HOOD
Not just a crypto cameo anymore
Robinhood is trying hard to graduate from “the app where you buy meme stocks and Bitcoin” to something a little more grown-up — and a lot more ambitious. Bernstein says that shift could be worth a lot more to shareholders, keeping its Outperform rating and calling for a $160 price target.
The pitch is basically this: crypto trading may be the appetizer, but the main course is turning Robinhood into a broader financial infrastructure platform. Think tokenized equities, Robinhood Chain, Bitstamp, and Robinhood Earn. In other words, the company wants to sell you the rails, not just the ride.
The growth engines are getting weird in a fun way
Bernstein pointed to a few emerging businesses that are starting to look real instead of just shiny:
- Robinhood Chain has already racked up more than $12 billion in decentralized exchange volume and over 150 million transactions.
- Robinhood Earn has pulled in more than $200 million in deposits.
- The company’s prediction market business is also gaining steam, with Rothera processing more than 3.5 billion contracts and about $17 million in quarterly revenue.
That prediction market piece is especially spicy. It’s now reportedly the third-largest exchange of its kind in the U.S., which is not exactly the kind of sentence you’d have expected to hear about Robinhood a few years ago.
Why investors should care
The catch is that Robinhood’s crypto revenue fell nearly 40% as trading volumes cooled, and Bernstein cut its 2026 crypto trading revenue estimate by 49%. So yes, the old growth engine is sputtering a bit. But the bull case is that Robinhood is building a more diversified business underneath it — one that could be less hostage to whatever mood Bitcoin is in this week.
CEO Vlad Tenev is basically saying the same thing with a blazer on: the company sees long-term growth in digital assets, but it also wants to expand into tokenization, private-market access, retirement products, and global investing. Big picture: Robinhood is trying to become a financial supermarket, not just the crypto kiosk by the register.