Listing updates for crypto-related stocks, comparison of Robinhood (HOOD) and Coinbase (COIN), and Strategy's Bitcoin holdings highlight recent market movements.

Crypto Stock Digest: ABTC Debuts, Gemini IPO Details Emerge, HOOD Outperforms COIN

American Bitcoin (ABTC), backed by the Trump family, began trading on Nasdaq following a merger with Gryphon Digital Mining. Gemini revealed details for its IPO, and Robinhood (HOOD) is outperforming Coinbase (COIN) year to date.

Listing and IPO Updates

American Bitcoin Corp. (ABTC), debuted on Nasdaq on September 3, 2025, after merging with Gryphon Digital Mining. The company aims to establish a Bitcoin accumulation platform, with Hut 8 Corp holding 80% ownership. Eric Trump, Co-founder and Chief Strategy Officer of American Bitcoin, stated, > “Today, American Bitcoin becomes a premier public vehicle for investors seeking scalable, singular exposure to the defining asset class of our time.”

Gemini, founded by the Winklevoss twins, disclosed its US IPO plan, seeking a valuation of $2.2 billion. The exchange plans to offer 16,666,667 shares of Class A common stock and has applied to list on the Nasdaq Global Select Market under the ticker symbol GEMI. The IPO aims to raise up to $317 million, pricing shares between $17 and $19. However, the firm reported a net loss of $282.5 million on $68.6 million in revenue for H1 2025.

HOOD vs. COIN

Robinhood (HOOD) has significantly outperformed Coinbase (COIN) year-to-date, with stock prices up 156% and 18%, respectively. Shares of Robinhood have surged 467% over the past year, reaching $117. This surpasses Bitcoin (BTC) and Ethereum (ETH), which rose 97% and 63%, respectively. Robinhood's total trading volumes in July 2025 reached $209.1 billion, a 17% increase from the prior month and double the volume compared to the same time last year. In Q2 2025, Robinhood reported $989 million in revenue, a 45% year-over-year increase, with digital asset trading revenue surging 98% annually to $160 million. Bank of America analyst Craig Siegenthaler raised Robinhood's target price to $119 and lowered Coinbase's from $383 to $369, citing Robinhood's surging crypto revenue.

Strategy's Bitcoin Accumulation

Strategy (MSTR), the world's largest public company holding Bitcoin, purchased additional BTC as the price slipped below $108,000 last week. The company acquired 4,048 Bitcoin for $449.3 million between Aug. 25 and Monday, at an average price of $110,981 per BTC. This brought Strategy's total holdings to 636,505 BTC, purchased for about $46.95 billion at an average price of $73,765 per coin. The purchases were made using proceeds from at-the-market (ATM) equity offerings. MicroStrategy's aggressive Bitcoin accumulation strategy resembles its prior accumulation, funded by public offerings of preferred stock.

Market Reactions and ETF Flows

Bitcoin ETFs attracted $332.7 million in net inflows on Tuesday, while Ethereum ETFs saw $135.3 million in net outflows. Fidelity's Bitcoin ETF, FBTC, led the inflows with $132.7 million in net gains. CRCL shares were trading at ~$118 Wednesday afternoon, up 280% from its $31 IPO price, while BLSH’s ~$54 stock price was about 50% higher than its $37 IPO price.