Robinhood Secures Regulatory Approval in Singapore to Expand Market
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 23 2026
0mins
The corporate bitcoin accumulation trade is drawing fresh skepticism from investors even as U.S. spot fund flows stage a meaningful rebound, creating a split tape for equity holders with digital asset exposure. Robinhood scored an international regulatory approval that expands its addressable market well beyond U.S. retail trading, while institutional custody and exchange infrastructure continued to build. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.TREASURY TRADE FACES MOUNTING PUSHBACK:that shareholders including Pantera Capital are pushing a London-listed bitcoin accumulator to wind down its holdings, with the outlet framing the corporate bitcoin-hoarding model popularized by Strategy(MSTR)as a trade that has lost investor favor. The story lands on the same day that Tesla(TSLA)disclosed in itsQ1 earnings reporta $173M after-tax digital asset impairment loss on its unchanged 11,509 bitcoin position, now carrying at $786M, as bitcoin slid from roughly $90K to roughly $68K during the quarter, illustrating the drag that balance-sheet accumulation strategies impose on corporate earnings. Apending filingfor the SPAC merger between ReserveOne Holdings and M3-Brigade Acquisition V(MBAV)shows fresh entrants still advancing a nearly $1B bitcoin and multi-token reserve strategy comprised of an 80% bitcoin, 20% multi-token split, signaling that new treasury vehicles continue to form even as the broader trade faces headwinds.ETF FLOWS REBOUND:According toBitbo flow data, U.S.-listed spot bitcoin funds recorded $322.5M in net inflows on April 22, the largest single-day haul in the current run. BlackRock(BLK)led with $283.3M into its IBIT fund, directly benefiting the firm's AUM fee base and Coinbase(COIN)as custodian. Fidelity's FBTC added $49M and Morgan Stanley(MS)contributed $22.2M through its MSBT vehicle, while Grayscale's GBTC shed $44.4M and ARK's ARKB lost $3.2M, leaving net demand firmly positive.INSTITUTIONAL INFRASTRUCTURE AND EXCHANGE DEVELOPMENTS:OKXannouncedthat will integrate with BitGo Holdings(BTGO)and its OCC-regulated BitGo Bank and Trust subsidiary, enabling U.S. institutional clients to trade on OKX while keeping assets in BitGo's qualified custody through its Go Network off-exchange settlement solution. Bullish(BLSH)confirmed viaa press releasethat it will report Q1 earnings results on May 14 with an earnings call at 8:30 AM ET. Nasdaq(NDAQ)reported Q1 net revenue of $1.4B, up 14% vs. last year, per a. Its digital asset infrastructure segment spans crypto surveillance, indexing, and marketplace services, providing leveraged exposure to institutional adoption. Applied Digital(APLD)disclosed in a regulatory filing,, a purpose-built AI and blockchain high-performance computing facility currently under construction. Small-cap miner T-REX Acquisition Corp.(TRXA)disclosedan agreementto acquire a 3MW crypto mining data center in Roberta, Georgia, expandable to 4.5MW and projected to boost mining capacity by up to 450%.ROBINHOOD WINS SINGAPORE APPROVAL:Bloomberg reportsthat Singapore's Monetary Authority granted Robinhood(HOOD)in-principle approval to offer securities trading, exchange-traded derivatives, custody services, and collective investment funds in the city-state. The clearance adds a regulated Asian custody and derivatives business line to Robinhood's international growth story, a meaningful diversification for investors assessing the company's long-term revenue expansion beyond U.S. retail trading.PRICE ACTION:As of time of writing, bitcoin(BTC-USD)was trading at$78,150.00, while ether(ETH-USD)was trading at$2,332.53,according to price data from TipRanks.
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Analyst Views on BLK
Wall Street analysts forecast BLK stock price to rise
10 Analyst Rating
8 Buy
2 Hold
0 Sell
Strong Buy
Current: 990.870
Low
1209
Averages
1354
High
1550
Current: 990.870
Low
1209
Averages
1354
High
1550
About BLK
BlackRock, Inc. is an investment management company. The Company provides a range of investment management and technology and subscription services to institutional and retail clients. Its diverse platforms of alpha-seeking active, private markets, index and cash management investment strategies across asset classes enable it to tailor investment outcomes and asset allocation solutions for clients. Its product offerings include single- and multi-asset portfolios investing in equities, fixed income, alternatives, and money market instruments. Its products are offered directly and through intermediaries in a range of vehicles, including open-end and closed-end mutual funds, iShares exchange-traded funds, separate accounts, collective investment funds and other pooled investment vehicles. It also offers technology services, including the investment and risk management technology platform, Aladdin, Aladdin Wealth, eFront, and Cachematrix, as well as advisory services and solutions.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Impact of Curtailments: Renewable companies in Brazil are forced to buy replacement power at prices exceeding their contracted rates due to grid operator rejections, leading to increased operational costs that negatively affect cash flow and liquidity.
- Market Design Issues: Fitch Ratings assigned negative outlooks to 11 Brazilian renewable projects last month, predicting that curtailments will persist until 2030, with average curtailment rates expected to rise to 7%-25% in 2025 from 6%-12% in 2024.
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See More
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- Jobless Claims Rise: Initial jobless claims in the US increased by 13,000 to 225,000, marking a 3.75-month high, suggesting a weaker labor market, although unit labor costs were unexpectedly revised down to 1.8%, easing concerns over wage pressures.
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See More
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- Oil Price Surge: WTI crude oil prices rose over 2% to a 1.5-week high following the US interception of Iranian missiles and drones, heightening concerns about Middle Eastern stability and potentially affecting global supply chains and inflation expectations.
- Strong Employment Data: The US May ADP employment change increased by 122,000, surpassing expectations of 120,000, signaling signs of economic recovery that could support the stock market, although overall market performance remains influenced by other factors.
- Divergent Tech Stock Performance: While Marvell Technology rose over 3%, software and cybersecurity stocks faced significant declines, with Datadog and IBM dropping more than 6%, reflecting a lack of confidence in the tech sector despite some positive developments.
See More
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- Rising Oil Prices: The WTI crude oil price surged over 1% to a 1.5-week high amid US-Iran clashes, which could further elevate inflation expectations and impact Federal Reserve monetary policy decisions.
- Strong Employment Data: The US May ADP employment change rose by 122,000, exceeding expectations of 120,000, indicating signs of economic recovery that may support the stock market, although the overall market remains weighed down by declines in software and cybersecurity stocks.
- Divergent Tech Stock Performance: Despite overall market pressure, Marvell Technology's stock rose over 7% following Nvidia CEO's prediction that it would reach a $1 trillion valuation, highlighting the supportive role of AI infrastructure spending on technology stocks.
See More
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- Mixed Tech Performance: While Marvell Technology surged over 6%, software companies like Atlassian and Datadog saw declines exceeding 7%, highlighting significant internal divergence within the tech sector that could affect overall market stability.
- Supportive Employment Data: The May ADP employment change rose by 122,000, surpassing expectations of 120,000 and marking the largest increase in 16 months, indicating resilience in the US labor market that may provide support for stocks.
- Mortgage Applications Decline: For the week ending May 29, US MBA mortgage applications fell by 2.5%, with the purchase mortgage sub-index down 2.9%, reflecting pressure from rising interest rates on the housing market, which could impact future consumer spending.
See More
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- Technical Analysis Tool: Comparing the current share price to the 200-day moving average provides investors with valuable insights for technical analysis, aiding in the assessment of market trends and potential buy or sell opportunities.
- Unit Trading Mechanism: ETFs trade similarly to stocks, where investors are buying and selling 'units' that can be created or destroyed based on investor demand, impacting the ETF's liquidity and market performance.
- Inflows and Outflows Monitoring: Weekly monitoring of changes in ETF units focuses on significant inflows (new units created) or outflows (old units destroyed), which directly affects the ETF's underlying holdings and consequently impacts the market performance of its components.
See More
