Verma Shiv sold $1.3M of HOOD

Coinbase and Robinhood shares rose in premarket trading. Coinbase gained 1.04% to $139.26, Robinhood increased 1.45% to $85.06. The gains followed the CFTC's first approval of perpetual futures trading on U.S. exchanges using individual stocks as the underlying asset.

US stocks fell sharply on Friday, with the Nasdaq down 2.86% and the S&P 500 down 1.82%, due to concerns over AI spending and disappointing earnings from Intel and Amazon. Intel shares dropped 28.6%, while Nvidia and AMD also declined. The broader tech sector saw its biggest monthly drop since March 2025. Despite this, 82% of S&P 500 companies have beaten earnings estimates. Crypto-related stocks fell following a $6.3B hack on Binance.

Robinhood reported Q3 revenue of $1.42B, in line with estimates, and adjusted EPS of $0.60, missing expectations. Adjusted EBITDA beat estimates at $808M. The company saw growth in funded customers, product expansion, and international crypto initiatives. Management warned of potential margin pressures from new investments. Market cap is $82.42B.

Scotiabank and StoneX raised SoFi's (SOFI) price targets to $26 and $27, citing strong Q3 results. Affirm (AFRM) gained 5% on positive consumer spending data. Robinhood (HOOD) missed earnings expectations despite record revenue, but ARK ETFs bought shares. Coinbase (COIN) reported Q3 profitability with $719M net income. Binance was hacked, losing about $6B in crypto.

Binance, the world's largest crypto exchange, suffered a $6.3B hack, with losses covered by its SAFU fund. Analyst Ramsey El-Assal of Cantor Fitzgerald sees a buying opportunity in Coinbase (COIN), Robinhood (HOOD), and Strategy (MSTR), despite their recent declines. Bitcoin (BTC) and Ether (ETH) fell 5%, while COIN, HOOD, and MSTR dropped 14%, 9.5%, and 9% respectively.

Binance's $6.3 billion hack caused a market-wide crypto sell-off, with Bitcoin, Ether, Solana, and BNB dropping. Binance pledged to cover losses, and $3 billion in assets were frozen. Crypto-related stocks like Coinbase and Robinhood also declined. Industry experts believe the impact will be temporary, but sentiment has been affected.