The Crypto-Brokerage Convergence Trade: COIN vs HOOD in 2025
Coinbase (COIN) and Robinhood (HOOD) are converging on the same endgame—becoming the everything exchange for the next generation—but they're coming from opposite directions. And right now, the market has this completely backwards.
COIN trades at 32x forward EBITDA while HOOD commands a princely 53x. That's a 40% valuation gap that makes zero sense when you dig into the fundamentals. We're looking at a masterclass in market inefficiency.
