Robinhood (HOOD) has been active recently: launching over 200 equity tokens in Europe, attracting a large number of retail investors with the "24/5 zero commission + low exchange fees" strategy; however, due to the miscommunication regarding "OpenAI tokenization", compliance issues have raised market concerns again, with regulatory risks becoming the focus.

From a fundamental perspective, CEO Tenev reduced his holdings by 750,000 shares this month according to the 10b5-1 plan, cashing out approximately $70 million, but he still holds 47 million Class B shares, maintaining control. KeyBanc recently raised its target price to $110, believing that Robinhood's tokenization process and expansion of cross-border operations will drive revenue growth.

In the options market, the 30-day implied volatility (IV) remains around 81%, which is at the median level over the past year (IV Rank approximately 55%), indicating that the market has high expectations for volatility in the Q2 earnings report. The OI Put/Call ratio is 0.61, showing a bias towards long positions, while the Max Pain is at $90, suggesting that bulls may face profit-taking pressure.
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