ARK Invest's Nick Grous highlights that Robinhood's growth is primarily driven by its $5 monthly subscription service, Robinhood Gold, rather than its trading business. Despite a decline in first-quarter trading revenue, the Gold service has become a key component of Robinhood's ecosystem, offering users banking services, credit cards, portfolio management, and more. By Q1 2026, Gold's penetration among depositing users reached 15.8%, with nearly 40% of new users opting for it at registration. Gold users reportedly have assets five times larger than regular users and are significantly more likely to open retirement accounts. The launch of Robinhood Banking has further bolstered growth, with deposit balances soaring from $100 million to $1.6 billion in two quarters. The number of Gold Card holders has quadrupled year-over-year to 765,000. ARK Invest suggests that Robinhood is evolving into a "financial super-app," with its growth driven by a "flywheel effect" that is still in its early stages.