Trading platform Robinhood’s blockchain network could generate as much as $160 million in annual fees by 2028, according to a report published Tuesday by Bernstein analysts.
The analysts attributed the projection to growing demand for tokenized stock trading on the network. Tokenized stocks have grown to account for approximately 27% of the chain’s total trading volume. Meanwhile, native memecoin pairs trading has declined to 36% of network activity, down from 100% when the chain launched on July 1.
According to Bernstein, the rising demand for tokenized stocks is propelled by automated market-making pools on Uniswap. These pools pair memecoins with stock tokens, generating what analysts describe as “reflexive demand” for both asset types.
Data from DefiLlama indicates that in just over two months since its launch, the Robinhood chain has become the leading blockchain network by daily fees, producing $2.13 million over a recent 24-hour period.
Previously, on July 20, Bernstein raised its price target for Robinhood (HOOD) stock from $130 to $160 per share while maintaining an Outperform rating, citing expected growth in tokenized equities and the platform's prediction market business. Yahoo Finance data showed that Robinhood's Nasdaq-traded shares saw little change during Tuesday premarket activity.
Despite its growth, Robinhood's blockchain-based equities have faced criticism. AMC Entertainment Holdings CEO Adam Aron stated that the platform's tokenized stocks, which provide economic exposure to AMC shares, are completely unaffiliated with the company. Aron described the offering as “outrageous” and announced that AMC would ask its outside securities counsel to investigate the matter.
