登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：吴说） 作者 | 吴说区块链 本周新闻 Top10 1. 币安将对 SAFU 基金 10 亿美元稳定币储备转换为比特币储备 link 1 月 29 日，币安宣布将对 SAFU 基金的资产结构进行调整，将原有 10 亿美元规模的稳定币储备逐步转 换为比特币储备，并计划在此声明发布后的 30 天内完成兑换。币安将对 SAFU 基金的资产规模进行定 期核查，如因比特币价格波动导致 SAFU 基金的市值低于 8 亿美元，币安将补充比特币使基金规模恢 复至 10 亿美元。 近期币安遭到中英文社区的批评，也有许多声音建议币安使用利润购买与建立比特币 储备以支持行业。 2. Tether 已成为主权国家和银行外最大黄金储备方，目前持有超 140 吨黄金 link Tether 已成为主权国家和银行外最大黄金储备方，目前持有超 140 吨黄金，价值约 240 亿美元，其储备 规模甚至超过了澳大利亚、沙特阿拉伯等许多国家的官方储备。除了作为其发行的黄金代币 Tether Gold (XAUT) 的 1:1 储备外，Tether 还将大量黄金作为其自身资产负债表的盈余储备 ...

Order Flow and Market Structure - Non-directed orders accounted for 100% of all orders, with market orders representing 42.65% of non-directed orders[1] - The report indicates a significant reliance on non-directed order flow across various venues, highlighting the competitive landscape in order routing[3] - The overall market structure indicates a significant reliance on Non-Directed Orders for trading activities across various venues[17] - Non-directed orders accounted for 100% of all orders, with market orders making up 39.05% of Non-Directed Orders[17] - Non-directed orders accounted for 100% of all orders, with market orders making up 43.77% of non-directed orders[30] - Non-directed orders accounted for 100% of all orders, with market orders making up 37.55% of non-directed orders[41] - The total non-directed orders accounted for 100% of all orders processed during the reporting period[53] - Non-directed orders accounted for 100% of all orders, with market orders representing 1.4% of non-directed orders[59] - The total non-directed orders accounted for 100% of all orders, with market orders as 1.72% and marketable limit orders as 27.31%[80] Payment Structures and Revenue - Virtu Americas, LLC processed 46.32% of non-directed order flow, with net payments received for marketable orders totaling $608,042.28[2] - Citadel Securities LLC reported net payments received for marketable limit orders of $552,285.94, accounting for 10.30% of non-directed orders[2] - Citadel Securities LLC processed net payments of $5,490,536.35, with a net payment per hundred shares of $14.0017[13] - Jane Street Capital received net payments totaling $3,898,260.82, with a net payment per hundred shares of $11.0785[13] - Two Sigma Securities, LLC had net payments of $1,349,790.70, with a net payment per hundred shares of $13.8405[13] - The total net payment received for marketable limit orders was $21,177,144.33, averaging 37.44 cents per hundred shares[22] - Payments received for non-marketable limit orders totaled $18,882,702.94, averaging 46.95 cents per hundred shares[22] - Payments for other orders amounted to $5,232,412.69, averaging 43.61 cents per hundred shares[22] - The revenue-sharing agreement between Robinhood Financial LLC and Robinhood Securities LLC allows RHS to pass 80% of revenue from order routing to RHF, enhancing profitability[82] Market Orders and Limit Orders - The overall marketable limit orders accounted for 38.58% of total orders[12] - Marketable limit orders constituted 16.27% of Non-Directed Orders, while Non-Marketable Limit Orders made up 38.58%[17] - Marketable limit orders constituted 12.25% of non-directed orders, while non-marketable limit orders represented 34.33%[30] - The summary indicates that marketable limit orders constituted 38.54% of non-directed orders, while non-marketable limit orders made up 33.76%[41] - The average net payment received for marketable limit orders across various venues was approximately $12,933,977.20[54] - The percentage of non-marketable limit orders was reported at 55.18%[53] Company-Specific Performance - Virtu Americas, LLC reported net payments received for Market Orders at $2,925,958.74, translating to 12.36 cents per hundred shares[17] - Jane Street Capital's net payments for Market Orders reached $3,898,260.82, or 11.08 cents per hundred shares[17] - Citadel Securities LLC generated net payments of $5,490,536.35 for Market Orders, equating to 14.00 cents per hundred shares[17] - Hudson River Trading (HRT) reported net payments of $1,438,220.39 for Market Orders, which is 9.48 cents per hundred shares[17] - Two Sigma Securities, LLC's net payments for Market Orders were $1,349,790.70, or 13.84 cents per hundred shares[17] - G1 Execution Services, LLC received net payments of $1,164,252.86 for Market Orders, translating to 15.95 cents per hundred shares[17] Future Outlook and Strategic Initiatives - The company plans to expand its market presence by enhancing its technology infrastructure to support increased trading volumes[59] - Future guidance indicates a projected revenue growth of 20% year-over-year, driven by new product offerings and market expansion strategies[59] - The overall market environment remains favorable, with a focus on strategic partnerships and potential acquisitions to enhance service offerings[59] Order Routing and Execution - Robinhood Financial LLC routes customer orders to its affiliated clearing firm, Robinhood Securities, LLC, which executes a portion of such orders in a principal capacity[44] - Robinhood Securities passes 80% of the revenue received from third-party market centers to Robinhood Financial, reflecting a significant revenue-sharing model[44] - RHS routes customer orders to its affiliated clearing firm, Robinhood Securities, LLC (RHS), which connects to various third-party market centers[60] - RHS does not execute held orders in a principal capacity, which excludes them from certain statistics[71] - Customers granted RHF discretion regarding price and time of execution for certain orders, which are classified as "not held" orders[71]

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Core Viewpoint - The article discusses investment opportunities in the cryptocurrency sector, highlighting three specific companies that are positioned to benefit from the evolving landscape of blockchain technology and regulatory developments [1][2]. Group 1: Industry Insights - The primary value in the crypto/blockchain ecosystem is expected to shift from private projects to public companies that effectively leverage blockchain technology while remaining compliant with mainstream financial services [2]. - Regulatory uncertainty, particularly regarding the stalled CLARITY Act in the US Senate, continues to impact investor sentiment and the overall market for cryptocurrencies [3]. Group 2: Company Analysis - Strategy (MSTR) - Strategy has accumulated over 712,000 bitcoins, valued at approximately $62.5 billion, making it the largest bitcoin treasury company globally [5][6]. - The company recently purchased $264.1 million worth of bitcoin from January 20 to January 25, following a significant acquisition of $2.13 billion in the previous week [7]. - Analyst Ramsey El-Assal rates MSTR as Overweight (Buy) with a price target of $213, indicating a potential 34% gain over the next year [8]. Group 3: Company Analysis - Coinbase (COIN) - Coinbase operates as a leading digital exchange for cryptocurrencies, with $516 billion in assets on the platform and a quarterly trading volume of $295 billion [10][12]. - The company reported a 55% year-over-year revenue growth in Q3 2025, reaching $1.9 billion, and a diluted adjusted net income per share of $1.44 [12][13]. - El-Assal gives COIN an Overweight (Buy) rating with a price target of $277, suggesting a 32% upside potential [13]. Group 4: Company Analysis - Robinhood Markets (HOOD) - Robinhood has gained popularity among online traders, boasting 26.9 million funded customers and $325 billion in total platform assets [15]. - The company reported a record revenue of $1.27 billion in Q3 2025, reflecting a 100% year-over-year increase [17]. - El-Assal rates HOOD as Overweight (Buy) with a price target of $130, indicating a 26% upside potential [18].

美国政府正拟将被称为"散户大本营"的金融科技券商Robinhood列为"特朗普账户"项目受托人，数百万 美国新生儿将自出生起接入该平台。 "特朗普账户"是2025年通过的"大而美"法案设立的延税投资项目，预计2026年7月正式启用。法案规 定，2025年至2028年出生的美国儿童可获得1000美元初始投资资金，所有18岁以下儿童均可开户并接收 赠款。国会拨付的资金需直接投向低费率美股基金，投资资金将在受益人年满18岁前保持锁定状态。 与此同时，摩根大通等华尔街大行采取差异化参与策略，计划优先承接续转账户管理业务，而非竞争初 始账户受托人资格，认为这类次要参与方式操作更简便，投入成本更低。 除政府初始注资外，已有多位富豪及企业参与账户资金补充。戴尔公司创始人迈克尔·戴尔与妻子苏珊 出资62.5亿美元，为2500万名10岁以下未获得政府拨款资格的儿童各注入250美元。美国财政部发起"50 州挑战"企划，呼吁各州富豪为本地"特朗普账户"捐款。知名投资人瑞·达利欧夫妇承诺捐赠7500万美 元，为康涅狄格州30多万名符合条件的儿童各提供250美元。摩根大通、美国银行、Coinbase等上市公 司也宣布跟进政策，为员工子 ...

Core Insights - Prediction markets are emerging as a significant growth area for fintech stocks, with platforms like Kalshi and Polymarket gaining regulatory approval to offer various event contracts [1][2]. Group 1: Webull - Webull's stock has experienced volatility since its SPAC merger, initially rising from around $12 to nearly $80 before declining significantly due to concerns about its ties to China [4][5]. - Despite stock struggles, Webull reported a 55% year-over-year revenue increase in Q3 2025 and transitioned from a loss to positive net earnings, partly attributed to its partnership with Kalshi in prediction markets [6]. - Analysts predict a slight earnings decline for Webull in 2026, but the growth in prediction markets and trading volumes could lead to better-than-expected results [7]. Group 2: Robinhood - Robinhood's shares surged in 2025 but have recently slumped due to a drop in trading volumes, particularly in November [8][9]. - The company has entered the prediction markets through a partnership with Kalshi and announced an expansion of prediction contract types, generating investor optimism [9][10]. - Preliminary trading data suggests that the weakness in trading volumes may continue, prompting caution among investors [11]. Group 3: Interactive Brokers - Interactive Brokers has entered the prediction markets but focuses on political, economic, and climate events rather than sports, which may limit its impact compared to competitors [12][13]. - The company's ForecastTrader program targets a specific user base, and while it may not significantly drive stock performance, there are other positive indicators for the company [13]. - Analysts forecast earnings growth of 11.4% and 12.3% for 2026 and 2027, respectively, which could support the stock's valuation despite its high forward earnings multiple [14].

Artificial intelligence is accelerating changes to how work gets done, raising questions about whether technology replaces jobs or reshapes them. AI is more likely to change how work is structured than eliminate jobs altogether, Robinhood Markets Inc. (NASDAQ:HOOD) CEO Vlad Tenev recently told Fox Business. He said past technological shifts show that new tools have repeatedly reshaped labor rather than removed it, even as uncertainty often accompanies periods of transition. Don't Miss: The AI Marketing P ...

The U.S. government is considering selecting fintech Robinhood Markets for a key role in overseeing "Trump accounts" it is creating for millions of children, Bloomberg News reported on Thursday, citing people familiar with the matter. ...

Core Viewpoint - Timing is crucial for single-stock option ETFs, which are high-risk instruments that can lead to significant losses if held during unfavorable price movements [1] Group 1: Investment Strategy - The company emphasizes the importance of a solid base of classic dividend growth stocks, complemented by Business Development Companies, REITs, and Closed End Funds to enhance investment income [1] - A hybrid investment system combining growth and income strategies can achieve total returns comparable to traditional index funds like the S&P [1]

JUST IN: Robinhood CEO meets with US gov to discuss crypto legislation ...