Robinhood Gains $11.7 Billion Amid Tokenization Expectations, While Crypto Revenue Lags
Robinhood Markets saw its equity value surge by $11.7 billion as investors bet on the company's long-term tokenization strategy despite a 38% decline in quarterly crypto revenue. Shares rose 13.63% to $108.06, significantly outperforming Bitcoin's 7.18% gain during the same period. While crypto trading currently accounts for only 7.6% of total revenue, the market is pricing in a 'tokenization supercycle' driven by CEO Vlad Tenev’s focus on on-chain equity products. Robinhood has already launched stock tokens and the Robinhood Chain, facilitating $9 billion in on-chain equity volume in 2026. This volume represents less than 1% of the firm's $956 billion in total equity notional, highlighting the massive growth potential investors anticipate. The valuation premium is further supported by strong core operating results, including a 32% revenue increase to $1.31 billion. Ultimately, the rally reflects investor confidence in Robinhood’s ability to leverage potential U.S. regulatory shifts to scale its tokenized asset offerings.