Management and incentives

Robinhood Markets, Inc. HOOD

Robinhood's proxy reports that Vlad Tenev realized $1.1B in 2025 when 11,065,463 shares from his 2019 stock-price awards finished vesting, against a salary of $34,248, no bonus, and no new grant. Those awards expired on December 31, 2025, the board says it is still working out what replaces them, and the only pay still running for him is the 48,669,572 Class B shares he owns.

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Robinhood Markets, Inc. HOODThe bet you're really making is that Robinhood keeps pulling young Americans onto its app and getting each one to do more: invest more, borrow more, and pay for its Gold tier. You're betting that its transaction business, which depends entirely on whatever product is hot, keeps finding the next hot thing each time the last one cools, options, then crypto, now betting-style event contracts, while the interest it earns on customer cash and loans grows steadily at the same time. Right now it is going well, with one concern to watch: the biggest quarter in the company's history, revenue up 32%, though three months earlier revenue fell 17% when crypto went quiet. You pay 54 times last year's earnings and 35 times what analysts expect for 2028, near the most it has ever cost as a company that makes money. Company reportSep 6 Invesco Ltd. IVZThe bet you're really making is that Invesco keeps pulling money into its funds, above all QQQ, the giant fund that holds the hundred biggest Nasdaq companies, and keeps enough of the fees to matter. You're betting the money stays put when markets drop, because much of it sits in cheap index funds people rarely sell. Right now it is going well: revenue grew 20% over the year, profit was the strongest in a while, and a costly yearly payment it owed a big outside partner is gone, so more of each dollar now reaches ordinary shareholders. You pay about 13 times the profit it actually earns, the stock near the top of its range after gaining 60% off last year's lows. Company reportSep 7 Circle Internet Group CRCLThe bet you're really making is that USDC, the digital dollar Circle runs, keeps growing, so more and more dollars sit in Circle's care. You're betting the interest on those dollars stays high, because reserve income, interest earned on the Treasury bills backing the coin, is roughly 95% of total revenue, and the Federal Reserve is now cutting rates. Right now it is stalling: reserve income peaked at $733 million in the December 2025 quarter and has fallen to $668 million since, even as the coin base grew, while quarterly profit fell to $48 million from $214 million a year earlier as rate cuts bite faster than circulation expands. You pay about 97 times this year's expected earnings, near the top of the short record it has since listing in June 2025. Company reportSep 7 TeraWulf Inc. WULFThe bet you're really making is that TeraWulf stops being a bitcoin miner and becomes a landlord for artificial-intelligence computers, renting buildings full of chips next to cheap power in upstate New York. You're betting the giant customers it has signed, one backed by Google, pay for years, because the company borrowed about $3 billion and is spending it on buildings that earn nothing until tenants move in. Right now it looks shaky: sales are lower than a year ago, the mining part earns less on every dollar, and the reported losses are enormous. You pay 52 times sales, near the most this stock has ever cost, for a profit nobody expects before 2028. Company reportSep 7