Delphi Digital Highlights Robinhood, Hyperliquid and Lighter in Trading Thesis

Delphi Digital’s Oct. 20 analysis highlights Robinhood, Hyperliquid (HYPE) and Lighter (LIT) as businesses tied to speculative trading, arguing that platforms able to capture trading revenue may benefit as technology and economic pressures change what customers trade. The thesis centers on a platform’s ability to turn trading activity into revenue. It emphasizes profitability, fee capture and access to users as ways to evaluate businesses operating in a market where customer interest can shift among products. Robinhood’s second-quarter results show how that mix can vary.