Robinhood's strategic embrace of blockchain technology and tokenization has driven its stock price up nearly 30% in the past month, highlighting new growth momentum for the brokerage, despite some of its products facing regulatory scrutiny.
In New York trading, Robinhood's stock, with the ticker symbol HOOD, surged to $94.65 on Wednesday, just 4% shy of the all-time closing high set on July 2.
The stock has risen over 27% in the past month and has gained 137% year-to-date, with a market capitalization exceeding $82 billion.
While Robinhood's stock price has been driven by various factors—including a 50% year-over-year surge in first-quarter revenue to $927 million—its gains accelerated after the company launched a layer-two blockchain focused on tokenization at the end of June.
This new blockchain, built on Arbitrum, will enable Robinhood to offer tokenized U.S. stocks and exchange-traded products to European investors.
In the U.S., Robinhood has also proposed creating a Real World Asset Exchange, a platform for on-chain settlement of real-world assets.
Robinhood's push for tokenization has been well-received by investors, but European regulators have expressed concerns about the company's so-called tokenized equity products, which reportedly provide exposure to investments in private companies.
The Bank of Lithuania—Robinhood's main regulator in Europe—has requested more information from the brokerage regarding its stock token products specifically targeting OpenAI and SpaceX.
Robinhood CEO Vlad Tenev clarified that these products are technically not equity products but still provide investors with exposure to these companies. According to Galaxy Research, such private equity tokens are more akin to "derivatives" that offer indirect exposure to non-public companies.
In an interview with Bloomberg News on Tuesday, Tenev stated that many private companies have reached out to Robinhood, hoping to allow investors to invest in their equity through private equity tokens similar to those for SpaceX and OpenAI.
Related: Robinhood CEO says private companies are "lining up" to join the tokenized equity platform
Original: “Robinhood Stock Nears All-Time High as Tokenization Strategy Gains Attention”
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