TLDR Tech / Crypto
'The chain is now earnings': Bernstein sees upside for Robinhood as fees top Solana, BNB Chain
Bernstein reiterated an Outperform rating on Robinhood Markets with a $160 price target (~31% upside), citing Robinhood Chain's ~$33 million in fees over a 15-day window, outpacing Solana (~$11 million) and BNB Chain (~$9 million) over the same period. Robinhood retains ~90% of collected fees, with Arbitrum receiving 10% for infrastructure and Ethereum under 1% for data availability, converting chain activity into a direct revenue stream on the company's income statement. Since the July 1 launch, the network has reached $1.5 billion in TVL, processed $50+ billion in DEX volume, grown stablecoin supply from $241 million to $1 billion, and expanded tokenized stock holdings 14x to $140 million, reflecting early traction across both DeFi and RWA verticals. Bernstein projects Robinhood Chain will reach ~$160 million in annualized fees by 2028.
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