4E: Robinhood's crypto revenue slightly missed expectations, the market value of crypto treasury companies surged, and the White House is pushing for overseas crypto tax reporting legislation

ChainCatcher message, according to 4E observations, Robinhood (HOOD.O) reported Q2 2025 crypto business revenue of $160 million, slightly below the market expectation of $162.1 million. The monthly active user count was 12.8 million, lower than the expected 14.25 million, indicating sluggish user growth on its platform.

Meanwhile, the total market capitalization of publicly listed companies holding crypto assets has surged to $16 billion, an increase of nearly 80% since the beginning of 2024, highlighting the trend of companies incorporating crypto assets into their financial strategies. Companies that allocate digital assets often experience significant stock price increases, and the concept of crypto treasury is becoming a new trend.

On the macro level, the Federal Reserve has maintained interest rates at 4.25%-4.50% for the fifth consecutive time, in line with market expectations. The preliminary annualized quarterly real GDP growth rate for Q2 in the U.S. is 3%, and the core PCE preliminary value is 2.5%, both exceeding expectations, reinforcing market expectations for maintaining high interest rates in the short term.

In terms of regulation, the White House released a digital asset strategy report, which, while not introducing new Bitcoin reserve measures, proposed legislation requiring U.S. taxpayers to declare overseas crypto accounts to curb capital flight. This move signifies that the U.S. is incorporating crypto assets into a more comprehensive tax and compliance system.

On-chain data shows that over the past two weeks, whales have reduced their Bitcoin holdings while increasing their Ethereum holdings, indicating a shift in capital preference. Santiment noted that the number of wallets holding at least 1,000 BTC has decreased by 1.61%, while the number of wallets holding 10,000 ETH has increased by 8%.

4E reminds investors: In the context of institutional entry and strengthened regulation, crypto assets are rapidly financializing. Paying attention to capital flows and policy signals is key to grasping future market trends.