Robinhood chain to generate $160M in annual fees by 2028: Bernstein

Bernstein analysts project that Robinhood’s blockchain network could generate $160 million in annual fees by 2028, driven primarily by the rising adoption of tokenized stock trading. Tokenized equities now account for approximately 27% of the network's total trading volume, marking a significant shift away from the platform's initial reliance on memecoin pairs. This growth is supported by automated market-making pools on Uniswap, which create reflexive demand by pairing memecoins with stock tokens. The network has rapidly become a leader in daily fee generation, recording $2.13 million in a single 24-hour period according to DefiLlama data. Despite this financial momentum, the initiative faces regulatory and corporate scrutiny, notably from AMC Entertainment CEO Adam Aron, who criticized the lack of affiliation between the tokenized assets and the underlying company. Bernstein has responded to these developments by raising its price target for Robinhood (HOOD) stock to $160 per share. This trend highlights the increasing institutional interest in bridging traditional equity markets with decentralized finance infrastructure.