GM. This is Milk Road, your friend who already read the room so you don't have to.
Here’s what we’ve got for you today:
- ✍️ Everything’s red… except these two.
- 🎙️ The Milk Road Show: The Case For Bitcoin As One Of The World’s 4 Most Important Technologies.
- 🍪 Coinbase launched the first crypto-backed mortgage.
Bridge just released a free guide called “The Stablecoin Playbook” that covers the most prominent real-world use cases for stablecoins. Download the free guide now.
Prices as of 2:00 p.m. ET. Powered by CoinGecko.
EVERYTHING'S RED… EXCEPT THESE TWO ASSETS 💪
Crypto's getting hammered.
Bitcoin's down about 50% from its October peak of ~$126K - and close to $2T has walked out of crypto since it topped.
Most of the market is some shade of red right now.
But two crypto-adjacent stocks went the other way…
Galaxy Digital (GLXY) is up 65.1% since late February, while Robinhood (HOOD) is up 52.6%.
Both up double digits while crypto bleeds.
Let’s look at Galaxy first…
A few weeks back, it got dragged down with everything else, falling about 11% in the selloff even as a run of good news hit.
But the bull case never hung on crypto prices. It came down to Helios - Galaxy's buildout of AI data centers.
Revenue from Helios is set to start landing in Q2, and that's the catalyst expected to re-rate the stock (Wall Street-speak for the market deciding a company's worth more and pricing it up).
On top of that, deal flow picked up…
Morgan Stanley started sending its wealthy clients to Galaxy to swap their crypto for ETP shares, which lets them make the switch from onchain rails, to TradFi rails - without triggering a taxable sale.
Every deal like that adds to the same case: Galaxy as the plumbing between traditional finance and crypto.
4 months on, GLXY is up 65.1%.
And if Galaxy is ‘the institutional pipe,’ Robinhood's the consumer one…
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EVERYTHING'S RED… EXCEPT THESE TWO ASSETS (P2) 💪
HOOD jumped 11% in late May on a single headline:
The Treasury named it the first trustee for the ‘Trump Accounts’ - a new federal program that hands every eligible American kid an investment account.
The fee Robinhood earns on that contract is tiny. It's a cost-plus deal (Robinhood charges its costs plus a slim margin), more of a break-even line on the books through 2026 than it is a moneymaker.
But the real prize is the funnel it builds.
Trump Accounts put Robinhood in front of roughly 60M American kids and their parents, most of which have no brokerage account today.
And every one of those accounts rolls into a regular Robinhood account once the kid turns 18.
(It's essentially a customer pipeline running for a decade, part-funded by the U.S. Treasury.)
That 11% pop was the market paying for that reach, plus a clean break from Robinhood's old "home of meme stocks" label.
And over the past four months, HOOD is up ~52.6%. 👇
And neither HOOD or GLXY’s stories are finished. Both come down to the Q2 earnings due in August.
For Galaxy, that's Helios revenue finally landing on the balance sheet - plus the next data-center tenant announcement CEO Mike Novogratz teased for around July 4.
As for Robinhood - we’re watching to see whether the Treasury names any rival trustees like Fidelity or Schwab for its Trump Accounts (which would chip away at its head start), and whether those Q2 numbers come with real enrollment behind them.
Long story longer:
The green we’re seeing in the interim is nice, but August is where this actually gets settled.
Our PRO analysts put the buy signal on both of these back in late February, well before either one ran.
Don't miss their next big call. Try Milk Road PRO for a buck, for 7 days.
BITE-SIZED COOKIES FOR THE ROAD 🍪
Is this one of crypto's most underrated real-adoption plays? XDC sits right where RWAs, cross-border payments, and institutional money are all colliding.*
Saylor: "Whenever I have money, I buy Bitcoin... I expect it to go up 30% a year. That's the risk-free rate."
Kyle Reidhead: Everyone on Twitter is calling STRC "de-pegged" - but they're getting the whole thing wrong…
ICYMI: Coinbase just launched the first ever crypto-backed mortgage accepted by Fannie Mae (that’s nuts!).
Your Bitcoin can hand you cash without selling a single sat → That's Ledn's whole pitch, and our full review breaks down everything you need to know about the platform.
*this is sponsored content.
Download the free guide on stablecoins now.
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