COIN vs HOOD

Overview

Prior to the summer of 2025, Coinbase and Robinhood were the only high-exposure plays to publicly traded crypto companies. Coinbase is still the category leader for US crypto infrastructure (custody, stablecoins, onchain/Base) with earnings highly levered to crypto volumes and USDC economics. Meanwhile, Robinhood has evolved into a diversified retail brokerage + crypto platform with rising operating leverage from options, net interest income, and international acquisitions.

Returns

As shown below, HOOD has materially outperformed COIN year-to-date, extending its relative strength over the last 12 months and even since its IPO. This divergence is likely due to COIN’s equity story remaining tethered to crypto prices and volume while HOOD has demonstrated resilience by broadening its revenue base across equities, options, crypto, and prediction markets, thereby capturing a wider slice of retail financial activity.

For the first time, Robinhood’s market capitalization ($96B) exceeds Coinbase’s ($79B), underscoring how investors are assigning a premium to HOOD’s diversified growth and monetization model over COIN’s more cyclical, crypto-driven profile. Below we show the market capitalization for both companies since their IPOs.