Robinhood’s Crypto Push and Tokenized Equity Rollout Drive JPMorgan to Double Price Target

Robinhood’s deepening involvement in cryptocurrency and its recent foray into tokenized equities in Europe are helping fuel a substantial long-term valuation uplift, according to analysts at JPMorgan.

The Wall Street bank raised its 2026 price target for Robinhood (NASDAQ: HOOD) to $98, up from its previous $47 target for 2025. The revision follows the company’s strategic expansion, including the $200 million acquisition of Bitstamp, a major European crypto exchange, which was finalized in June.

Robinhood is set to report second-quarter earnings on Wednesday. JPMorgan — which holds a neutral rating on the stock — projects earnings per share of $0.31, up from $0.21 a year ago, in line with FactSet estimates. The firm also forecasts transaction-based revenue reaching $515 million.

Crypto remains a key driver. According to FactSet, Robinhood’s crypto trading revenue is expected to double year-over-year to $169.3 million, though that still reflects a decline from the $247 million recorded in Q1, underscoring the platform’s exposure to market volatility and trading activity.

Robinhood shares have soared 170% year-to-date and were recently trading 0.7% lower at $105.95.

JPMorgan said Robinhood’s innovations in tokenized finance are likely to improve operating leverage and unlock long-term value. The company’s European launch of tokenized equity trading, enabled under the EU’s MiCA framework, lets users access over 200 tokenized stocks and ETFs, with full 24/7 trading expected once Bitstamp’s order book is integrated.

The platform currently charges a 0.1% FX fee in markets where payment-for-order-flow is prohibited and plans to expand access to tokenized shares of private firms like OpenAI and SpaceX, potentially laying the groundwork for decentralized finance (DeFi) applications.

While still early-stage, Robinhood’s efforts appear to be aligned with a broader shift in regulatory sentiment. U.S. regulators, including the SEC, recently granted a broker-dealer license to tokenized asset platform Dinari, a sign that domestic acceptance may be on the horizon — something that could benefit Robinhood over time.

While short-term earnings may reflect moderate growth, analysts suggest that Wall Street is beginning to price in Robinhood’s broader transformation — from a retail brokerage to a next-gen platform at the intersection of crypto and traditional finance.