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Bernstein maintained an Outperform rating and $160 price target for Robinhood Markets, implying about 31% upside from a Friday close of $122.11. The firm said Robinhood Chain has quickly become a source of earnings since its July 1 launch, accumulating about $1.5 billion in total value locked and more than $50 billion in decentralized-exchange volume.
The network generated about $33 million in fees over the past 15 days, ranking ahead of Solana at roughly $11 million and BNB Chain at roughly $9 million. Robinhood retains about 90% of those fees, with about 10% going to Arbitrum for the underlying technology and less than 1% paid to Ethereum for data fees.
Why it matters
Robinhood Chain is showing how a retail brokerage can convert a Layer-2 network into an earnings engine rather than treating blockchain infrastructure as a separate technology project. The $2 million to $4 million daily trading-fee run rate gives the network immediate monetization, while its scale already places it among leading chains by fees.
Tokenized stocks and stablecoins are expanding the network's addressable use cases. Tokenized-stock value on Robinhood Chain rose from about $10 million to $140 million over two months, and the network represented roughly 32% of tokenized-equity transfer value in the week of Aug. 30.
Market impact
The fee trajectory could strengthen the investment case for Robinhood by linking user activity on its blockchain to recurring revenue. Bernstein's target is based on the network continuing to grow while retaining most of the fees generated by its activity.
Stablecoin supply on Robinhood Chain reached about $1 billion, up from roughly $241 million in early July. USDG represented about 66% of the total, while USDe accounted for another 33%, adding liquidity and a broader settlement base to the network.
Frequently asked questions
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How much in fees did Robinhood Chain generate over the past 15 days?
About $33 million, ahead of Solana at roughly $11 million and BNB Chain at roughly $9 million.
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What daily trading-fee range is Robinhood Chain tracking?
Bernstein said daily trading fees are tracking at $2 million to $4 million.
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How much of Robinhood Chain's fees does Robinhood retain?
Robinhood keeps about 90% of the fees. About 10% goes to Arbitrum, while less than 1% is paid to Ethereum for data fees.
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How large is Robinhood Chain's stablecoin supply?
Total stablecoin supply reached about $1 billion, up from roughly $241 million in early July. USDG represented about 66% and USDe about 33%.
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What is Robinhood's Bernstein price target?
Bernstein maintained a $160 price target and an Outperform rating, implying about 31% upside from Robinhood's $122.11 Friday close.
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