@scottmelker Private markets are where companies now spend most of their growth years. Tokenization lowering the minimum is how retail reaches that phase, as long as disclosure keeps up. Reply to @scottmelker: Not everybody has $50 million sitting in their back pocket. Robinhood VP Nicola White says tokenization lowers that barrier, letting retail investors access private markets "It's a space that's been walled off for too long. It hasn't been available to retail customers, and with companies staying private twice as long as they usually do, that's where a lot of the wealth generation happens." "It's an important space that we're focused on, making sure that our retail investors have access to those investments earlier in not only the company's life cycle, but also in their life cycle." "Tokenization is the perfect product for that. If the minimum investment in one of these companies is $50 million, you can make that investment, tokenize it, and then offer it out to your customers in a size that they can think about digesting." "Not everybody has $50 million sitting in their back pocket to get access to some of these investments."(Historical earnings: For 2026Q1 (period ended 2026-03-31), Robinhood reported basic EPS of 0.39, diluted EPS of 0.38, net income of USD 0.350 billion, and revenue of USD 1.067 billion, compared with basic EPS of 0.38, diluted EPS of 0.37, net income of USD 0.336 billion, and revenue of USD 0.927 billion in the prior-year period. For full-year 2025, basic EPS was 2.12, diluted EPS was 2.05, net income was USD 1.883 billion, and revenue was USD 4.473 billion. Consensus expectations: For 2026Q3 (event date 2026-10-27), consensus expects EPS of 0.5427 and revenue of USD 1.415 billion.)