Crypto Momentum, Tokenization Push Lead JPMorgan to Double Robinhood’s Price Target

JPMorgan Doubles Robinhood Price Target to $98 on Crypto, Tokenization Expansion

Robinhood’s expanding presence in digital assets and tokenized finance is driving long-term optimism, with JPMorgan boosting its 2026 price target for the stock to $98, up from $47 for 2025.

The Wall Street bank cited several strategic moves, including the acquisition of European crypto exchange Bitstamp and the launch of tokenized equity trading in the EU, as key growth drivers that could unlock higher-margin revenue streams and operating leverage.

Second-Quarter Outlook

Robinhood (NASDAQ: HOOD) is scheduled to report Q2 earnings this Wednesday. JPMorgan forecasts earnings per share of $0.31, up from $0.21 a year earlier, and expects transaction-based revenue to reach $515 million. The firm maintains a neutral rating on the stock.

Crypto trading revenue is expected to reach $169.3 million, more than double the year-ago figure, though below Q1’s $247 million — reflecting the platform’s sensitivity to trading volumes and digital asset volatility.

Robinhood shares are up 170% year-to-date, recently trading at $105.95, down 0.7% on the day.

Crypto & Tokenization Strategy

The $200 million Bitstamp acquisition, completed in June, has strengthened Robinhood’s crypto infrastructure. The firm also launched tokenized stock trading in the EU, allowing users to trade over 200 tokenized equities and ETFs with near 24/7 availability. Full around-the-clock access is expected once Bitstamp’s order book is integrated.

In addition, Robinhood plans to offer tokenized exposure to private companies like SpaceX and OpenAI, giving retail users access to assets traditionally out of reach and potentially laying the groundwork for future decentralized finance (DeFi) applications.

The platform charges a 0.1% fee on dollar conversions in markets where payment for order flow is banned — a model analysts see as scalable.

Regulatory Environment Improving

While the tokenized equity market is still early-stage, there are signs of growing U.S. regulatory acceptance. The SEC’s recent approval of a broker-dealer license for Dinari, a platform focused on tokenized stocks, may pave the way for similar offerings from Robinhood in the domestic market.