Why a $20 billion Bitstamp slump makes Robinhood’s retail app look far weaker than it really is
Bitstamp volume fell 48% from Q1 to Q2, compared with a 25% decline on the Robinhood App. The App metric also began including WonderFi trades in June.
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The filing shows $134.267 million gross, $133.084 million in transaction costs, and no standalone crypto profit figure.
The Q2 split favored colocation, although management did not say conversion had become compulsory.
STRC was built to trade near $100, but its drop toward $92 is testing one of Michael Saylor’s key funding channels.
As debt, dividends, and buybacks enter the picture, some companies are starting to treat Bitcoin less like a sacred reserve and more like liquidity.
With fees contributing almost nothing, miners depend on price, efficiency, and cost control as the next reset approaches.
The sale turns paper losses into a funding test as markets start separating stronger Bitcoin treasury plays from weaker ones.