Listed companies whose value rides on digital assets, through tokens they hold or trading they run. We value the token holdings and the operating business separately.
Retail brokerage and financial platform offering equities, options, crypto, event contracts, margin lending and cash management to 28.4m funded…
Holds a Zcash (ZEC) treasury, with a small oncology programme and a new Zcash mining business.
Licenses data and audio patents, runs trade-show services and holds Bitcoin.
Net revenue of $1,412m was 3.7% above our estimate, led by $236m of event-contract revenue, but FY26 spending guidance rose by $125m at the midpoint. Sell and $92 target unchanged. Sample update with illustrative figures and sources.
Robinhood has become a financial platform with FY25A revenue of $4.5bn, but at 43.8x our FY27E EPS the shares discount more growth than our base case. We initiate at Sell with a $92 target.
The company licenses data and audio patents, runs trade-show services and holds Bitcoin. Funding needs and related-party flows outweigh what it has built, so we initiate at Sell.
The shares price ZEC at a premium its treasury peers do not receive. Our sum of the parts gives $1.55 per fully diluted share, so we initiate at Sell.
