This was always the Robin Hood play (versus being a grown up brokerage), they are simply griftmaxxing now in a "low regulatory environment". Like Coinbase, they need volume to succeed economically, not buy and hold investors. Crypto volume is down, so Coinbase revenue is down. Young people have little to no cashflow, but they have high intent to gamble in a crushing and financially nihilistic macro, which Robin Hood serves.
https://www.npr.org/2026/04/05/nx-s1-5762276/teens-getting-h...
https://kyla.substack.com/p/gen-z-and-financial-nihilism
https://web.archive.org/web/20240226104327/https://youngmone...
https://web.archive.org/web/20240226104327/https://coinmarke...