好、持久且穩定的來源。

We've been seeing good growth from multiple brokerage accounts. And then, of course, trusts is rolling out. There's a lot of people of higher net worth that use trusts and that have all of their wealth there.

我們也看到多個券商帳戶帶來不錯的成長。當然，信託也正在推出。有很多高淨值人士會使用信託，並把他們所有的財富都放在那裡。

I think, as we keep adding these things and keep supporting, that should just be a long-term durable tailwind for our business and net-deposit growth.

我認為，隨著我們持續加入這些功能並持續投入支持，這應該會成為我們業務與淨入金成長的長期、持久順風。

All right. Craig, would you mind passing up one row to [Alex]?

好的。Craig，你介意往前傳一排給[Alex]嗎？

Hi. [Alexander] (inaudible) -- here. Thanks for taking my question. Peter Thiel once said, when asked if he regretted selling Facebook at $100 billion valuation, that each 10X up to $100 billion he saw as equal difficulty but $100 billion to a $1trillion he imagined would be significantly harder.

嗨。[Alexander]（聽不清）——在這裡。謝謝讓我提問。Peter Thiel 曾說，當被問到是否後悔在 Facebook 估值 1,000 億美元時賣出，他表示每一次 10 倍成長到 1,000 億美元，他都覺得難度相當，但從 1,000 億到 1 兆美元，他想像會顯著更難。

In hindsight, Facebook's move from $100 billion to a $1trillion may have been its easiest 10X because it had already reached scale.

事後看來，Facebook 從 1,000 億到 1 兆美元的躍升，可能反而是它最容易的一次 10 倍，因為它已經達到規模。

I like where this is going.

我喜歡這個走向。

As Robinhood approaches that $100 billion market cap, how do you think about the difficulty of the next 10X? Could getting from $100 billion to a $1trillion actually be the easiest because the scale and operating leverage you've built?

當 Robinhood 接近 1,000 億美元市值時，你們如何看待下一個 10 倍的難度？從 1,000 億到 1 兆美元，會不會反而是最容易的，因為你們已建立的規模與營運槓桿？

What will it take for Robinhood to surpass market caps of legacy financial institutions? Do you see AI supercharging your global domination plans?

Robinhood 要超越傳統金融機構的市值，需要什麼？你是否看到 AI 會為你們的全球稱霸計畫提供超強助力？

I've got some Board Members in the audience, too. I think getting to a $1 trillion will be very, very difficult. I don't think a financial company has ever hit a $1 trillion market cap. But I think it can be done.

現場也有幾位董事會成員。我認為要到 1 兆美元會非常、非常困難。我不認為有任何金融公司曾達到 1 兆美元市值。但我認為這是可以做到的。

As you mentioned, there's a lot of new things that are changing rapidly that I think we're on the forefront of. It's not just growing our brokerage business and expanding it internationally but it's also agentic finance; and can we build great tools for agents; and can we see a world where just a lot of the activity, if not the majority, goes in that direction? We're building for that.

如你提到的，有很多新事物正在快速變化，而我認為我們站在最前沿。不只是成長我們的券商業務並在國際上擴張，也包括代理型金融（agentic finance）；以及我們能否為代理打造很棒的工具；以及我們是否能看到一個世界：大量活動、甚至多數活動都朝那個方向發展？我們正在為此打造。

Can we use the early success of Robinhood Chain to actually make all assets; make everything that you have in the US available to billions of people, worldwide?

我們能否利用 Robinhood Chain 的早期成功，真正把所有資產——把你在美國擁有的一切——提供給全球數十億人？

And then, we benefit from the tailwind of the rest of the world getting wealthier and the rise of the global economy, as well, by giving them access to things.

然後，透過讓他們取得這些資產的管道，我們也能受惠於世界其他地區變得更富裕、以及全球經濟崛起的順風。

Private markets, I'm very excited about. We've seen Robinhood Ventures Fund I and, now, Robinhood Ventures Fund II, which is beginning the roadshow. We have the prospectus live. That one, focused on early stage.

我對私募市場非常興奮。我們已經有 Robinhood Ventures Fund I，而現在 Robinhood Ventures Fund II 也開始進行路演。我們已上線招募說明書（prospectus）。這一檔聚焦於早期階段。

The goal, really, with Robinhood Ventures is for us to be there for individual investors to have exposure to companies at the earliest possible stages but, really, across the entire life cycle, including early stage.

Robinhood Ventures 的目標，真正來說，是讓我們能為個人投資人提供在最早可能階段就能接觸公司的機會，但其實是涵蓋整個生命週期，包括早期階段。

Yeah. And so, I think, putting all these things together, I see multiple axes that the company could 10X. I think we're going to pursue all of them.

是的。所以，我認為把這些事情放在一起看，我看到公司有多個軸線可以實現 10 倍成長。我想我們會全部追求。

We don't comment on the stock price, specifically. But what we've said before is, we believe we can 10x the business over the next 10 years. That's through a lot of the vectors Vlad shared.

我們不會特別評論股價。但我們之前說過，我們相信未來 10 年可以讓業務成長 10 倍。這會透過 Vlad 分享的許多向量來實現。

When you look at assets, assets are the greatest predictor of what's going to happen in financial performance. We're super excited. We're nearly $400 billion, today.

當你看資產規模時，資產是預測財務表現走向的最重要指標。我們非常興奮。我們今天接近 4,000 億美元。

But, if you look at some of our competitors, they've got to tens of trillions of assets. There's no reason you can't do that. That's just the core brokerage.

但如果你看我們的一些競爭對手，他們的資產規模已達到數十兆美元。沒有理由你們做不到。那只是核心券商業務。

Then, you go to retirement, which is even a multiple of that. And then, you go into banking and crypto, which are even multiples of that. Then, you go international; then, you go to B2B.

接著你看退休業務，那又是其數倍。再進入銀行與加密貨幣，又是其數倍。然後你走向國際；再走向 B2B。

And so, everywhere you look at, it's pretty unique. When most companies go to their adjacent businesses, they tend to be smaller TAMs. For us, it's actually the opposite. As we go to some of these adjacent businesses, they're actually larger. That allows us to grow.

所以你放眼望去，這相當獨特。多數公司進入相鄰業務時，往往是更小的 TAM（可服務市場總量）。對我們而言，反而相反。當我們進入一些相鄰業務時，它們其實更大。這讓我們得以成長。

We actually build a 10-year roadmap. And so we look at what we want to do, not just over the next 1 year, the next 5 year, or the next 10 years. If we execute on that, we have a really cool opportunity in front of us.

我們其實會制定一個 10 年路線圖。因此我們會看我們想做什麼，不只是接下來 1 年、接下來 5 年，或接下來 10 年。如果我們把這些執行到位，眼前就會有一個非常酷的機會。

I'll just add that it wasn't long ago that Apple was the first company to hit a $1 trillion. We didn't think that all these companies would be. Now, there's $5 trillion companies. Soon, we'll have $10 trillion companies. I have no doubt Robinhood will be a $1 trillion company.

我再補充一點，不久之前蘋果才是第一家市值達到 1 兆美元的公司。我們當時沒想到這些公司都會做到。現在，已經有市值 5 兆美元的公司了。很快，我們會有市值 10 兆美元的公司。我毫不懷疑 Robinhood 會成為一家市值 1 兆美元的公司。

Thank you.

謝謝。

All right. Let's see. [Ahmed], do you want to take a question?

好。我們來看看。[Ahmed]，你想提一個問題嗎？

Sure. Vlad and Shiv, congrats on a great quarter. I don't know how I'm going to follow up that question.

當然。Vlad 和 Shiv，恭喜你們交出一個很棒的季度成績。我不知道我要怎麼接續剛才那個問題。

Congrats on a great hoodie.

恭喜你有一件很棒的連帽衫。

It's a nice one here -- very, very nice. Yeah. Look, I think what I'm observing in the quarter, especially as someone who's been looking at the business and the trajectory over the past five years, is just really strong engagement.

這件很不錯——非常、非常不錯。是的。你看，我在這一季觀察到的，尤其是作為一個過去五年一直在看這個業務與發展軌跡的人，就是互動參與度真的很強。

AUM, at almost $400 billion. You're seeing the Gold attachment rate at 17% of subscribers that are there -- all-time high on Robinhood Gold subscribers.

資產管理規模（AUM）接近 4,000 億美元。你們看到 Gold 的附加率達到現有訂閱者的 17%——Robinhood Gold 訂閱者數創下歷史新高。

My broader question is: Why do you think the engagement is becoming so strong? Why do you think customers are so willing to adopt the credit card, agentic services, try out meme coins on the Robinhood Chain?

我更宏觀的問題是：你們為什麼認為互動參與度變得這麼強？你們為什麼認為客戶如此願意採用信用卡、代理式（agentic）服務，並在 Robinhood Chain 上試用迷因幣？

What about the flywheel is working? What do you think you can do to sustain that flywheel working for the next 10 years to, hopefully, get to that $1 trillion market cap?

這個飛輪機制哪一部分在發揮作用？你們認為接下來 10 年可以做什麼來維持這個飛輪持續運轉，並希望最終達到 1 兆美元市值？

Yeah. I think that's a great question.

是的。我覺得這是個很棒的問題。

I think that, first off, the products have to be good, right? We've rolled out a lot of good products. The credit card has been really great. Value prop's hard to argue with: 3% cash back on all categories; great UI. Virtual cards experience is really, really good.

我認為首先，產品必須要好，對吧？我們推出了很多好產品。信用卡的表現非常出色。它的價值主張很難反駁：所有類別 3% 現金回饋；介面（UI）很棒。虛擬卡的體驗也真的非常、非常好。

We haven't batted 1,000, right? We've had many versions of the debit card and cash management; if you remember -- [McDuckling], we called it. It had various iterations before we found success there.

我們也不是每次都百分之百成功，對吧？我們的簽帳卡和現金管理推出過很多版本；如果你還記得——我們叫它 [McDuckling]。在找到成功模式之前，它經歷了多次迭代。

But I think what we found is, there is a flywheel, right? We get a customer in. They become a Gold subscriber. After they become a Gold subscriber, they look out at all the different products we offer. If those products are competitive with what's on the market or better, they'll adopt them.

但我認為我們發現的是，確實存在一個飛輪，對吧？我們先把客戶帶進來。他們成為 Gold 訂閱者。成為 Gold 訂閱者之後，他們會看到我們提供的各種不同產品。如果這些產品在市場上具競爭力或更好，他們就會採用。

And then, a decent chunk of their earnings, if we get the direct deposit, go into Robinhood. They spend time on the platform. A lot of our customers use us for everything. And so when we add something new, they're likely to see it and take advantage of it.

接著，如果我們拿到直接入帳（direct deposit），他們收入中相當一部分就會進到 Robinhood。他們會花時間在平台上。我們很多客戶把我們當作一站式使用。所以當我們新增某個功能時，他們很可能會看到並加以利用。

I think what we have to make sure that we do -- and this is not an easy problem -- is putting the right products in front of the right customers at the right times, making sure the entire experience is coherent. That's actually becoming a hard problem because the app is constantly changing.

我認為我們必須確保做到——而這並不容易——在對的時間把對的產品呈現給對的客戶，並確保整體體驗是一致且連貫的。這其實正變成一個難題，因為 App 一直在不斷變化。

And so the orchestration of all of these things into one story; into one financial tool is becoming an increasing source of focus because I still think we could do better there; making sure that all the individual pieces -- even if you're not using 10 Robinhood products, each individual one should be world-class as well.

因此，如何把所有這些東西編排成一個故事、整合成一個金融工具，正成為我們越來越重點關注的方向，因為我仍然認為我們在這方面可以做得更好；要確保每個獨立的模組——即使你沒有使用 10 個 Robinhood 產品——每一個單品也都應該是世界級的。

I think If we can deliver that -- all the individual pieces and then, stitching them together nicely -- there's plenty more room.

我認為如果我們能做到——每個單品都到位，然後再把它們漂亮地串接起來——就還有很大的成長空間。

All right. Thank you, Vlad.

好。謝謝你，Vlad。

As much as we've had a lot of great questions in the room, there are even more people on the phone. We're going to start now and shift over to the Zoom Q&A.

雖然現場有很多很棒的問題，但電話線上還有更多人。我們現在要開始把焦點轉到 Zoom 的問答。

The first person asking a question on Zoom is Steven Chubak from Wolfe.

Zoom 上第一位提問的是來自 Wolfe 的 Steven Chubak。

Steven.

Steven。

Hey. Good evening, Vlad and Shiv. Thanks for taking my question. Sorry I couldn't be there in person.

嗨。晚上好，Vlad 和 Shiv。謝謝讓我提問。抱歉我沒辦法親自到場。

You're missing out, man.

你錯過了，老兄。

I know. It's always a fun time so sorry I couldn't be there.

我知道。每次都很有趣，所以很抱歉我沒能到場。

But I wanted to ask on the updated expense guidance. At the start of the year, you guided to 18% expense growth; of which, 10% or a bit more than half of the growth was really earmarked to support new product launches: 5% to support the core business, 3% for acquisitions.

不過我想問一下更新後的費用指引。年初你們指引費用成長 18%；其中 10% 或者說略高於一半的成長，主要是預留用來支持新產品上市：5% 用於支持核心業務，3% 用於併購。

There have been a lot of moving pieces underpinning the new expense guidance. I just wanted to better understand how the buckets have evolved under the new guidance, whether it still contemplates a similar level of investment to support some of the more nascent growth initiatives?

支撐新費用指引的變動因素很多。我想更清楚了解在新指引下，各個費用「桶」（分類）是如何演變的，以及是否仍然包含類似水準的投資，以支持一些較為初期的成長計畫？

Yeah. Great question. I think the really exciting part is we are able to self-fund a lot of the growth initiatives. We are still growing. That is not changing.

是的。很好的問題。我認為真正令人振奮的是，我們能夠用自身資金來支應許多成長計畫。我們仍在成長。這點不會改變。

Vlad just shared a lot of the different products and apps we're working on. And so we are still a growth company. But the nice thing is, because we run lean and discipline, we can self-fund a lot of these.

Vlad 剛才分享了很多我們正在開發的不同產品和 App。所以我們仍然是一家成長型公司。但好處是，因為我們精實且自律地運營，我們可以自籌資金來支應其中許多。

And so you mentioned the three different buckets, the short answer is, the savings are coming from all of them. A little bit's coming from the M&A. We're being a little bit more efficient. The new M&A, actually, wasn't even included in those. We fully self-funded those.

你提到三個不同的分類，簡短的答案是：節省來自於三者。有一小部分來自併購（M&A）。我們做得更有效率了一些。而新的併購其實甚至沒有包含在那些分類裡。我們完全是自籌資金完成的。

On the core business, the teams are really, really working hard to make sure they're delivering fast but, also, doing it efficiently. We had some savings there.

在核心業務方面，各團隊真的非常努力，確保交付速度快，同時也要有效率地完成。我們在那裡也有一些節省。

And the, in the new seeds, not only are we making sure that we invested what we started the year but we've actually added some, even relative to where we started.

至於新的種子計畫（new seeds），我們不僅確保投入年初規劃的投資，實際上相較於年初，我們還增加了一些投入。

But we put it all together. We're halfway through the year. We're trending well. Our lean and discipline nature is showing through. We thought it was the right time to do it.

但把這些全部綜合起來看，我們已經過了半年。我們的趨勢表現良好。我們精實且自律的特質正在展現。我們認為現在是做出調整的適當時機。所以我們覺得這是正確的時間點。

But I think the take-away is we are still growing but we're just able to do it more efficiently. And so now is the right time to lower our outlook.

但我認為重點是：我們仍在成長，只是能以更高效率做到。因此現在是下調我們展望的合適時機。

All right. Thank you, Shiv.

好。謝謝你，Shiv。

The next question is from Craig Siegenthaler at Bank of America.

下一個問題來自美國銀行（Bank of America）的 Craig Siegenthaler。

Vlad, Shiv, hope you guys are doing well. Chris, nice job on MCing this event.

Vlad、Shiv，希望你們都一切順利。Chris，這場活動由你擔任主持做得很棒。

He's a star.

他是個明星。

Thank you, Craig.

謝謝你，Craig。

Robinhood just received the MAS license in Singapore. Congrats on that. I think you also have two small brokerages that are live in Indonesia.

Robinhood 剛在新加坡取得 MAS 執照。恭喜。我想你們在印尼也有兩家小型券商已經上線。

The question is: Where are you in the product roll-out in Asia? What will the roll-out look like, relative to the US offering? Also, what countries can you passport into from Singapore?

問題是：你們在亞洲的產品推廣進度到哪裡了？相較於美國的產品，推廣會是什麼樣子？另外，你們可以從新加坡把牌照「通行（passport）」到哪些國家？

Yeah. Again, just to clarify: This is for our centralized offerings. Now that we have the chain and all the DeFi offerings, we're live in a lot of countries with that.

對。再澄清一下：這是針對我們的中心化產品。現在我們有鏈以及所有 DeFi 產品，這部分我們已在很多國家上線。

But, for the centralized brokerage offerings, we did get the approval in Singapore. We are working hard to bring everything that we possibly can within, obviously, what's permissible by regulators over at MAS over there.

但就中心化券商產品而言，我們確實已在新加坡取得核准。我們正努力在 MAS 監管機構允許的範圍內，盡可能把能提供的功能都帶進去。

I think what we've learned from the UK is, it's better to get more at once, rather than just launching equities, following up with options, then launching margin. I think what we're trying to do in subsequent launches is get more of the overall Robinhood ecosystem live at launch.

我想我們從英國學到的是：一次拿到更多功能會更好，而不是先上線股票、再補上選擇權、然後再上線融資融券。我想我們在後續的上線策略，是在一開始就讓更完整的 Robinhood 生態系統隨著產品一併上線。

The team's been working hard on that. They're getting close. I think that's generally the strategy you should expect us to take in other regions.

團隊一直在為此努力。他們已經快完成了。我想這大致上就是你們可以預期我們在其他地區採取的策略。

Again, Singapore, we anticipate to be the Southeast Asia and the APAC hub. We'd be able to passport from there to lots of other countries in the region.

再說一次，新加坡我們預期會成為東南亞與亞太（APAC）的樞紐。我們可以從那裡把牌照通行到該區域的許多其他國家。

Some of them, like Indonesia, will get direct licensure, depending on, just, where we see opportunity to go even deeper, locally.

其中一些國家，例如印尼，會視我們看到的機會、以及是否要在當地更深入經營，而取得直接牌照。

All right. Thank you, Vlad.

好的。謝謝你，Vlad。

The next question is from Alex Markgraff, from KeyBanc.

下一個問題來自 KeyBanc 的 Alex Markgraff。

Hey, guys. Thanks for taking the question. Maybe, one for both Vlad and Shiv, on Robinhood Chain and the DeFi product expansion.

嗨，各位。謝謝讓我提問。我想問 Vlad 和 Shiv 兩位，關於 Robinhood Chain 以及 DeFi 產品擴張。

I'm curious how you think, Vlad, about how the effort to engage with customers and the touchpoints change in DeFi products. Does it force you to re-evaluate how you interact with customers; and capture the minds and wallets of customers?

我很好奇你怎麼看，Vlad：在 DeFi 產品上，與客戶互動的投入與接觸點會如何改變。這是否會迫使你重新評估你們與客戶互動的方式，以及如何抓住客戶的心智與錢包？

And then, Shiv, just on a related note, would be curious if there's anything you can share, from a monetization standpoint, on how we should be thinking about those relationships versus the [CeFi] relationships that exist today. Thanks.

然後 Shiv，相關的一點是，從變現的角度，你是否能分享一些我們應該如何看待這些關係，相較於目前存在的 [CeFi] 關係？謝謝。

I'll start with how to engage with the customers. My observation is, a lot of those customers hang out on Twitter and listen to podcasts, which are two areas that I'm somewhat active in already, much to the chagrin of the great comms; and legal; and compliance teams that we have.

我先從如何與客戶互動談起。我的觀察是，很多這類客戶會在 Twitter 上活動、也會聽 Podcast；而這兩個領域我本來就算是有些活躍——這讓我們優秀的公關、法務與合規團隊頗為頭痛。

Yeah. I don't really see a problem. Yeah. But we're always looking out for more. I'm not so active on TikTok. Maybe I'm too old. Maybe I'm too boomer-ish for that. But, if I have to, I'll do it.

對。我不覺得有什麼問題。對。但我們也一直在尋找更多方式。我在 TikTok 上沒那麼活躍。也許我太老了。也許我太像嬰兒潮世代了。但如果需要，我也會去做。

Yeah. No. It's been fun (multiple speakers) --

對。不。這一直很有趣(多位講者) --

I'll do the little dances or whatever they (multiple speakers) --

我會跳那些小舞步之類的(多位講者) --

Yeah. Sure. The engagement, as Vlad said, it's actually coming from developers, themselves. When you build a great product, people often find it. That's one of the beauty of Robinhood.

對。當然。如 Vlad 所說，互動其實是來自開發者本身。當你打造出很棒的產品，人們往往會自己找到它。這也是 Robinhood 的美妙之處之一。

If we launch a great product, just given our scale and distribution, they tend to do well. And then, this has just been another example, whether it's DeFi; or permissionless; or centralized.

如果我們推出很棒的產品，憑藉我們的規模與通路分發能力，通常表現都會很好。而這也只是另一個例子，不論是 DeFi、無許可（permissionless）或中心化。

On the monetization piece, per transaction, we make a few basis points; not per volume, it's per transaction. Now, it varies, depending on the size of the transaction. But just think about it as a few basis points, on average.

在變現方面，以每筆交易來看，我們賺取幾個基點；不是按成交量，而是按每筆交易。當然會因交易規模而異。但你可以把它想成平均每筆交易幾個基點。

And then, we do share approximately half of it with Arbitrum, who's the level 2 that we built on top of. And so, when it starts to get larger and it goes through a couple of quarters, we'll break it down more specifically. But think of it as a few basis points on transactions than a 50/50 rev share.

接著，我們大約會把其中一半分給 Arbitrum，也就是我們建立在其上的第二層（Layer 2）。所以當規模變大、並且經過幾個季度後，我們會更具體地拆解。但你可以把它想成：交易收取幾個基點，然後 50/50 的營收分成。

All right. Thank you, Vlad and Shiv. We'll see some of those dances later, Vlad.

好的。謝謝你們，Vlad 和 Shiv。Vlad，等一下我們會看到你跳那些舞。

The next question comes from Brian Bedell at Deutsche Bank.

下一個問題來自德意志銀行（Deutsche Bank）的 Brian Bedell。

Great. Thanks. Good evening, Vlad and Shiv. How are you?

很好。謝謝。晚上好，Vlad 和 Shiv。你們好嗎？

Doing well.

很好。

Excellent. My question's on Rothera, with, specifically, the company financial KPI contracts. With Cboe filing with the SEC to launch these potentially in the near term, what's the interest in Rothera launching these in the near term?

太好了。我的問題是關於 Rothera，特別是公司財務 KPI 合約。Cboe 已向 SEC 申報，可能在近期推出這些產品；那麼 Rothera 在近期推出這些產品的意願如何？

And then, also, just in terms of migrating more of the event contracts at Hood now to Rothera, such as NFL, how are you thinking about that game plan for the rest of the year?

另外，就把 Hood 現在更多事件合約（例如 NFL）遷移到 Rothera 而言，你們對今年剩餘時間的規劃是怎麼想的？

Yeah. On the Cboe financial KPI contract, my understanding is, those are under the securities-based regime. I don't know if Rothera would be launching those, right now. But, obviously, Robinhood is able to connect to a wide variety of counterparties.

對。關於 Cboe 的財務 KPI 合約，我的理解是，那些是在以證券為基礎的監管框架下。我不確定 Rothera 目前是否會推出那些。但很明顯，Robinhood 能夠連接到各式各樣的交易對手方。

We have a brokerage business. We also have our [FCM] business. Of course, Rothera is a great joint venture that we have with [SIG]. That doesn't necessarily mean that we're not going to make all these products available to customers.

我們有券商業務。我們也有我們的 [FCM] 業務。當然，Rothera 是我們與[SIG] 的一個很棒的合資企業。但這不一定代表我們不會把所有這些產品提供給客戶。

I think the products, in general, are useful. There's interest. And so we always evaluate opportunities for adding new things to the platform.

我認為這些產品整體而言是有用的。市場有興趣。因此我們總是在評估把新東西加入平台的機會。

In terms of the flow, what we've shared is, you should expect in the near to medium term more than the majority or a good portion will flow through Rothera. We're still making sure it can scale.

就交易流量而言，我們分享過的是：在短期到中期，你們應該預期超過一半或相當大一部分會透過 Rothera 流轉。我們仍在確保它能夠擴充規模。

After one month, it's already doing tremendous volume. But, yeah, you should expect that more and more of it will start to go through there.

上線一個月後，成交量已經非常可觀。但對，你們應該預期會有越來越多開始透過那邊進行。

All right. Thank you.

好的。謝謝。

The next question is from Patrick Moley at Piper Sandler.

下一個問題來自 Piper Sandler 的 Patrick Moley。

Yes. Hi, guys. Thanks for taking the question.

是的。嗨，各位。謝謝讓我提問。

Vlad, I just wanted to follow up on your earlier answer to James's question on perps. I'm just a little confused why you, all, are not being more aggressive with launching perps in the US.

Vlad，我想跟進你先前對 James 關於永續合約（perps）問題的回答。我有點困惑，為什麼你們在美國推出永續合約時沒有更積極。

I think, a little over a year ago, you submitted a comment letter supporting CFTC allowing perps in the US. They've opened the door now on a number of products.

我想，大約一年多以前，你們曾提交一封意見函，支持 CFTC 允許在美國推出永續合約（perps）。他們現在已經為多種產品打開了大門。

You have a few of your competitors who are either live or they're moving in that direction. What they're really trying to do is become more of a multi-asset class platform so that they can compete more closely with you.

你們有幾家競爭對手，不是已經上線，就是正朝那個方向推進。他們真正想做的是更像一個多資產類別的平台，這樣就能更直接地與你們競爭。

Could you just elaborate on what the source of hesitation is with perps in the US? Are you worried about leverage? Are you worried about cannibalization of other products? Or is this a deliberate choice to let others take a regulatory first-mover risk? Thanks.

你能否再多談談在美國推出永續合約時，猶豫的來源是什麼？你們擔心槓桿嗎？你們擔心會侵蝕其他產品的業務嗎？或者這是一個刻意的選擇，讓別人先承擔監管上的先行者風險？謝謝。

No. I don't think it's any of those things. I think we're, in some ways, in the fortunate position of having lots of great products that we see a huge opportunity in, right?

不。我不認為是上述任何一點。我想我們在某些方面處於一個很幸運的位置：我們有很多很棒的產品，而且我們看到其中有巨大的機會，對吧？

And so the roadmap -- just a couple of weeks ago, we launched 13 new products that we're in the process of rolling out. As Shiv mentioned, we had two new businesses just in the past quarter get to $100 million ARR or more.

所以在產品路線圖方面——就在幾週前，我們推出了 13 個新產品，正在逐步上線。如 Shiv 提到的，我們在上一季就有兩項新業務達到 1 億美元 ARR 或以上。

We see a lot more coming. We have perps live in overseas, as well, both through our DeFi offerings and through centralized.

我們看到還會有更多進展。我們在海外也已經上線永續合約，無論是透過我們的 DeFi 產品，或是透過中心化平台。

I wouldn't take that to mean that we don't like perps. In fact, we like them quite a bit. We intend to offer them to our customers.

我不希望你因此解讀為我們不喜歡永續合約。事實上，我們相當喜歡。我們打算提供給我們的客戶。

I didn't give you a timeline. But I wouldn't take the absence of a timeline at earnings to mean that we don't intend to be aggressive. I just don't like giving timelines in earnings. That's what our events are for.

我沒有給你一個時間表。但也不要因為在財報電話會議上沒有給出時間表，就認為我們不打算積極推進。我只是不喜歡在財報電話會議上給時間表。那是我們活動場合要做的事。

All right.

好。

The next question is from Ben Budish at Barclays.

下一個問題來自 Barclays 的 Ben Budish。

Hey. Good evening. Thanks for taking my question.

嗨。晚安。謝謝讓我提問。

Shiv, I was wondering if you could unpack the July commentary a little bit more. You said ADV was trending similar to Q2. On a product-by-product basis, equities, options, should we assume that that's equities similar to Q2; options similar to Q2?

Shiv，我想請你再多拆解一下 7 月的評論。你說 ADV 的趨勢與第二季相近。以產品別來看，股票、選擇權，我們是否可以假設股票與第二季相近；選擇權也與第二季相近？

And then, any color you could share on the take-rate. I know, particularly, for options, that one bounces around a little bit.

另外，你能否分享一些關於 take-rate（費率/抽成率）的資訊。我知道，特別是選擇權的 take-rate 會有些波動。

Crypto, you didn't include in that commentary. Curious -- not to make this a multi-parter -- but what drove the fee rate improvement in Q2; and then, similarly, what you're seeing in Q3?

加密貨幣你沒有納入那段評論。我好奇——不是要把問題變成多段——第二季費率改善是由什麼驅動的；以及同樣地，你們在第三季看到的是什麼？

Sorry for squeezing a bunch in there but , yeah, any color there would be helpful.

抱歉一次塞了很多問題，但，是的，任何補充說明都會很有幫助。

Yeah. Happy to. I'll try to make sure I hit all of them.

好的。很樂意。我會盡量確保每一點都回答到。

First, the way you read it was correct. For July, the ADVs for equities, options, and prediction markets are all in the similar area of Q2. Those are seeing pretty healthy engagement -- all of those.

首先，你的解讀是正確的。就 7 月而言，股票、選擇權與預測市場的 ADV 都大致落在與第二季相近的區間。這些產品的參與度都相當健康——全部都是。

In terms of crypto, it's probably a little bit slower than what we saw in Q2. And so it's early in the month but that's what we're seeing, to start.

至於加密貨幣，可能比我們在第二季看到的稍微慢一些。當然現在才月初，但這是我們目前一開始看到的情況。

And then, for take-rates, for July, they're in a similar area to what we saw for the Q2 average. I would use that as your starting point for what drove the improvement.

然後，take-rate 方面，7 月的水準與我們在第二季平均看到的相近。你可以把這個當作理解費率改善驅動因素的起點。

Take-rates are an output metric. There's a lot of different things that go into them. And so, for equities and options, it's mix shift. It's volatility. It's the type of contract.

take-rate 是一個結果型指標。影響它的因素很多。所以，對於股票與選擇權而言，包含產品組合的變化（mix shift）。包含波動度。也包含合約類型。

For crypto, it's institutional and it's what tier so lots of moving pieces.

對於加密貨幣而言，則與機構客戶有關，也與所屬費率等級（tier）有關，所以變動因素很多。

But, big picture, July is off to a similar zip code for take rate and then, for most of the asset classes to the Q2 average.

但從大方向來看，7 月的 take-rate 與多數資產類別的表現，都落在與第二季平均相近的區間。

All right. Thank you, Shiv.

好。謝謝你，Shiv。

The next question is from Ed Engel at Compass Point.

下一個問題來自 Compass Point 的 Ed Engel。

Hey, guys. Thanks for taking my question.

嗨，各位。謝謝讓我提問。

We know that you're pretty focused on bringing more of the volumes onto Rothera with the prediction markets. But we did see some news reports that you're exploring some partnerships with some other exchanges, as well.

我們知道你們相當專注於透過預測市場把更多成交量導向 Rothera。但我們也看到一些新聞報導指出，你們也在探索與其他交易所的合作夥伴關係。

Just high-level here: Do you see any opportunity to improve your economics by partnering with different exchanges? Or is the focus more to bring more activity just onto Rothera?

就高層次來看：你們是否看到透過與不同交易所合作來改善經濟效益的機會？還是重點更偏向把更多活動帶到 Rothera 上？

It's both. I think we're invested in Rothera. We think that the economics there are great. We intend to push more flow there.

兩者都有。我想我們已經在 Rothera 上投入。我們認為那裡的經濟效益很不錯。我們打算把更多流量導向那裡。

At the same time, we've always been connecting to additional counterparties. We first connected to ForecastEx, which is IBKR's DCM. And then, we went to Kalshi. Then, of course, Rothera.

同時，我們一直都在連接更多的交易對手方。我們最早連到 ForecastEx，也就是 IBKR 的 DCM。接著我們連到 Kalshi。然後當然是 Rothera。

We always are on the lookout for diversifying; making sure our customers have access to multiple options. We're not reliant on any one individual counter-party.

我們一直在留意分散化；確保我們的客戶能接觸到多種選項。我們不會依賴任何單一對手方。

All right. Thank you.

好。謝謝。

The next question is from Andrew Harte at BTIG.

下一個問題來自 BTIG 的 Andrew Harte。

Hey, Vlad, Shiv. Thanks for taking my question. Sorry I can't be there in person. My wife's due next week. (multiple speakers) --

嗨，Vlad、Shiv。謝謝讓我提問。抱歉我沒辦法親自到場。我太太預產期在下週。(多位講者) --

Congratulations.

恭喜。

-- not too wrong here. But looking forward to setting up a Trump Accounts very soon.

-- 這樣說應該不算太離譜。不過我很期待很快就能開設一個 Trump 帳戶。

Got to do it.

一定要的。

Just wanted to follow up on the top-of-funnel question. Vlad, you said earlier there's more to come. Would love to just hear areas you're focusing on for customer-acquisition strategy and focus areas, just generally speaking, going forward, there.

我想追問一下關於漏斗頂端（top-of-funnel）的問題。Vlad，你先前說還會有更多動作。很想聽聽你們在客戶獲取策略上，接下來大方向而言會聚焦在哪些領域與重點。

And then, just another part of that, with the pattern-day-trading elimination or rule elimination, did you see any benefit in the quarter? Is there anything you're doing to try to draw back customers that you might have lost in the past?

然後，同一題的另一部分，關於取消「當沖交易者（pattern-day-trading）」限制或規則取消，你們在本季有看到任何好處嗎？你們是否有做任何事情，試圖把過去可能流失的客戶再吸引回來？

That'd be great. Thanks.

那就太好了。謝謝。

Yeah. Maybe, I'll hit top of funnel. You can talk PDT.

好的。也許我先回答漏斗頂端。你可以談談 PDT。

I think there's a lot of improvements to the product; making sure our onboarding is really clean, particularly as we get more and more products and you can sign up for multiple accounts, multiple assets. I think we've been spending a lot of time investing in that.

我認為產品還有很多可以改進的地方；確保我們的開戶導引（onboarding）非常順暢，特別是當我們提供越來越多產品，而且你可以開立多個帳戶、涵蓋多種資產時。我想我們已經投入很多時間在這方面的建設。

Getting customers to share the product with other customers, there's always opportunity there. Of course, we're also looking into, as Banking is scaling and we're seeing traction there; as the card is getting north of 1 million cardholders, can we make it even easier for folks signing up for brokerage to get the card and turn that into an active driver of growth in the other direction?

讓客戶把產品分享給其他客戶，這裡永遠都有機會。當然，隨著我們的銀行業務在擴張、而且我們也看到那裡的動能；當這張卡的持卡人數突破 100 萬時，我們能否讓正在註冊券商服務的人更容易拿到這張卡，並把它反向轉化為推動另一端成長的活躍驅動力？

Meaning, customers that are getting the card and coming for Banking, can we get them into brokerage? Yeah. A lot of those are opportunities that we haven't really explored up until now.

也就是說，拿到卡、為了銀行業務而來的客戶，我們能不能把他們導入券商？對。其中很多都是我們到目前為止其實還沒有真正探索過的機會。

There's just a lot of things that we have conviction in that remain in front of us.

我們有信心的事情還有很多，都還在前方等著我們去做。

In terms of the PDT, as a reminder, we're very pleased that the SEC removed the antiquated rule, where small-balance customers were penalized for the way they're trading and so really excited for customers there.

關於 PDT，提醒一下，我們非常高興 SEC 取消了那條過時的規則；那條規則會因為小額餘額客戶的交易方式而懲罰他們，所以我們對那裡的客戶真的很振奮。

It was a nice tailwind in June, when the rule went through. I think What we're seeing is, it's broader across the whole industry, regardless of what brokerage.

在 6 月規則通過時，這是一股不錯的順風。我認為我們看到的是，這在整個產業更為普遍，不管是哪一家券商都一樣。

We probably had an outsized benefit, relative to our peers, given our customers have smaller balances. What we're seeing from customers is, they're still continuing to come back and adopt it. And so I think it's going to be something that we continue to see a tailwind for, not just this quarter but in coming quarters.

相較同業，我們可能獲得了更大的受益，因為我們的客戶餘額較小。我們從客戶端看到的是，他們仍持續回來並採用它。因此我認為這會是我們持續看到的順風，不只是本季，未來幾季也會。

It's too early to tell what it's exactly going to be. But, big picture, customers are using it. They're coming back. We're already seeing it at NPS surveys and other methods like that, where customers who had left are really pleased they're allowed to trade again.

現在要判斷它究竟會是什麼樣子還太早。但從大方向來看，客戶正在使用它。他們正在回流。我們已經在 NPS 調查以及其他類似方法中看到，曾經離開的客戶對於能再次交易感到非常滿意。

All right. Thank you.

好。謝謝。

The next question, I think, is from Mike Cyprys at Morgan Stanley.

下一個問題，我想，是來自摩根士丹利的 Mike Cyprys。

Mike?

Mike？

They were just loading and connecting. Oh. Sorry. My mistake.

他們剛在載入並連線。喔。抱歉。是我的錯。

Chris Allen at KBW. Or, perhaps, not Chris, either.

KBW 的 Chris Allen。或者，可能也不是 Chris。

All right. We'll try one more and see if we can get into the hall of fame -- going one for three.

好吧。我們再試一次，看看能不能進名人堂——三次中中一次。

Next, we have Gav from WOLF Financial.

接下來是來自 WOLF Financial 的 Gav。

Hey, Vlad and Shiv. Great to see you guys.

嗨，Vlad 和 Shiv。很高興見到你們。

Gav.

Gav。

Hello.

哈囉。

What's up, dude?

怎麼樣，老兄？

What's going on? My favorites.

最近如何？我最喜歡的。

Good to see you.

很高興見到你。

Doing well. Doing well. Super excited to be on here.

很好。很好。非常興奮能在這裡。

I wanted to talk for just a second about AI agents and agentic trading. This, to me, is one of the most fascinating things that you've rolled out in a long time. I've already hooked it up. I've got Claude in there trading

我想花一點時間談談 AI 代理（agents）和代理式交易（agentic trading）。對我來說，這是你們很長一段時間以來推出最令人著迷的事情之一。我已經把它接上了。我讓 Claude 在裡面交易

I could really see this driving additional volumes, as it goes on, right? People set up strategies. Now, it's trading with them not even having to be there.

我真的可以想像，隨著時間推進，這會帶動更多成交量，對吧？人們設定策略。現在，它在交易，而人甚至不必在場。

Now, I'm really curious -- milestones that you're looking forward towards in terms of agentic trading; and if you think that this could truly swell volumes, really, beyond the human side of trading?

我很好奇——就代理式交易而言，你們期待達成的里程碑有哪些；以及你們是否認為這真的可能讓成交量膨脹到超越人類交易的規模？

And then, in a second part of that, I am curious if you are going to give the AI agentic-trading access to prediction markets?

然後，第二部分我也好奇，你們是否會讓 AI 代理式交易可以存取預測市場？

Yeah. On the product side, the goal is to give it access to all of the tools that you would have as a human trader using Robinhood. It's interesting for us because Robinhood's been traditionally pretty closed off.

會。在產品面，我們的目標是讓它能存取你作為人類交易者在 Robinhood 上會使用的所有工具。這對我們來說很有意思，因為 Robinhood 傳統上相當封閉。

We've been constraining access through our interfaces. Now, we're opening it up so traders and developers will get access to all of the capabilities, where it makes sense.

我們一直透過介面來限制存取。現在，我們正在把它打開，讓交易者與開發者在合理的情況下，能存取所有能力。

Yeah. I'll just say that the team has really been cooking on the agentic stuff. We've got lots and lots of things. We were early to market. We were early to market but I think there's so much more that can be done.

對。我只能說，團隊在代理式這塊真的做得很火熱。我們有非常非常多的事情在做。我們很早就進入市場。我們很早就進入市場，但我認為還有更多可以做的。

We look forward to sharing more, including at the active-trader event that we've got coming up.

我們期待分享更多內容，包括在即將舉辦的活躍交易者活動上。

Looking forward to it.

很期待。

All right. I think we can finish strong here.

好。我想我們可以在這裡漂亮收尾。

Vlad, would you like to offer any closing remarks?

Vlad，你想做任何結語嗎？

First off, thank you for all the engagement, both from institutional, sell-side, retail, and our content creators. I'm really proud of the community here that's coalesced around the company.

首先，感謝大家的熱烈參與，包含機構投資人、賣方、散戶，以及我們的內容創作者。我為這個圍繞公司凝聚起來的社群感到非常自豪。

You should know, as always, the team's been working incredibly hard. The roadmap is, like, really full. There's a lot to do.

你們也應該知道，一如既往，團隊一直非常努力地工作。產品路線圖真的非常滿。還有很多事情要做。

Hopefully, see some of you at the next HOOD Summit in Houston, Texas. Thank you.

希望在德州休士頓下一次的 HOOD Summit 能見到你們當中的一些人。謝謝。