Introduction: Who is Buying? Who is Exiting?
On October 29, 2026, as we dissect these two reports from the commercial battle between the US and Japan, the profile of the fundamental participants in the crypto ecosystem has undergone a revolution. The glaring "-55%" growth rate of crypto revenue on Robinhood's financial report proclaims the era belonging to retail high-frequency traders is coming to an end; meanwhile, the Japanese Bitcoin industry company's initiative to exchange equity for 5.07 million dollars worth of pure Bitcoin spot declares that the age of builders and corporate treasury firms is surging ahead. The chips of digital gold are accelerating their irreversible transfer from the trading accounts of retail investors to the balance sheets and cold wallets of industrial companies.
1. Fundraising Innovation in Japanese Entities: Bypassing Fiat Currency, Directly Targeting Spot
The announced 840 million yen (approximately 5.07 million dollars) capital increase by the Japanese Bitcoin industry company holds milestone significance in the history of crypto treasury operations. Typically, the path for listed companies or startups to expand their crypto treasuries involves: issuing stocks/bonds to acquire fiat currency and purchasing Bitcoin through exchanges like Coinbase. However, this path is accompanied by underwriting fees, fiat currency exchange losses, and slippage friction in the spot market. This time, the Japanese Bitcoin industry company directed shares to Fulgur LLC and ALC, with the agreement stipulating full delivery in "physical Bitcoin." This not only represents an efficient zero-friction acquisition but also reveals an extremely hardcore industry collaboration:
Self-coherence of the Business: This company develops infrastructure "aurora" that supports enterprises to access the Lightning Network for payments via API. The essence of the Lightning Network requires a substantial amount of Bitcoin spot as the underlying liquidity reserve for routing nodes.
Optimal Resource Solution: Investor ALC possesses a large amount of idle Bitcoin, while the project party needs Bitcoin as infrastructure reserves. Both parties directly exchanged equity for spot, allowing Bitcoin to transfer from the investor's cold wallet to the project party's routing channels, perfectly realizing a high degree of unity between "assets as business and business as treasury."
2. Robinhood's Q3 Pain: A Warning of Retail Traffic Exhaustion
In stark contrast to the aggressive advancements of the Asian primary market, Robinhood ($HOOD)'s pain in the secondary market has sent a chill through Wall Street. As one of the most important gateways for US retail investors entering the crypto market, Robinhood's total trading income in the third quarter actually increased (soaring by 19%), with options and event contracts (prediction markets) shining brightly. However, only the cryptocurrency business saw revenue plummet by 55% year-on-year, with only 120 million dollars remaining. This decline reveals the current essence of the macro crypto market:
Retail Push-Out Effect under High-Level Fluctuation: As Bitcoin prices remain high, the steep price of a single coin and extremely low intraday volatility have caused retail traders, whose aim is to "make quick money," to lose interest, turning instead to options and prediction markets for higher multipliers of excitement.
Complete Transfer of Market Dominance: The depletion of Robinhood's crypto trading volume perfectly contrasts with recent companies like Strategy, Strive, and BitMine that casually buy crypto worth hundreds of millions of dollars. This means that the liquidity in the current crypto market is no longer composed of countless retail investors holding 1,000 dollars, but is now dominated by dozens of listed company treasuries, Wall Street ETFs, and sovereign funds holding billions of dollars.
The two messages from October 28 serve as a mirror reflecting the transition of crypto finance from rough beginnings to institutional deep waters. As the retail trading volume in Robinhood's financial report increasingly shrinks, there is no need for pessimism, because hard-core entities like the Japanese Bitcoin industry company are using equity to exchange for spot, truly making Bitcoin an indispensable underlying financial channel in the real business world. In the second half of the digital economy, those who can deeply bind crypto assets with real business will be the ones who achieve ultimate victory across cycles.
Data source: https://bbx.com/ Crypto concept stock information library, organized based on yesterday's announcements from global listed companies and SEC/TSE disclosure documents.
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