Robinhood Adds Nearly $14 Billion as Cryptocurrency Markets Rally

Rising cryptocurrency markets helped push Robinhood's market capitalization up by nearly $14 billion over three trading sessions. The company's shares, HOOD, jumped from $91.53 on Tuesday to $106.98 on Friday, a gain of 12.49% for the session.

The increase in market value, from approximately $82.3 billion to $96.2 billion, is based on Robinhood's estimated 899 million outstanding Class A and Class B shares. The surge in HOOD's price was partly driven by Bitcoin's rise from below $63,000 one week earlier to above $76,000 on Friday.

Bernstein analyst Gautam Chhugani maintained the company's $160 price target and Outperform rating, which he first raised on July 20. The firm views prediction markets, tokenized equities, and other emerging financial products as key growth opportunities for Robinhood.