MENLO PARK, California, August 21, 2026, 10:20 EDT — Robinhood (HOOD) recorded an increase of $11.7 billion as investors focus on the potential for tokenization, despite a slowdown in crypto revenue.
- Robinhood rose 13.63% by 10:04 EDT, increasing its market value by about $11.7 billion.
- The increase was 1.9 times higher than Bitcoin’s, surpassing Coinbase by four percentage points.
- Robinhood’s revenue from crypto accounted for only 7.6% of its total in the second quarter.
Robinhood Markets, Inc. NASDAQ:HOOD saw its equity value rise by roughly $11.7 billion Friday morning. Shares climbed to $108.06 as of 10:04 EDT, an increase of 13.63%. Over the same period, bitcoin advanced 7.18%.
The size of the difference is more significant than the headline increase. Robinhood’s shares climbed approximately 1.9 times the percentage change of Bitcoin. The firm’s new market capitalization was also nearly nine times its total revenue for the second quarter.
Investor expectations seem to extend beyond just a rebound in trading volumes. Renewed hope concerning U.S. cryptocurrency regulations has enhanced the appeal of Robinhood’s tokenization ambitions. However, the firm’s existing earnings drivers reach well beyond digital assets.
| Market snapshot | Price | Change | Versus HOOD |
|---|---|---|---|
| Robinhood | $108.06 | +13.63% | — |
| Bitcoin | $76,934.29 | +7.18% | HOOD ahead by 6.45 pts |
| Coinbase Global, Inc. NASDAQ:COIN | $188.96 | +9.64% | HOOD up 3.99 pts |
| SoFi Technologies, Inc. NASDAQ:SOFI | $18.98 | +5.92% | HOOD leads by 7.71 pts |
| Strategy Inc NASDAQ:MSTR | $118.27 | +5.23% | HOOD up 8.40 pts |
The valuation premium is supported by ongoing operating strength. Revenue for the second quarter increased 32% to $1.31 billion. Net income was up 48% at $573 million, and adjusted EBITDA came to $741 million. The adjusted margin stood at 57%.
Crypto revenue dropped by 38%, reaching $100 million and accounting for just 7.6% of revenue for the quarter. Combined, options and net interest income contributed over half of overall revenue.
| Q2 2026 revenue source | Revenue | Share of total | Year-over-year change |
|---|---|---|---|
| Net interest | $389 million | 29.7% | Up 9% |
| Options | $342 million | 26.1% | Up 29% |
| Event contracts | $156 million | 11.9% | More than 10x |
| Other revenue | $143 million | 10.9% | Up 54% |
| Equities | $129 million | 9.8% | Up 95% |
| Crypto | $100 million | 7.6% | Down 38% |
| Other transaction revenue | About $49 million | 3.7% | Not separately stated |
Rising customer numbers provide further backing for the valuation. The number of funded customers climbed 7% to reach 28.4 million. Platform assets advanced 32% to $369 billion, and Gold subscribers increased 39% to 4.8 million.
Chief Executive Vlad Tenev said pushing product development was focused on “making everyone an owner.” Robinhood currently has 13 business lines generating more than $100 million in annualized revenue each. Robinhood results release
Tokenization represents optionality. Robinhood has introduced stock tokens, its Robinhood Chain, and decentralized-finance offerings to customers based outside the United States. The company reported that stock tokens are accessible in over 120 countries.
Tenev described the change as a “tokenization supercycle.” On-chain equity volume was reported at $9 billion in 2026. This total is still under 1% of Robinhood’s $956 billion equity notional for the second quarter, although the timeframes are not the same. Yahoo Finance
| Activity measure | Reported scale | Growth signal | Investor read-through |
|---|---|---|---|
| Robinhood equity notional, Q2 | $956 billion | Up 85% from a year ago | Substantial current trading population |
| Robinhood options contracts, Q2 | 774 million | Up 50% | Strong core transaction volumes |
| Robinhood event contracts, Q2 | 13.6 billion | Over 10 times higher | Fastest-growing product |
| Robinhood crypto notional, Q2 | $40 billion | Includes $22 billion contributed by Bitstamp | Acquisition extends market footprint |
| On-chain equity volume, 2026 | $9 billion | Up 800% so far this year, reported | Low starting figure allows significant upside |
Washington emerges as the immediate focus. President Donald Trump called on Congress this week to move forward with legislation for the crypto market. Robinhood’s Tenev was present at the White House gathering. The legislation is still delayed, meaning the timeline is unclear.
Much of that anticipated potential is reflected in the current share price. On Friday, the stock closed at $108.06, which is just 10.9% lower than the $119.82 mean target set by analysts. Estimates varied significantly, with a range spanning $57 to $163.60.
| Analyst measure or action | Recommendation | Target | Implication from $108.06 |
|---|---|---|---|
| 28-analyst consensus | Buy | $119.82 average | +10.9% |
| DBS, August 13 | Buy | $120 | +11.0% |
| Barclays, August 13 | Overweight | $105 | -2.8% |
| Cantor Fitzgerald, August 3 | Overweight | $115 | +6.4% |
| Goldman Sachs, July 30 | Buy | $118 | +9.2% |
Robinhood bought back $414 million worth of shares in the quarter, paying an average price of $94 each. The stock closed Friday 15% above that level, narrowing the scope for the same buybacks to provide immediate accretion.
Risks: A downturn in cryptocurrency markets may lower trading volumes and squeeze Robinhood’s premium. The rally could also be undermined by postponed U.S. legislative action, limits on tokenization or decreased retail participation.
Friday’s action reflects two narratives simultaneously. The core business is expanding independently of crypto. Greater gains hinge on tokenized assets evolving into a significant second network.
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