Coinbase closes up 12%, Robinhood gains 9.1%

The outsized moves in Coinbase and Robinhood read as a crypto-beta equity trade rather than a company-specific story, since both names are being repriced together with no operational news attached. That matters because it signals where public-market investors are expressing crypto exposure when they want it — through listed brokers rather than tokens. Whether that beta keeps running, or fades back toward the broader equity tape, is the open question worth watching.