Shares of Robinhood (HOOD) and Coinbase (COIN) closed the week sharply higher after a series of news events fueled investor optimism, capped by the U.S. Commodity Futures Trading Commission (CFTC) allowing domestic firms to offer perpetual futures. Robinhood’s stock surged approximately 11% on Friday to around $94, its highest since February, while Coinbase jumped nearly 7% to $189, still within its consolidation range.
The rally was triggered early Friday when the CFTC announced it would permit U.S. firms to offer perpetual futures trading. The agency also issued a no-action letter to Coinbase, formally allowing its U.S. customers to access the options and perpetuals the exchange already provides. Analysts, including Mizuho’s Dan Dolev, called it a “massive market opportunity” that could capture a share of trading activity currently concentrated on offshore platforms. Other companies like Gemini and Robinhood, which already offers the product in Europe, are also exploring entry.
The momentum for Robinhood was further bolstered on Thursday when the Treasury Department launched the Trump Account app, designed by Robinhood. Nearly six million families have signed up, with accounts set to activate on July 4. Robinhood is serving as both brokerage and initial trustee, having invested under $14 million in initial development and committing another $100 million to build the user interface. The previous day, Robinhood announced it would let customers connect AI agents to place trades and make purchases, a move that alone lifted HOOD almost 3% on Wednesday.
Mizuho raised its price target on Robinhood from $110 to $115, maintaining an Outperform rating, while Citizens reiterated a “market outperform” rating with a $155 target. Despite the weekly gains, HOOD remains down 25% year-to-date, weighed by a 47% drop in crypto trading revenue reported in April.
