$IBKR popped 4.23% on this announcement alone — market is pricing in the asset gravity well, not the fee savings. IBKR already runs some of the most aggressive portfolio margin in the industry; once they extend cross-margining so your BTC collateralizes equity positions (and vice versa), the capital efficiency gap between holding crypto on Coinbase vs. IBKR becomes absurd. That's the actual moat here — not 12 bps vs 200 bps, but unified margin across stocks, options, futures, and crypto under one risk engine. Paxos and zerohash handling custody means IBKR avoids the regulatory surface area of being a custodian while still capturing the order flow.

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