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Key Takeaways
- Robinhood event-contract revenue rose $146M; crypto fell $148M
- Coinbase kept $35M less USDC revenue after rewards
- Without ARC presale, Circle’s revenue fell 8%
- USDC volume rose 49%; reserve income fell 8%
Robinhood’s October 27 results, Coinbase’s October 29 earnings presentation and Circle’s November 4 release put numbers on that trade-off, although none of the three reports profit by product line. The comparisons below set each new revenue line against the costs the companies do disclose: exchange fees, customer rewards and payments to distribution partners.
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