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Happy Wednesday!

Ever tried explaining Bitcoin ETFs after a couple of beers?

It's like trying to teach a cat to fetch – amusing, challenging, and likely to end with someone hissing.

But don't worry, we've got it all covered in today's newsletter.

In today’s Morning Mashup:

Read time: 4 minutes

🏦 Robinhood's Juggle: Layoffs, Hires, and Profit Surge

Robinhood - the app that's made trading as easy as a swipe on your phone - is gearing up for some significant changes.

It seems they're preparing to trim their team by about 7%, impacting around 150 individuals from various departments. If you've been keeping count, this marks the third time they're slimming down their ranks in just over a year, which has nearly halved the company's headcount since 2022 began.

But don't fret, Robinhood assures that it's all part of their plan to adjust to volumes and better align their team structures. It's a bit of a cliffhanger though, as we're still in the dark about when these layoffs will kick off.

In the midst of this, Robinhood seems to be playing a complex game of chess. While one hand is waving goodbye to some team members, the other hand is waving in some new faces, with their LinkedIn page currently showing 185 job openings.

Revenue-wise, they're not doing too shabby either, pulling in $441 million in Q1 2023, a significant leap from $299 million during the same period last year. And adding to their repertoire, they've recently taken under their wing no-fee credit card startup X1 for a cool $95 million cash deal. But it's not all sunshine and rainbows, as their user base has shrunk from 21 million monthly active users in Q2 2021 to 11.8 million in Q1 2023. On the market, Robinhood's shares have taken quite the rollercoaster ride, currently down 86% from their record high in 2021, despite a year-to-date increase of 19.18%.

It's business as usual in the dynamic world of finance, where change is the only constant. Robinhood's tale serves as a reminder that the road to success isn't always a straight line, but rather a winding path filled with ups and downs, twists and turns.

🤖 Unity's AI Marketplace: A Game-Changer

Unity, the powerhouse behind the game engine software many of us adore, saw a notable 12% bump in its shares this week.

What's the cause?

Well, they've just unveiled a fresh marketplace for artificial intelligence (AI) software. It's like a digital bazaar where game makers can pick up AI tools that can do anything from generating slick graphics to crafting engaging dialogue, all thanks to independent AI companies like Inworld AI and Polyhive.

CEO John Riccitiello is pretty fired up about it, claiming that AI will revolutionize gaming by making it faster, cheaper, and downright better.

John said, "It's already happening."

Now, some of you might be thinking, "Isn't Unity the VR guys?" You're not wrong!

Before this AI marketplace thing took off, Unity was neck-deep in VR, with their software being used to create immersive VR apps. Heck, even Apple's jumping on board, announcing that VR apps made with Unity will be supported on their upcoming Vision Pro headset.

But wait, there's more!

Our friends at Wells Fargo are casting an optimistic gaze at Unity, suggesting that its current share price could be a sweet buying opportunity. They're also speculating about Unity branching out beyond gaming with digital twins and other enterprise simulation products.

So, whether you're a game maker, an AI enthusiast, or just enjoy a good ol' underdog story, Unity's recent moves are something to keep an eye on.

💰 15-Minute $38M Miracle: Azuki's NFT Triumph

If you've been tracking the crypto space, you probably heard the rumble as Azuki, the powerhouse from Chiru Labs, shook things up with their latest NFT drop.

Despite the overall market mood being a bit chilly, Azuki came in like a wildfire, sparking $38 million worth of Ethereum to change hands in a blink-and-you-missed-it 15-minute frenzy. This feat was achieved with the sale of 10,000 Azuki Elementals NFTs, all of which were grabbed up before you could even say "public sale". Plus, they didn't forget their loyal fanbase, dropping another 10k Elementals to the existing Azuki NFT holders.

Talk about rewarding loyalty!

Azuki has always been a crowd-puller.

Since its debut in 2022, it's chalked up a cool $1 billion (yes, billion with a 'b') in secondary trading volume, making it the success story of the year. Not just that, their Beanz collection isn't far behind either, tallying up $276 million in trades.

With this kind of track record and their innovative approach to rewarding their community, Azuki seems to be redefining the game.

🌐 Fidelity's New Bet on Bitcoin ETFs

Fidelity, the asset management giant with a hefty $4.2 trillion under its belt, is stepping into the ring again with plans to file for a Spot Bitcoin ETF.

Yeah, you heard it right!

They're making another run at it after the U.S. Securities and Exchange Commission (SEC) threw a curveball in 2022, denying their first attempt, the "Wise Origin Bitcoin Trust”.

But Fidelity isn't the type to take a no and walk away. They're back, more determined than ever, and they're not alone. BlackRock, another player in the finance world, made a similar move earlier this month. This could be the beginning of a heavyweight match between some of the biggest asset managers on the planet, each vying for their own slice of the pie.

Now, why does this matter?

Well, Fidelity jumping back into the ring could be a game-changer for the industry. If Fidelity and BlackRock succeed, we could see a tidal wave of institutional investment flowing into the crypto space.

It's a big "if", but the potential impact is undeniable. And remember, Fidelity isn't new to this game; they've been playing in the crypto sandbox since 2018.

Interesting times ahead, wouldn't you say?

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