JPMorgan (JPM) set its 2026 price target for trading platform Robinhood (HOOD) to $98, up from $47 in 2025, citing new product launches and acquisition of European crypto exchange Bitstamp.

Robinhood reports second-quarter earnings Wednesday. JPMorgan, which maintains a neutral rating on the stock, said it expects the company to post earnings per share of 31 cents, up from 21 cents in the year-earlier period and in line with estimates by FactSet and transaction-based revenue reaching $515 million.

Crypto trading revenue is expected to double to $169.3 million from $81 million the year before, according to FactSet estimates. Still, that's sharply below the first-quarter figure of $247 million, a sign of the platform’s sensitivity to volatility and trading volumes in digital asset markets.

Shares of the Menlo Park, California-based company have risen 170% this year. They were recently 0.7% lower at $105.95.

The company's moves in crypto and tokenized finance will boost operating leverage and create long-term upside, JPMorgan said. That includes the $200 million acquisition of crypto exchange Bitstamp, which closed in June, and a series of recent product rollouts.

Chief among those is Robinhood’s entry into tokenized stock trading in the European Union, which started this month under the bloc’s MiCA regulatory framework. Compass Point notes that users can now trade more than 200 tokenized equities and ETFs nearly around the clock. Full 24/7 access is expected once Bitstamp’s order book is integrated.

Robinhood charges a 0.1% fee on dollar conversions in jurisdictions where payment for order flow is banned. The firm plans to offer tokenized access to private companies like OpenAI and SpaceX, giving EU users exposure to traditionally off-limits investments and enabling future decentralized finance (DeFi) use cases.

While this revenue stream is still early-stage, Compass Point says U.S. regulators are showing signs of warming to the concept. The Securities and Exchange Commission recently granted a broker-dealer license to Dinari, a startup focused on tokenized equity trading, hinting that similar platforms — including Robinhood — may gain domestic traction.

While Robinhood’s earnings may show some growth, Wall Street appear sto be starting to bet bigger on its future.

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