$HOOD has been doing NUMBERS over the last 12 months. ... yet it's the same ~$100 stock it was a year ago. In that year, revenue grew 53%, platform assets grew 48%, and the margin book more than doubled. The market just adjusted a whole year of growth to zero. But this is the multiple getting cut, not the company. We know this because there was no company-specific bad news behind the selloff. $HOOD is momentum-beta. When the momentum trade unwinds, it gets sold with everything else, fundamentals or not. Let's start with the year-over-year numbers: - Revenue: $2.95B to $4.5B (+53%) - Platform assets: $255B to $377B (+48%) - Funded customers: 25.9M to 27.7M - Net deposits: $69B over the last 12 months (Same $100 stock, much bigger company.) And it isn't only bigger, it's speeding up. - May equity volumes: +75% year over year - Margin book: +117% year over year - Event contracts: roughly 0.3B traded a year ago, 3.9B in May (about 13x) The newest revenue lines are the fastest-growing ones (and that part matters). Then there's the wave the market is ignoring completely. Robinhood Chain went live July 1. An Ethereum L2 with tokenized stocks already trading in 120+ countries and agentic trading built in, sitting on a base pushing 28 million customers. It's the lever that takes Robinhood global. Long story longer: Robinhood isn't just growing fast, it's diversifying fast. Margin, event contracts, Gold, banking, and now its own chain. Far broader than last cycle. Now for the bad news: HOOD is a high-beta proxy for crypto and risk appetite, so when the market turns risk-off it gets thrown out no matter what the business is doing. That's exactly what dragged it lower over the past couple weeks. But that logic cuts both ways. You're being handed a company roughly 50% bigger and far more diversified at last year's price because sentiment unwound, not because anything broke. We've been long $HOOD since last year and we're not touching it here. Goldman just moved its target to $137 and Morgan Stanley to $124. We think this one trades back through its old $153 high as the new lines keep scaling (which they are). Follow @MilkRoadDaily and track our analysts' real-time portfolios inside Milk Road PRO for $1 (link in bio).