• Figure Technology (FIGR) was the guest’s strongest 10-year pick; track whether it sustains roughly 100% revenue growth over the next six quarters and expands platform revenue toward 70% of total revenue—the cited 8–20× return potential is speculative, not a price target.
• Robinhood (HOOD) offers a high-growth, long-term thesis tied to product expansion, tokenization, and customer growth toward 35–40 million by 2030, but crypto cycles and prediction-market regulation could materially affect results.
• Treat SoFi (SOFI) as a less-convicted growth idea: monitor customer and product expansion, while noting no price target was provided and the guest was skeptical of its payments push.
• The guest was bearish on PayPal (PYPL), citing weak product momentum and expecting growth to turn negative, with shares potentially flat to slightly lower.

Robinhood Markets (HOOD)

• Roy said Robinhood was about 25% of his portfolio, making it his largest position. He first bought in May 2023 at roughly $8–$9 per share, initially viewing it as a trade before becoming a long-term investor.
• He sees Robinhood as a potentially generational company because of its rapid product development, strong execution, and expansion into new financial products. He also upgraded his view of CEO Vlad Tenev, calling him a potential top-10 public-company CEO.
• Asked whether $120 per share was a fair price, Roy discussed the company’s prospects and market conditions but did not give a clear fair-value conclusion or a specific price target.
• He expects the business to benefit from several growth areas:
  • Robinhood Chain, tokenized assets, and the broader shift of traditional finance onto blockchains.
  • Prediction markets, which could attract customers who later use Robinhood’s other products.
  • International expansion and institutional services, as well as continued product launches.
  • A potential increase in funded customers to 35–40 million by 2030, above the analyst consensus figures discussed in the episode.
• On Robinhood Chain, Roy described a revenue-sharing arrangement with Arbitrum: Robinhood reportedly keeps 50% of fees up to $50 million, 70% from $50 million to $150 million, and 85% above $150 million. He said activity had slowed from its peak but viewed the initial adoption as stronger than expected.
• Roy believes tokenization could enable instant settlement and 24/7 trading of tokenized assets. He said Robinhood’s tokenized shares are backed one-for-one by shares held for that purpose; he was uncertain whether the U.S. regulatory framework would allow U.S. customers to buy them at the time of the interview.
• Roy floated the possibility of Robinhood becoming 6–8 times larger over roughly 10 years, while emphasizing that this was not a formal price target. He said a trillion-dollar valuation could become less far-fetched over time, but he was not calling for it within 10 years.

Risks and uncertainties

• Robinhood remains exposed to crypto-market cycles, which Roy described as a significant driver of recent business and share-price performance.
• The future of sports prediction markets is uncertain. The host cited roughly $800–$900 million in annualized prediction-market revenue and raised the possibility that about $500 million could be at risk if courts or regulators rule unfavorably. Roy thought a broad shutdown was unlikely, but said additional restrictions were possible.
• Roy noted that a change in stablecoin-yield rules could affect Robinhood’s offering on USDG, which he said was offering about 7% at the time.
• Roy identified Vlad Tenev leaving the company as the main company-specific risk to his thesis. He also mentioned severe macroeconomic conditions or restrictive regulation as risks.

Takeaways

• The discussion presents HOOD as a high-growth, product-expansion thesis, but one whose results may remain sensitive to crypto cycles and regulatory outcomes.
• The $120 share price was discussed without a definitive valuation judgment. Treat Roy’s long-term growth expectations and 6–8x speculation as his personal outlook, not as a stated price target.
• Investors evaluating the thesis could monitor funded-customer growth, adoption and monetization of new products, Robinhood Chain fee economics, and rulings affecting prediction markets and tokenization.

Figure Technology (FIGR)

• Roy ranked Figure first among the companies he discussed for potential stock-price performance over the next 10 years.
• He described Figure as combining traditional finance and crypto-native infrastructure, with a lending platform that he said had established a strong position in home-equity lines of credit (HELOCs).
• Figure is expanding beyond HELOCs and is targeting about 70% of revenue from platform revenue, according to Roy. He said the company was guiding for revenue growth of roughly 100% over the next six quarters.
• Roy estimated that Figure could return 10–20 times his earlier reference price of about $27–$28 per share. He suggested the potential was closer to 8 times at the later price being discussed. These were his estimates, not formal price targets.

Risks

• Roy said Figure’s share price is affected by the value of Bitcoin and Ethereum and described the company as part of the broader crypto-related basket.
• His high-return estimate depends on Figure expanding its platform and lending operations; the transcript does not establish that those expectations will be met.

Takeaways

• Figure was the most bullish long-term pick in Roy’s comparison, but the 10–20x estimate is highly speculative. The key points to track are growth beyond HELOCs, the share of revenue coming from its platform, and whether rapid growth continues.

SoFi Technologies (SOFI)

• Roy ranked SoFi third in his comparison of potential 10-year stock performance.
• He praised CEO Anthony Noto, customer acquisition, and the company’s expanding product range.
• He cited business banking and the company’s in-house settlement technology as areas of development, while expressing skepticism about its move into payments.
• Roy argued that housing and student-loan refinancing markets would not remain weak indefinitely and said SoFi could benefit if those areas recover.

Takeaways

• Roy’s view was positive but less bullish than his views on Figure and Robinhood. The discussion emphasized customer growth and product expansion, while identifying SoFi’s payments ambitions as an area he was less confident about.
• No specific price target or return estimate was given.

PayPal Holdings (PYPL)

• Roy ranked PayPal last in his comparison of the named fintech companies.
• He said product iteration and new-product development had weakened, and he was disappointed by PayPal’s position in stablecoins and agentic commerce.
• He expected growth to turn negative and said the stock could be flat to slightly down. He also speculated that PayPal might eventually be acquired, but thought such a deal might not be especially attractive to shareholders.

Takeaways

• Roy’s stance was bearish relative to the other fintechs discussed. His concerns centered on slowing growth and what he saw as weaker product momentum.
• The acquisition scenario was speculation, not a specific forecast or recommendation.

Kalshi (Private Company)

• The host said Kalshi was seeking a valuation of about $40 billion and asked whether Roy would buy at that price.
• Roy said he would not buy at that valuation. He warned that a legal decision preventing sports prediction markets could sharply reduce Kalshi’s value.

Takeaways

• The discussion framed Kalshi as a high-risk, regulation-dependent private investment, particularly because sports markets are a major part of the debate.
• Roy did not provide a valuation estimate of his own.

Coinbase (COIN)

• Coinbase was discussed as a comparison for Robinhood’s crypto efforts. The host argued that Robinhood Chain had attracted substantial early interest compared with Coinbase’s Base network; Roy agreed that Robinhood Chain’s adoption was stronger than he had expected.
• Roy also said Coinbase CEO Brian Armstrong was an impressive leader.
• No specific investment rating, price target, or direct view on Coinbase shares was given.

Takeaways

• The discussion was more favorable toward Robinhood’s early chain traction than a direct bullish thesis on COIN.
• Coinbase was used as a benchmark for crypto-platform adoption, not evaluated as a standalone stock.

Bitcoin (BTC), Ethereum (ETH), and Crypto Markets

• Roy said Robinhood’s business is cyclical and had been affected by a prolonged crypto winter that began around the previous October. He viewed the recovery from that downturn as a significant driver of Robinhood’s recent prospects.
• He said Figure’s share price was also meaningfully affected by Bitcoin and Ethereum valuations.
• The host suggested Robinhood Chain may have contributed to renewed crypto activity, but Roy did not claim that Robinhood had “saved crypto.”
• Roy was generally optimistic about clearer regulation, while noting that not every regulatory change would necessarily be favorable to crypto businesses.

Takeaways

• The transcript supports a cyclical, market-sensitive view of crypto exposure: a recovery can benefit companies such as Robinhood and Figure, while a downturn may weigh on them.
• Investors considering crypto-linked stocks should distinguish between a company’s underlying product growth and the effect of changing crypto-market conditions.

Nvidia (NVDA) and Tokenized Stocks

• Nvidia was used as an example of a stock that could be represented by a token. Roy said a tokenized share could potentially be traded around the clock, while ordinary shares would remain subject to regular market hours.
• He described tokenization’s potential benefits as instant settlement, 24/7 trading, and use across blockchain applications.
• The conversation did not offer a view on Nvidia’s valuation or business prospects.

Takeaways

• The discussion was about the possible market structure and trading features of tokenized shares, not a recommendation to buy NVDA.
• The U.S. availability and regulatory treatment of these products remained uncertain in the interview.

PayPal, Interactive Brokers (IBKR), Webull (BULL), and Charles Schwab (SCHW)

• These companies were included in the host’s request for a 10-year fintech stock ranking, but Roy did not assign them a clear place in the ranking.
• He mentioned that traditional brokerages conduct substantial business with institutions and used them as context for Robinhood’s institutional opportunity.
• No specific forecasts or investment recommendations were given for IBKR, Webull, or Schwab.

Takeaways

• The transcript provides limited company-specific insight on these brokers. It mainly uses them as comparisons for Robinhood’s potential institutional growth.

Palantir (PLTR) and CoreWeave (CRWV)

• The host praised Roy for identifying Palantir and CoreWeave early, alongside Robinhood.
• The transcript did not discuss their current business outlook, valuation, price targets, or risks.

Takeaways

• These were references to Roy’s past investment calls, not fresh investment theses or recommendations.

Pre-IPO Exposure: Anthropic and OpenAI

• The episode’s sponsor, Liquid, was advertised as a platform offering perpetual contracts tied to pre-IPO companies such as Anthropic and OpenAI, alongside public stocks.
• The advertisement also promoted trading through ChatGPT and Claude and offered a discount on trades.

Takeaways

• This was a sponsor promotion, not an endorsement or analysis by the interview guest.
• Perpetual contracts provide a different form of exposure from owning private-company shares; the transcript did not discuss their specific risks, pricing, or terms.