In the 25Q4 financial report, Robinhood stated, "We now have 11 business lines with an annualized revenue exceeding $100 million, so we are continuously diversifying." Coinbase stated, "We now have 12 business lines with an annualized revenue exceeding $100 million, so we are continuously diversifying." Both emphasize the diversification and cyclical resilience of their businesses. So, what exactly are these specific business lines? The financial reports do not list each one (because some have been artificially split according to their own rules to meet the numbers. For example, HOOD has long claimed to have 11 business lines exceeding $100 million, and COIN has to come up with 12). Let's have ChatGPT analyze this 👇🏻

Robinhood's 11 lines of business: 1. The group with the highest certainty (basically determined in 11 articles) (1) Options trading Options (Q4 options revenue of US$314 million, significantly exceeding the threshold). (2) Crypto trading Crypto (Q4 crypto revenue of $221 million). (3) Equities stock trading (Q4 stock revenue of $94 million). (4) Other Transaction Revenue (Q4 was US$147 million, usually including a variety of trading products and fees). (5) Net interest income (Q4 was US$411 million). (6) Gold subscription to Robinhood Gold (Q4 Gold subscription revenue of $50 million, the core driver of Other revenues). 2. A group confirmed by the official roll call (almost certain in the 11 articles) (7) Prediction Markets (officially named as a "new standard business line"). (8) Bitstamp (officially named as a "new business line that meets the standards" and continues to disclose its scale and trading volume in subsequent quarters). 3. High probability of supplementing the "11" split items (split into business units) These 3 items belong to the "management is likely to be listed as a separate line of business" because they give special indicators of operational caliber and scale: (9) Cash Sweep spread business (disclose the Cash Sweep balance and specify that Robinhood earns net interest margin). (10) Margin financing interest business (disclosing Margin Book balance and emphasizing growth). (11) Securities lending stock lending business (securities lending activity is repeatedly mentioned in the net interest income driver). Additional note: The above (9), (10), and (11) are likely to be summarized as "Net interest revenues" on GAAP, but from the perspective of operation and management, it is very suitable to be broken down into independent business lines to track. You see that they are disclosing quarterly data for both Cash Sweep and Margin Book, which in itself implies that they are being managed internally as independent growth engines.

Coinbase's 12 business lines: 1. Trading and Investment (1) Simple Spot (2) Advanced Spot (3) Retail Derivatives (4) Institutional Derivatives (5) Institutional Spot 2. On-chain Earnings and Stablecoins (6) Consumer Staking (7) Stablecoins (USDC) 3. Subscriptions, Payments, and Transfers (8) Coinbase One (9) Instant Transfers 4. Institutional Prime and Custody (10) Prime Custody (11) Prime Financing 5. Infrastructure and Ecosystem (12) Base (App + Chain) Interpretation: The real message this "12 product lines" chart wants to convey 1. It is proving to the market that Coinbase's revenue no longer relies solely on a single engine of "spot trading," but has formed a multi-engine combination. 2. From a structural perspective, the new entries for 2024 and 2025 clearly lean towards "Institutional Prime, Derivatives, Base," which corresponds to the management's emphasis on "Everything Exchange" and the commercialization rhythm of the "onchain strategy."