Robinhood’s Crypto Keynote Could Be a Chance to Buy the Dip: Compass Point
Summary
Robinhood will host a crypto-focused keynote event in France, presenting potential buying opportunities for investors. The company’s stock fell 1.3% to $83.46 but has increased over 120% year-to-date. Compass Point raised its price target for Robinhood from $64 to $96, maintaining a buy rating. The event will unveil next-generation crypto products and may coincide with the Ethereum conference EthCC. Potential announcements include tokenized stock trading, new token listings for assets like Sui and Aptos, and possibly perpetual crypto futures. Robinhood's digital assets revenue reached $252 million in Q2, a 100% increase from the previous year. The company allows staking of Ethereum and Solana in Europe but not in the U.S.