Robinhood Secures Regulatory Approval in Singapore to Expand Market
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.
