THE BLOCK: SoFi reported $161.6 million in gross crypto transaction revenue in the third quarter, up 20% from the previous quarter, following its return to crypto trading in late 2025. However, net crypto transaction revenue totaled just $1.6 million after accounting for associated costs.

THE BLOCK: Hyperliquid is developing optional permissioned-market functionality that could allow Kraken parent Payward to deploy perpetual futures markets for U.S. clients through its CFTC-regulated subsidiary Bitnomial. The HIP-3 upgrade would let deployers restrict market access through onchain allowlists, providing a potential way for regulated operators to offer markets on Hyperliquid while meeting applicable requirements. The functionality is available on testnet, and Payward’s planned deployment remains subject to regulatory approval.

THE BLOCK: A Mizuho survey of more than 600 active Robinhood users found that 94% would be likely or very likely to trade single-stock perpetual futures if available, while 84% said they would use mostly or exclusively new money to fund the trades. Mizuho reiterated its Outperform rating and $140 price target on $HOOD, citing potential upside from the product, though Robinhood has not announced plans to launch single-stock perps.