robinhood just got picked alongside BNY mellon ($48.8T AUC) as a co‑equal partner in a federal children’s savings program—not as a vendor, as a peer to the oldest bank in the U.S. HOOD is doing $1.28b in quarterly revenue, $435m annualized from prediction markets alone, shipped an arbitrum L2 with 47m+ tx, and now has direct access to a government distribution channel. coinbase has no equities, no prediction markets, no government programs. HOOD trades around 31x P/E. the divergence between those two business models is accelerating, and the tape hasn’t caught up. // zero illusion