Robinhood Expands Crypto Business with Tokenization and Market Infrastructure

Bernstein has maintained its Outperform rating on Robinhood Markets with a $160 price target. The brokerage notes that Robinhood's crypto business has expanded beyond trading into tokenization and market infrastructure.

Robinhood Chain, the company's blockchain, has processed over $12 billion in decentralized exchange volume and completed over 150 million transactions since launch. Tokenized U.S. stocks are now available through Robinhood Wallet in more than 120 countries.

Rothera, Robinhood's exchange, has handled over 3.5 billion contracts and generated $17 million in second-quarter revenue. Bernstein notes that the company expects more prediction-market activity to migrate onto Rothera over time.