Robinhood Shares Hit All-Time High as Firm Unveils Tokenized Stocks, Ethereum L2
Robinhood shares reached an all-time high of $92.37, rising 11.25% after announcing tokenized stock trading for European customers on the Arbitrum network. The stock has increased 148% year-to-date from $39 in January. Users can now trade U.S.-listed stocks and ETFs as tokens and will soon access this service on Robinhood's own blockchain. European users can also stake Ethereum and Solana, with recent SEC clarification that staking does not involve securities laws. Analyst Ed Engel raised Robinhood's price target to $96, citing potential for higher margin trading fees. The European app is fully blockchain-powered, supported by a MiCA license for over 27 regions. In Q2, Robinhood reported $252 million in crypto revenue, a 100% increase year-over-year. The new features align with offerings from other U.S. exchanges like Coinbase and Kraken. CEO Vlad Tenev demonstrated trading a digital representation of OpenAI stock during a crypto event.
