Coinbase and Robinhood, the dual crypto stocks, released their second-quarter financial reports: Coinbase's revenue, trading income, and subscription and service income were all below expectations, with significant profit increase mainly due to investment gains from Circle's listing. Robinhood's revenue and profit were significantly higher than expected, especially with a larger EPS beat. This reflects their strategic and path differences: 1) Coinbase focuses on crypto assets, where market conditions affect trading volume. In fact, a large portion of BTC and Ethereum trading has shifted to ETFs, and with altcoins becoming less popular, the lower-than-expected trading income stems from slowing trading volume growth. Robinhood, on the other hand, is an all-around player in US stocks, options, and crypto assets, showing more business resilience. 2) Robinhood is transforming into a comprehensive financial platform through tokenization (digital versions of over 200 US stocks), wealth management (Robinhood Strategies, with $500 million in assets), and the upcoming Robinhood Banking. Coinbase remains focused on the crypto ecosystem, launching tokenized stocks, prediction markets, and on-chain products (such as Base and SmartWallet), though new products will take time to contribute to performance.