Read a bullish thesis on Robinhood that highlights their transition from a trading app to a balance-first financial platform. The main argument is that they are building an "asset gravity" flywheel where keeping customer balances drives recurring revenue through net interest, subscriptions, and credit products. This model aims to be less cyclical than relying solely on trading fees. The thesis also notes that crypto acts as an engagement tool rather than the core business. Hedge fund ownership dropped slightly last quarter, with 77 funds holding the stock.