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Robinhood's S&P 500 Inclusion Boosts Stock; Token Unlocks and Kinto Closure Impact Markets

Robinhood's addition to the S&P 500 drove its stock up, while upcoming token unlocks and the closure of Kinto create mixed market signals. Market Reactions to Robinhood's S&P 500 Inclusion Robinhood (HOOD) shares surged 7% in after-hours trading following its inclusion in the S&P 500, set for September 22. This contrasts with Strategy (MSTR), which was not included despite meeting the criteria. The move signals increasing acceptance of crypto-related companies in traditional finance, as previously seen with Coinbase. Robinhood reported Q2 revenue of $989 million, up 45% year-over-year, with net income at $386 million ($0.42 per share). Crypto trading revenue reached $160 million, nearly double year-over-year, though down from the previous quarter's $252 million. Token Unlock Events and Potential Market Volatility Significant token unlocks are scheduled for the week, potentially impacting market prices. Tokens like MOVE, S, and APT are among those set for release. Specifically, Cheelee (CHEEL) will unlock approximately 20.81 million tokens on September 13th, valued at approximately US$56 million and accounting for 3.13% of the current circulating supply. Aptos (APT) will unlock approximately 11.31 million tokens on September 11, representing a 2.20% ratio to the current circulating supply and valued at approximately $48 million. Sonic (S) will unlock approximately 150 million tokens on September 9th, accounting for 5.02% of the current circulating supply and valued at approximately US$45.4 million. These unlocks, while part of scheduled tokenomics, can create downward pressure on prices due to increased supply. Kinto's Closure Following Exploit Kinto, an Ethereum Layer 2 network, will shut down on September 30 following a July exploit that resulted in a $1.55 million loss from lending pools. The exploit involved minting 110,000 fake Kinto tokens and draining assets from Morpho lending vaults and Uniswap v4 liquidity pools. Founder Ramón Recuero is allocating $55,000 of personal funds to reimburse affected users. All remaining foundation assets will be returned to the Phoenix lenders, who will recover 76% of their loan principal. The incident highlights the risks associated with DeFi platforms and smart contract vulnerabilities, with the vulnerability existing in the widely used OpenZeppelin Proxy template. Broader Market Implications Robinhood's inclusion in the S&P 500 may encourage more traditional investors to explore crypto offerings, potentially driving capital inflows into the crypto market. The company's platform serves as a gateway for retail investors into digital assets. Conversely, the exclusion of MicroStrategy (MSTR) from the S&P 500, despite meeting standard market capitalization and revenue growth thresholds, suggests continued skepticism toward crypto assets among index gatekeepers. Linea will distribute 160 million LINEA tokens as incentives for its Ignition liquidity program next week, with 80% allocated to lending pool LPs and 20% allocated to Ethereum trading. SOL Strategies Inc. (STKE) is set to begin trading on the Nasdaq Global Select Market on September 9, after receiving approval. This listing aims to enhance the company's visibility among institutional investors. CEO Leah Wald stated that joining Nasdaq aligns the company with innovative technology firms and positions it to attract institutional investors who recognize Solana's infrastructure potential. Expert Commentary Bloomberg senior analyst Eric Balchunas noted that MSTR's inclusion would have created a feedback loop where rising BTC prices boost MSTR's valuation, attracting more index-linked capital and further reinforcing Bitcoin's institutional adoption.