All Eyes on Coinbase After Robinhood's Crypto Revenue Falls 47%

Watch on YouTube ↗  |  May 04, 2026 at 18:00  |  28:43  |  CoinDesk
Speakers
Dan Dolev — Managing Director, Mizuho Securities
Josh Levine — Head of Content, Blockworks

Summary

The episode covers Tether's proposed three-way Bitcoin merger, Robinhood earnings and Coinbase preview, the launch of Orange BTC ADR for US investors, and Visa's partnership with WeFi for stablecoin payments. Analysts discuss low crypto volatility and its impact on retail platforms, while Bitcoin treasury companies expand and infrastructure merges traditional and crypto finance.

  • Tether proposes merging 21 Capital, Strike, and Elektron Energy into a public Bitcoin company spanning accumulation, payments, and mining.
  • Robinhood crypto revenue fell 47% YoY due to low volatility, but Dan Dolev sees a bottom and expects share gains.
  • Coinbase earnings preview focuses on take rate compression risk.
  • Orange BTC, Latin America's largest Bitcoin treasury, launches an ADR on USOTC, giving US investors access to Brazil's Bitcoin market.
  • Josh Levine forecasts Bitcoin at $300k-$500k in 5 years based on historical compounding.
  • Visa partners with WeFi to integrate stablecoin payments into traditional banking infrastructure.
  • Reeve Collins predicts every large institution will issue its own stablecoin, with seamless switching between them.
Trade Ideas
Dan Dolev Managing Director, Mizuho Securities 3:09
Robinhood undervalued at crypto winter bottom.
Robinhood is at a trough due to low crypto volatility, but the company is a huge share gainer with cheaper fees than Coinbase. When crypto volatility returns, consensus expectations are too low, and even a return to 2024 trends would yield 10-15% upside to consensus. The stock is near the bear case trough and should recover.
HOOD HIGH
Josh Levine Head of Content, Blockworks 10:43
OranjeBTC gives exposure to Brazil Bitcoin.
OranjeBTC (Orange BTC) offers US investors a unique way to gain exposure to Brazil's Bitcoin market, driven by hyperinflation history. The company is institutional-grade with a team from Bridgewater and BlackRock, high transparency, and one of the few ways for Brazilians to invest in Bitcoin via stock. The ADR is now accessible through US brokerages.
Orange BTC ADR MED
Josh Levine Head of Content, Blockworks 16:57
Bitcoin to $300k-$500k in 5 years.
Bitcoin has returned 45-50% annualized since 2018 and even at a haircut, it points to $300k-$500k per coin in 5 years, still a fraction of gold's market cap. With US debt crossing 100% of GDP and monetary debasement, Bitcoin is a necessary long-term store of value. Having zero Bitcoin is an active choice for USD investors.
BTC HIGH
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This CoinDesk video, published May 04, 2026, features Dan Dolev, Josh Levine discussing HOOD, Orange BTC ADR, BTC. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Dan Dolev, Josh Levine  · Tickers: HOOD, Orange BTC ADR, BTC