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: 980.380
Low
1209
Averages
1354
High
1550
Current: 980.380
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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- BlackRock Fund Dominates Outflows: BlackRock's IBIT accounted for approximately 79% of the outflows in June, remaining the only Bitcoin ETF still negative on July 2, suggesting that its poor performance may impact its future investment appeal.
- Strong Performance of Hyperliquid ETFs: In stark contrast to Bitcoin ETFs, Hyperliquid's ETFs have posted eight consecutive weeks of inflows since launch, attracting $161 million in June alone, demonstrating investor preference for emerging platforms that could reshape market dynamics.
- Shifting Market Dynamics: Despite Bitcoin experiencing a price drop in June, hitting a near two-year low of $57,800, it rebounded above $60,000 on July 2, indicating potential improvement in market sentiment, yet investors continue to seek more yield-generating investment options.
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- Solana Benefits: OUSD will trade on the Solana blockchain, likely increasing Solana's current stablecoin value of $15 billion significantly, enhancing its ecosystem and attracting more capital inflows.
- Interest Distribution Mechanism: OUSD's design will return nearly all interest to token holders rather than issuers, which could diminish the appeal of existing stablecoins like Circle's USDC, prompting users to switch to OUSD.
- Market Impact Analysis: The launch of OUSD may affect the usage of stablecoins on networks like Hyperliquid and Ethereum, particularly as Hyperliquid's growth was previously reliant on USDC, a premise now under scrutiny.
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- Solana Ecosystem Benefits: By choosing Solana as the trading chain for OUSD, the stablecoin's value could rise from $15 billion, further enhancing Solana's ecosystem and generating additional fees from on-chain transactions, thereby strengthening its market position.
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- Significant Net Fee Growth: The company's organic net fee growth rose 8% year-over-year, marking the highest increase for the first quarter in five years, reflecting successful efforts in expanding its private market business and enhancing its competitive position.
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- Growth in Private Markets: BlackRock is shifting its growth focus towards private markets, where managing investments in non-public businesses can yield higher fees, thereby enhancing overall profitability.
- Significant Net Fee Growth: The company's organic net fee growth rose 8% year-over-year, marking the highest first-quarter increase in five years, indicating successful expansion of its private markets business.
- New Opportunities in Retirement Accounts: Currently, private market investments are not widely available in retirement accounts, but efforts are underway to change this, potentially opening new market opportunities for BlackRock and enhancing its comprehensive service capabilities in the investment sector.
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- Record Outflows: In June, Bitcoin ETFs faced a historic outflow of $4.5 billion, with ten consecutive days of outflows culminating in a single-day exit of $696 million on June 25, indicating a significant decline in investor confidence that could lead to further market volatility.
- BlackRock Fund Dominates Outflows: BlackRock's IBIT accounted for approximately 79% of the outflows in June, remaining the only Bitcoin ETF still negative on July 2, suggesting that its poor performance may impact its future investment appeal.
- Strong Performance of Hyperliquid ETFs: In stark contrast to Bitcoin ETFs, Hyperliquid's ETFs have posted eight consecutive weeks of inflows since launch, attracting $161 million in June alone, demonstrating investor preference for emerging platforms that could reshape market dynamics.
- Shifting Market Dynamics: Despite Bitcoin experiencing a price drop in June, hitting a near two-year low of $57,800, it rebounded above $60,000 on July 2, indicating potential improvement in market sentiment, yet investors continue to seek more yield-generating investment options.
See More
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- New Stablecoin Competition: The upcoming launch of Open USD (OUSD) by a coalition of over 140 financial institutions will directly compete with Circle's USDC, which has a market cap of $73.4 billion, potentially pressuring Circle's market position.
- Solana Benefits: OUSD will trade on the Solana blockchain, likely increasing Solana's current stablecoin value of $15 billion significantly, enhancing its ecosystem and attracting more capital inflows.
- Interest Distribution Mechanism: OUSD's design will return nearly all interest to token holders rather than issuers, which could diminish the appeal of existing stablecoins like Circle's USDC, prompting users to switch to OUSD.
- Market Impact Analysis: The launch of OUSD may affect the usage of stablecoins on networks like Hyperliquid and Ethereum, particularly as Hyperliquid's growth was previously reliant on USDC, a premise now under scrutiny.
See More
Circle Faces Competitive Pressure from New Stablecoin Launch
- New Competitor Launch: A coalition of over 140 companies, including Circle's largest stablecoin distributor, is launching a new stablecoin called Open USD (OUSD), which directly competes with Circle's USDC, valued at $73.4 billion, potentially leading to a decline in Circle's market share.
- Interest Distribution Mechanism Change: OUSD's design allocates nearly all interest to token holders rather than issuers, which may unsettle existing stablecoin issuers like Circle and impact their ability to attract institutional clients.
- Market Impact Analysis: The introduction of OUSD could directly affect networks like Hyperliquid and Ethereum, particularly as Hyperliquid's growth was previously reliant on USDC, and OUSD's emergence may challenge that assumption.
- Solana Ecosystem Benefits: By choosing Solana as the trading chain for OUSD, the stablecoin's value could rise from $15 billion, further enhancing Solana's ecosystem and generating additional fees from on-chain transactions, thereby strengthening its market position.
See More
BlackRock Focuses on Expanding Private Markets Business
- Private Market Growth Potential: BlackRock is currently focusing on expanding its private markets business, which could see dramatic growth if offered more broadly within retirement plans, particularly given the higher fee structures that enhance profitability in this sector.
- Solid ETF Business Foundation: While BlackRock's exchange-traded funds (ETFs) account for 40% of its business, their generally low expense ratios limit overall profitability; however, the economies of scale from the ETF operations provide a solid foundation for expanding into private markets.
- Significant Net Fee Growth: BlackRock's organic net fee growth rose 8% year-over-year, marking the highest first-quarter increase in five years, reflecting the company's ongoing efforts and success in building its private markets business.
- Market Opportunity in Retirement Accounts: Currently, private market investments are not widely available in retirement accounts, but efforts are underway to change this, which will open up new market opportunities for BlackRock and further enhance its competitive position in investment management.
See More
BlackRock Focuses on Growth in Private Markets
- Solid ETF Foundation: BlackRock's ETF business constitutes 40% of its total operations, generating significant revenue despite low expense ratios, thereby providing a solid foundation for other businesses, particularly as it expands into private markets.
- Attraction of Private Market Investments: BlackRock is focusing on private market investments, which include debt, real estate, and infrastructure assets, attracting more investors due to their potential for higher returns and management fees, thus driving revenue growth for the company.
- Significant Net Fee Growth: The company's organic net fee growth rose 8% year-over-year, marking the highest increase for the first quarter in five years, reflecting successful efforts in expanding its private market business and enhancing its competitive position.
- New Opportunities in Retirement Accounts: Currently, private market investments are not widely available in retirement accounts, but efforts are underway to change this, opening new market opportunities for BlackRock and further boosting its profitability and business growth.
See More
BlackRock Shifts Focus to Private Markets for Growth
- Solid ETF Foundation: BlackRock's ETF business constitutes 40% of its total operations, generating significant revenue despite low expense ratios, showcasing its economies of scale in the finance industry.
- Growth in Private Markets: BlackRock is shifting its growth focus towards private markets, where managing investments in non-public businesses can yield higher fees, thereby enhancing overall profitability.
- Significant Net Fee Growth: The company's organic net fee growth rose 8% year-over-year, marking the highest first-quarter increase in five years, indicating successful expansion of its private markets business.
- New Opportunities in Retirement Accounts: Currently, private market investments are not widely available in retirement accounts, but efforts are underway to change this, potentially opening new market opportunities for BlackRock and enhancing its comprehensive service capabilities in the investment sector.
See More
