$HOOD's EU Expansion with Tokenized Stocks Why via Tokenized — Tokenized model vs. traditional brokerage Speed - the most important reason imo: A traditional pan-EU broker takes 18–30 months and millions to build. Trade Republic needed 5 years to get a full banking license.

$HOOD: How Tokenized Private Shares Work & The Implications/Upside What is it: $HOOD's new “stock tokens” are OTC derivative contracts issued on the Arbitrum blockchain. Each token is backed 1:1 - $HOOD either holds or delta-hedges one real share for every token issued. Key

Finally — U.S. perps are here. Globally, perpetual futures are the dominant crypto product: they drive ~3x the volume of spot and account for ~90% of all crypto derivatives. But in the U.S., they’ve been virtually nonexistent — until now. Even just 10% of global perp volume

Dissecting Brokerage Models: The Alpha Behind $HOOD and $COIN $HOOD and $COIN have been two of the most fascinating stories in fintech — not just in terms of stock performance (13x and 11x since the bottom in 2022), but also revenue growth (3x and 5x FY2020-24A). Yet I’ve heard

For an industry inherently tied to trading volumes and market volatility, investors place high value not only on "Mitigated topline cyclicality via market share gains and pricing power" (see part 1 from the last post), but also on "Mitigated bottom-line cyclicality via

What’s Beta vs. Alpha? This distinction is especially important for businesses riding strong industry tailwinds — where sector beta is clear and dominant. 🔵Relative Performance Insights The findings are super interesting: $COIN vs. QQQ and $COIN vs. BTC: Since mid-2022, $COIN

Spent the weekend vibe coding — a few reflections from someone with zero prior coding experience: I have a hunch that future knowledge workers will interact less directly with productivity tools (e.g., Office, which has 700M+ MAUs). In the past, tasks like "track BTC volume"

Been thinking about future payment infra and the core friction points in Agentic Commerce. $SHOP is solving two key bottlenecks: data (via search_catalog) and payment (via Checkout Kit). 1. Data: Making the Web Agent-Readable Most merchants’ product data isn't structured for

Hard not to get excited about what the new 401(k) mandate could mean for crypto. Market size & growth: 401(k) assets: $8.9T across ~70M active participants (as of 9/30/24). Part of the broader Defined Contribution market ($13T); grown at ~6% nominal CAGR over the past decade.

3Q Fact Check on Self-Driving 1/ Partnerships: Avis vs. Uber 2/ Waymo Status Check 10/10 execution: expanding cities + getting the first airport approval (San Jose). Commercial rides/miles: 10M+ fully autonomous trips served (Aug 2025). 250k+ paid rides/week (~13M rides/year),

Been thinking about the predication market, which only truly broke into the mainstream during the U.S. election cycle. A new species that's hard to classify. Are they betting? Crypto? AI? Stock trading? Or maybe the new knowledge market of the world? $HOOD handled $1B in

Agentic Commerce Deep Dive 1/ Commerce comes in a LOT of different categories 2/ 3P e-commerce comes in a LOT of different shapes 3/ Perplexity “Buy with Pro” vs. ChatGPT Agentic Commerce 4/ Why Google / Meta Failed at Commerce 5/ THE IMPLICATIONS of Agentic Commerce -

Agentic Commerce Deep Dive Most people talk about “3P commerce” as if it’s one thing. It’s a SPECTRUM! $AMZN and $SHOP are two ends of the spectrum, everything else sits in the middle: $AMZN Platform is the merchant of record (“MoR”); platform handles everything - refunds,

$Googl vs. the OTAs/marketplaces - Unit Economics of “Top of the Funnel” & the Concept of "Effective Take Rate" Roughly half of OTA's bookings and traffic are direct, and the other half indirect (mostly through $Googl). For the indirect portion, the companies basically just

Agentic commerce's impact on merchants / platforms / Googl / payment ecosystem. The new digital tax: Convergence of ads expense (ads) & take rate (e-commerce). 1⃣ The new digital tax: Convergence of ads expense (ads) & take rate (e-commerce): This is a really interesting (and

Exciting to see all the announcements around agentic commerce — an unstoppable force transforming retail, ads, ecommerce, and payments. 1/ Walmart is now partnering with OpenAI on agentic commerce. Total “agentic” GMV already exceeds $400B+: $100B Walmart $300B Shopify

Great research. We've entered a new regime in model development - Mid-Training - sitting between pre-training and post-training. For most frontier labs, compute allocation has already shifted to roughly 3 : 6 : 1 across the three stages. Compared with: Pre-Training → massive

There’s a growing debate around whether the projected $200B in OpenAI revenue (per The Information) represents new spending or just a reshuffling of existing digital dollars. To think about it clearly, it helps to zoom out: The past 25 years of the internet have mostly been

Retail Surge & 0DTE Boom Retail participation in U.S. markets remains exceptional — and options trading is riding the same wave. Total options volume (Jan to Oct 2025) up ~50% (!) YTD; SPX 0DTE contracts up ~62% YoY (OCC data). Retail option flow ~2.5× higher vs. Jan 2024