Robinhood Surges on Fundamentals as Coinbase Struggles

Robinhood Markets (HOOD) and Coinbase Global (COIN) are both experiencing price increases, but a closer look at their fundamentals reveals significant differences. According to recent data, HOOD's revenue has expanded by 3.3x over the past three years, driven by product diversification and improvements in net margin.

Contrast this with COIN, whose revenue has swung from $7.84B in 2021 to a trough of $2.93B in 2023 before recovering to $6.88B in 2025. Analysts expect a loss for COIN through year-end, and the company's beta is a high 3.39, meaning it functions as a leveraged proxy on Bitcoin sentiment.

The HOOD/COIN price ratio currently sits at ~0.63, with HOOD outperforming COIN by ~14% over the past 7 weeks. This divergence is consistent with the fundamental differences between the two companies and suggests that the pairs trade may be an attractive option for investors.