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Robinhood reached $100 a share this week for the first time, according to data from CNBC. The rally came days after the company was left out of the S&P 500, but that snub didn’t stop the stock from jumping more than 30%, its biggest move since April.
Instead of chasing approval from traditional markets, Robinhood is moving fast with its crypto plans, starting with a full expansion in Europe.
During a private event held at a Belle Époque mansion on the French Riviera, executives announced that Robinhood is launching tokenized trading for stocks, ETFs, and private equity. CEO Vlad Tenev told CNBC, “This presentation and these products are dual-purpose.
The first purpose is obviously to deliver great products to users, but I think the second purpose is to just demonstrate very concretely how great it could be if crypto technology and traditional financial services could fully merge.”
Robinhood builds its own blockchain and launches tokenized OpenAI and SpaceX shares
To back that plan, Robinhood is building a custom blockchain, using Ethereum layer-2 tech to allow 24/5 crypto trading. This is meant to keep retail traders active beyond the old-school Monday to Friday window. The company also introduced tokenized shares of OpenAI and SpaceX to European users, opening access to private tech companies that aren’t publicly listed.
“We thought we would just deliver,” Vlad said. “We don’t want to do much talking. We want to just put product in customers’ hands.” Johann Kerbrat, who runs Robinhood Crypto, added, “In the future, we think we can expand this to thousands of tokens that represent different types of financial instruments — from US stocks and international equities to private equity. What we showed today with SpaceX and OpenAI is just a glimpse of what we’re planning — there’s much more to come.”
Robinhood’s latest quarterly numbers show a 50% year-over-year revenue increase in Q1, with the company launching staking in the US this week — a feature that had been previously blocked by regulators.