John A. Eastman, CFA

🤩 Excited to finally launch a 2+ year project of mine: NotSoWrong, a site exploring powerful ideas and explanations from across disciplines in <5 mins. Error is our natural state. My hope: to help learners and strategists who want to be wrong less often. notsowrong.com

Today marks a pivotal moment in our mission to democratize finance for all. With the pilot of the Robinhood Advisor Network, we’re taking an important step toward connecting eligible investors with independent financial advisors directly within the Robinhood ecosystem. The rollout will be thoughtful and phased, but the direction is clear: bring together self-directed investing and independent, human advice in a modern, mobile-first experience. Excited about what this means for investors, advisors, and the future of wealth management. tradepmr.com/blog/introduci…

@forallcurious 1 mm^3 of the human brain = 1.4 petabytes of data and a microscopic cosmos we still barely comprehend. Yet people tell me with a straight face that AGI is coming in 24 months. 😂 You cannot engineer a system when you don't even understand the biological blueprint.

$HOOD Since the market doesn't seem to grasp the ramifications of this announcement, let me help. 1⃣ MONEY MAKER Currently, Robinhood and Kalshi share revenue evenly from the prediction market for most of their offerings. Since this is a joint venture, most (if not all) of the revenue from these products is going to be Robinhood's. Based on a read from October, Predictions Markets are at an annualized $300m. This vertical integration means that Robinhood can effectively DOUBLE this (or, alternatively, offer the best service for the lowest cost and take more market share). If they go the $600m route, recall that this product line didn't exist a year ago. That's wild acceleration. 2⃣ INSTITUTIONAL OFFERING? In the PR, the first sentence reads, "The independent joint venture will serve Futures Commission Merchant (FCM) platforms" You see that "s" on the end? That's a plural. This is a platform they are building to facilitate not only their own prediction market, but others as well. 3⃣ ACQUISITIONS MIAXdx is being acquired to facilitate this, retaining a 10% stake. While the details of the acquisition are not disclosed, $MIAX is a (recently) publicly traded company just under a $4b market cap. They're growing 57% Y/Y, and continue to claim market share. Of note, multi-listed options has a 17.2% market share. Net income looks terrible due to a one-off related to IPO expenses and resolving debt. With this acquisition, Robinhood not only fuels revenue and/or growth on the Predictions Market front, but also has a second institutional offering which continues to grow. Significantly, this also allows Robinhood to shift their options and futures products over time from $CBOE to in-house, saving even more money.

$HOOD Woah! Robinhood is joining forces with market maker Susquehanna to launch a futures and derivatives platform (INCLUDING predictions markets). This exchange is both for Robinhood to use, functioning both as an exchange and clearinghouse, but is also a platform. There's a couple of smaller acquisitions along with this joint venture. How big is this? Huge. In effect, shifting to vertical integration means Robinhood can either offer the same service as others for less, or simply make more on the same transactions.

$HOOD BREAKING: Robinhood is expanding its prediction markets offering through a new joint venture with Susquehanna to operate a CFTC-licensed exchange and clearinghouse. - The new exchange will operate independently under a joint venture, with Robinhood as the controlling partner providing retail demand and distribution. - Susquehanna International Group will serve as a key partner and the initial liquidity provider, with additional liquidity providers added over time. - Prediction markets are Robinhood’s fastest-growing revenue line, with 9 billion contracts traded by over 1 million customers in the first year. This company finds a new vertical every single year and turns it into a $100M+ line of revenue business... Incredible to see this type of expansion and signals that demand for prediction markets is only growing which is why they are partnering with more liquidity providers. I believe prediction markets will be a $1B business for Robinhood over the coming years.

Robinhood is building the future of prediction markets.

Excited to support this next chapter for Robinhood as we deepen our investment in prediction markets!

Q3 was our biggest quarter yet of shipping Robinhood Gold Cards. We’re up to 450k cardholders, with over 45% growth this quarter alone. More to come. 🔥 Terms apply. robinhood.com/creditcard/

Yup.

For decades, the wealthy had exclusive access to private investments while everyday people were shut out. That’s changing with Robinhood Ventures. Soon, retail investors can join investment opportunities once reserved for the elite.

@dheerja @AndrewDudum Congrats Dheerja!!! Hims is lucky to have you, can’t wait to see what’s next

Incredibly excited to be joining @AndrewDudum and the Hims team as CPO. The opportunity to build a truly consumer-first healthcare product is more exciting than ever. Let’s do this!

Bitstamp is now part of Robinhood, adding a globally-scaled crypto exchange and our first-ever institutional crypto business. Our work is just beginning.

I’m thrilled to share that Robinhood has completed its acquisition of Bitstamp—a major milestone in growing Robinhood Crypto. This partnership brings a globally scaled crypto exchange to Robinhood with customers across the EU, UK, US and Asia.

“We are not students of some subject matter but students of problems. And problems may cut right across the borders of any subject matter or discipline.” — Karl Popper (Conjectures and Refutations, 1963).

Prediction markets are at the intersection of news, markets, politics, sports and culture. @RobinhoodApp just launched our prediction market hub so customers can trade on the outcomes of the world’s biggest events. Our newest event contract is the College Basketball Championship. You’ll be able to trade on 63 games across men’s and women's matchups throughout the tournament, all the way down to who will win it all 🏀

No entrepreneur is worried about an AI taking their job.

wondering if anyone on twitter have been in this part of sf before

More on Robinhood Markets, Inc.’s acquisition of TradePMR via @barronsonline: barrons.com/advisor/articl…

Big day for @RobinhoodApp and @TradePMR Congrats to @RobbWBaldwin, Rob Dilbone, Scott Victoria, and the entire TradePMR team! It’s been a pleasure getting to know you and the incredible business you’ve built. Excited for this combo to reshape the future of wealth management!

@jasonwenk @altruist @RobinhoodApp Happy to be here 🤝 thank you @jasonwenk