Investment bank Architect Partners said that cryptocurrencies are becoming an increasingly important part of Robinhood's (HOOD) business (cryptocurrencies account for 20% of Robinhood's total revenue for Quarter 1 in 2024), and the trading platform continues to expand its digital asset business despite receiving a Wells notice from the Securities Exchange Commission (SEC) last month. The Wells notice is an initial warning from the Securities Exchange Commission that Robinhood Inc.'s regulators have sufficient information to potentially take enforcement action against it, and the acquisition of Bitstamp expands Robinhood's global reach to ensure participation regardless of U.S. action.