Re(RE) Regular Invest

Major banks are accelerating Bitcoin adoption, reaching a 32% overall adoption rate according to Michael Saylor's Bitcoin Banking Adoption Index. However, Saylor notes this adoption is "still early." Fidelity leads with a 71% rating, followed by BNY Mellon and Goldman Sachs. A key finding is banks' preference for using Spot Bitcoin ETFs, rather than physical BTC, as collateral for credit—a practice that remains relatively low. This is significant for Saylor's vision of turning his firm, Strategy, into a "Bitcoin bank" that uses its BTC holdings to create new credit instruments. The current data suggests treating Bitcoin as high-quality collateral is not yet widespread, making this vision a longer-term prospect. In related news, Strategy has increased its cash reserves to $3 billion, providing 20 months of coverage for its obligations, following analyst recommendations to bolster financial stability. While the "Bitcoin bank" concept faces hurdles, growing bank engagement indicates potential future viability.

In the current crypto bear market, the concept of founder-market fit emerges as the most enduring investment signal. While markets, regulations, and products constantly change, the alignment between a specific founder and a specific market remains the constant, compounding factor, especially when prices stall. The blockchain space is now attracting a higher caliber of founders than ever before. Talent has converged on solving serious problems in two key verticals: AI and fintech. The most compelling challenge has become building institutional-grade financial infrastructure, drawing serious operators from firms like Citadel, Stripe, Block, Nvidia, and Goldman Sachs. This shift is supported by maturing on-chain data: stablecoin settlement now surpasses Visa and Mastercard combined, institutional adoption is rising, and tokenized real-world assets are growing rapidly. When evaluating founders, four key traits are sought: deep domain expertise, high agency, an unfair advantage in networks, and obsession. Examples like Offchain Labs (Arbitrum), Ondo Finance, Morpho, Circle (USDC), and Alchemy demonstrate that projects possessing all four traits can define categories and endure through cycles. For founders already building, bear markets strip away momentum and reveal true conviction. This period offers the quiet, uncrowded space to build foundational products that will define the next cycle when capital returns. Capital is still available, and lower valuations present an opportunity. The advice is to extend runway, focus on genuine product-market fit, and recruit strategically. For talented individuals still within traditional finance giants, the moment to act is now. The hard problems in crypto now align with their skills in institutional infrastructure—settlement, credit, custody, compliance. The bear market is not a risk but a testing ground, clearing out noise and creating the ideal conditions for builders with the right fit to establish themselves. The defining founders of the next cycle are not waiting; they are building in the quiet of the winter, anchored by a deep belief in their market that price action cannot shake. The ultimate question is not if the market will return, but who will be standing, stronger, in the market they were inherently meant to win.

Robinhood reported record Q2 2026 results with revenue of $1.31B, net income of $573M, and adjusted EBITDA of $741M. Notably, 23% of the profit came from one-time factors, including gains from the deconsolidation of a ventures fund. A major shift was the rise of prediction markets, generating $156M in revenue (a more than 10x annual increase), surpassing stocks ($129M) and cryptocurrencies ($100M, down 38%). Total transaction revenue grew 44% to $776M, with options remaining the largest segment. Cryptocurrency performance was weak organically, with trading volume in the core app falling 35%. However, Robinhood is aggressively expanding its crypto infrastructure through acquisitions, launching its own blockchain (Robinhood Chain), and introducing new products like tokenized stocks in over 120 countries and perpetual futures in the EU.

Robinhood posted record Q2 2026 revenue of $1.31 billion and net income of $573 million. Notably, nearly 23% of the profit came from one-time items, primarily the deconsolidation of a ventures fund. A key shift was the explosive growth of its prediction markets business, with event contract revenue surging over 10x year-over-year to $156 million, surpassing revenue from stocks ($129M) and cryptocurrencies ($100M). Cryptocurrency revenue declined 38% organically, but the company is aggressively expanding its crypto infrastructure through acquisitions, launching its own blockchain (Robinhood Chain), and offering new products like tokenized stocks and perpetual futures. Overall transaction revenue grew 44% to $776 million, with options remaining the largest single component at $342 million.