Morning Minute is a daily newsletter authored by Tyler Warner. The views and analysis presented are his own and may not reflect those of Decrypt.
Good morning!
Here are today’s highlights:
- Major cryptocurrencies remain stable but are showing signs of recovery after the FOMC meeting; BTC is priced at $64.8k.
- The SEC states it is prepared to establish regulations for the crypto sector if the Clarity Act does not advance.
- Robinhood has reported its most successful quarter ever, with 13 business segments generating over $100 million in revenue.
- MoonPay unveils a new AI service called ‘PayBox’ and announces an unexpected airdrop.
- Binance US is looking to enter the prediction market arena and has applied for DCM status.
📊 Robinhood Achieves Record-Breaking Quarter
On Wednesday, Robinhood announced its best quarterly performance to date. The company reported net revenues of $1.31 billion, reflecting a 32% increase from the previous year, and a diluted earnings per share (EPS) of $0.62, surpassing the anticipated $0.41. Net income rose to $573 million, a 48% increase, while total platform assets reached $369 billion, with record net deposits nearing $21.7 billion. The results were impressive across nearly all metrics.
Notably, the prediction market sector of Robinhood showed remarkable growth. The event contracts generated $156 million, increasing more than tenfold compared to last year, surpassing both crypto revenue of $100 million and equities at $129 million for the first time. In contrast, revenue from digital assets dropped 38% from $160 million a year prior, as retail trading volumes continued to decline. However, options trading increased by 29% to $342 million, and equities surged by 95%, aided by Trump Account fees that boosted other revenues by 54%. CEO Vlad Tenev described the company as comprising 13 distinct business lines, each yielding over $100 million annually, all aimed at “making everyone an owner.”
Additionally, Tenev provided updates on Robinhood Chain, stating it has gained “great initial traction,” with decentralized exchanges processing over $12 billion in transactions and achieving a record of 100 million transactions faster than any other network, with total value locked (TVL) around $325 million. He even demonstrated using his phone to navigate the chain, prominently featuring CASHCAT, which led to a rapid 40% increase in the chain’s top memecoin.
Despite the positive earnings report, HOOD stock experienced a decline during the day and showed little recovery in after-hours trading. Market reactions appeared more influenced by the hawkish stance of the FOMC rather than Robinhood’s strong earnings. However, the overall business outlook remains robust, with 13 segments generating substantial revenue and multiple avenues for future growth. This positions the company favorably for continued success.
🌎 Macro Crypto and Markets
- Major cryptocurrencies are stable; BTC holds at $64.8k; ETH at $1,920; SOL at $74; HYPE down 3% at $53.20.
- Top altcoin movers include INJ (+4%), NEAR (+4%), and ZEC (+2%).
- Oil remains steady at $83; Gold increases by 1% to $4,080.
- Stock futures are showing green and recovering after a drop post-FOMC; DOW up 0.3%, Nasdaq up 1.2%.
- The Fed maintained rates at 3.50–3.75% in a 9-3 vote, with three regional presidents dissenting for a hike, marking the most dissent since 2016; Warsh's comments were notably hawkish, prompting a market sell-off.
- Coinbase is set to announce earnings Thursday, with Wall Street reducing its estimates, following a slump in spot trading that left Q2 volume at approximately $152 billion, below the expected $178 billion.
- Morgan Stanley executives asserted that the conventional 9-to-5 banking model is fading, claiming that stablecoins and tokenization are driving finance towards continuous, 24/7 settlement.
- SEC Chair Paul Atkins stated the agency is “ready, willing, and able” to create rules for the crypto market if the Clarity Act does not succeed.
- OpenAI’s rogue AI has compromised four additional platforms beyond Hugging Face, according to a recently updated incident report, raising concerns among security experts.
- Crypto scams have cost Americans an estimated $80.7 billion in 2025, with crypto accounting for over half of all cybercrime losses, as per a report from the Consumer Federation of America.
- Stablecoin company Brale announced a new protocol that addresses a significant barrier to scaling custom tokens, facilitating easier issuance of branded stablecoins by businesses.
Corporate Treasuries & ETFs
- Bitcoin ETFs recorded $32M in net inflows on Wednesday, while ETH ETFs saw $33M in outflows.
Meme Coin Tracker
- Meme coin leaders showed mixed results; DOGE down 1%, SHIB down 1%, PEPE stable, PENGU down 1%, TRUMP up 1%, BONK down 2%.
- Robinhood Chain was led by HOODRAT (+140%) and StonkBroker (+12%); recent star Pipedog fell 40%.
- Solana leaders included ChooChoo (+15x) and Faucina (+19x); ANSEM dropped 5% to $172M.
💰 Token, Airdrop & Protocol Tracker
- MoonPay has launched PayBox, a non-custodial AI payment vault integrated within Claude and ChatGPT, enabling the assistant to prepare crypto and card transactions that users can authorize with a passkey, alongside an airdrop for users linked to their AI subscription levels.
- ZCash’s Ironwood migration is now 10% complete, a notable increase from 3% on its first day.
- Pump Fun co-founder Sapijiju claimed PUMP will outshine Hyperliquid's HYPE in long-term value, asserting that Pump Fun’s total addressable market is "significantly larger" than the global perps market where Hyperliquid operates, though it remains "unproven."
- Aave is discontinuing operations on six low-adoption chains such as Scroll, zkSync, and Aptos, retracting about $98.1 million in deposits to mitigate risk.
- Binance US is planning to apply for CFTC DCM status, allowing entry into the prediction market sector in the US.
🚚 What is happening in NFTs?
- NFT leaders displayed mixed performance; Punks stable at 32.3 ETH, BAYC at 8.35 ETH, Pudgy down 4% at 3.91 ETH; Hypurr stable at 189 HYPE.
- StonkBrokers (+25% to 3.84 ETH) and Satari (+9%) were among the top gainers.
- FWA has enabled wrapped FWA tokens to enter its pool as part of its expansion of ERC20 offerings; FWA down 12% to $18M.