Bernstein analysts have reiterated a $160 price target for Robinhood Markets (HOOD), implying a 78% upside from recent trading levels, underscoring the company’s accelerating push into cryptocurrency infrastructure and new revenue streams. The rating remains Outperform, with analysts led by Gautam Chhugani citing a suite of crypto products as transformative growth drivers.
At the core of the thesis is Robinhood’s evolution beyond simple crypto trading into tokenization and decentralized finance. Robinhood Chain, the firm’s blockchain infrastructure project, has already generated over $12 billion in decentralized exchange volume and surpassed 150 million transactions. Tokenized Stocks are now available in more than 120 countries via Robinhood Wallet, and Robinhood Earn, a yield-bearing product for idle cash, has attracted over $200 million in deposits.
The acquisition of crypto exchange Bitstamp is expected to accelerate institutional and international reach. Meanwhile, the Rothera prediction-market exchange, launched in June, processed over 3.5 billion contracts, with 2.1 billion in the second quarter alone, generating $17 million in revenue. Event-contract revenue hit $156 million in Q2, overtaking crypto trading revenue of $100 million as industry trading volumes eased. Bernstein cut its 2026 crypto trading revenue estimate by 49% on weaker volumes, but sees the broader tokenization and prediction-market pivot as compensating.
Key risks include potential regulatory changes affecting the payment-for-order-flow model and the SEC’s stance on crypto tokens as securities. Yet Bernstein’s $160 target—well above the stock’s price of $86.60 at Thursday’s close—signals confidence in Robinhood’s ability to execute its roadmap and diversify its financial ecosystem.
