Bernstein: Robinhood crypto business shifting to infrastructure despite earnings miss

Bernstein's read frames the earnings miss as a cyclical blip rather than a structural problem, with the more durable story being Robinhood's move from a retail crypto trading venue toward infrastructure and derivative-style products. That distinction matters because it shifts the revenue conversation away from spot trading volumes, which are sensitive to market sentiment, toward product breadth. The open question is whether prediction markets and perpetual futures can scale fast enough to offset crypto weakness, and whether Bernstein's bullish stance survives if the next set of results shows the same pattern.