James Yaro

Galik gave a specific $10.3 billion excess capital figure and noted a rising volume of acquisition offers but nothing worth pursuing.

Thomas was candid about the challenge: IBKR wants to spend more but demands minimum ROI on each dollar, so growth in spend is slow. They are seeking new marketing outlets.

Thomas candidly acknowledged competitive risk but expressed skepticism that tools would force competitors to match IBKR's rates. Milan added that IBKR already maximizes client outcomes.

Thomas revealed temperature contracts are the most-traded category and described a strategy to link them with electricity and natural gas contracts to attract utilities, who must daily predict next-day electricity usage, with onboarding expected sometime during the year.

Milan indicated a European banking license is not urgent but will happen eventually, most likely through Ireland where IBKR already has a regulatory relationship. Paul confirmed the process has not yet started.

Thomas explained the China regulatory change requires applicants to prove non-Mainland residence, resulting in a smaller but continuing flow of Chinese accounts, which he characterized as not material to overall figures.

Thomas outlined the concrete crypto roadmap: Zero Hash European license expected Oct-Nov for EU crypto trading, stablecoin account funding in October, crypto asset transfers by year-end, and staking early next year. He noted IBKR increased its Zero Hash investment while maintaining roughly 30% ownership.

Milan gave detailed comparison showing IBKR offers 10,000+ real shares 24/5 at a fraction of the cost, while Robinhood tokens are derivatives on 200 symbols and Kraken XShares showed 4x price dislocations.

Milan explained options and futures costs are identical overnight versus day, while stock costs differ because overnight uses IBKR's EOS ATS and Blue Ocean ATS rather than exchanges.

Milan said no decrease in non-US appetite yet, noting tariff impact is hard to gauge given inconsistent announcements, and other administration policies like lower taxes offset concerns.

Paul quantified the April margin loan decline at 10-12% and noted clients shifted to trading more futures and fixed income, with record volumes during the dislocation.

Milan dismissed deregulation risk, noting IBKR competes against established banks like Goldman and Morgan Stanley, and small newcomers would not meaningfully dent the business.

Milan stated margins are not the optimization target; focus is on client value, customer service staffing, and compliance costs across many jurisdictions.

Vlad confirmed constructive CFTC dialogue and said the build is not a large amount of work, but declined to give a US launch timeline.

Vlad pivoted from price speculation to tokenization as strategic priority. Shiv noted crypto is under 20% of revenue and take rates are output metrics, with institutional via Bitstamp growing.

Vlad differentiated UK (deeper traditional product suite, ISAs, wallets), EU (crypto-rails test case with tokenization advantages coming from DeFi integration), and Southeast Asia (new launches with faster ramp using scalable platform). Expects millions of international customers relatively quickly.

Question read by Chris Koegel. Vlad acknowledged current tokens are in Robinhood walled garden backed by TradFi trades. Expects community-built bridges and wrappers to enable multichain interoperability over time. Dismissed liquidity fragmentation as existing across traditional markets already, noting crypto infrastructure makes cross-venue integration simpler.

Vlad emphasized distribution advantage, 25M+ customers with over $1T AUC creates unique developer ecosystem. No other chain specifically targeting real-world asset opportunity with comparable user base.

Vlad declined to front-run specific announcements pre-close. Highlighted institutional and international opportunities from Bitstamp but avoided quantifying take rate impact.

Vlad declined to speculate on bank strategies, emphasizing Robinhood's own innovation. Jason added more competition makes crypto mainstream and bigger pie. Did not quantify competitive risk.

CEO said every buyer transacts through Figure Connect and named insurance companies, asset managers and credit funds as the buyer base.

CEO explicitly denied price cuts, attributing the lower take rate to the mix shift into the lower-take-rate Figure Connect channel.

CEO called first-lien purchase mortgage a medium-term goal being developed with large partners who have come inbound requesting it.

CEO said Figure benefits both as the easiest origination on-ramp for banks re-entering mortgage and as the aggregation rails via Figure Connect.

Tannenbaum said core first/second-lien HELOC partners ramp in about three months; Kgil added that existing partners moving onto Connect, not just new ones, drove much of the growth to 307 partners.

Tannenbaum sized a $185B+ opportunity with HELOC addressing $35 trillion of home equity, growing first-lien traction, and continued Democratized Prime and YLDS progress.

Paul Grewal gave detailed timeline expectations and explained the stablecoin rewards compromise, noting rewards will be protected under the emerging framework.

Brian declined to predict market direction, said correction isn't tied to fundamentals. Noted retail customers are net buyers on dips. Framed the downturn as opportunity for buybacks and Bitcoin purchases.

Alesia credited product design and conservative leverage approach. Noted lack of transparency at competitors as systemic risk. Said market rebounded well with no systemic losses or continued fallout.

Alesia framed USDC rewards as marketing/loyalty programs, not interest. Brian clarified Coinbase is not the issuer and plans to continue rewards. Both emphasized utility and network effects over yield competition.

Alesia gave detailed breakdown: 100% on-platform, shared economics with distribution partners like Binance, 50% of remaining off-platform. Brian added the strategy is sharing economics plus compliance approach.

Fox-Geen cited strong other income plus Coinbase on-platform growth and a pullback in incentivized channels, but declined to break down RLDC components.

Allaire clarified the GENIUS Act bars issuer-paid interest; the debate is only over distributor rewards in market-structure legislation.