Trading-platform operator Robinhood's blockchain network could generate as much as $160 million in annual fees by 2028, Bernstein analysts forecast in a report shared with Cointelegraph on Tuesday.
The outlook follows rising demand for tokenized stock trading on the network, which now accounts for roughly 27% of the chain's total trading volume, according to Bernstein. Native memecoin-pair activity has declined to 36% of network volume from 100% at launch on July 1, as traders increasingly rotate into tokenized equities.
Bernstein attributed the momentum for tokenized stocks partly to automated-market-making pools on Uniswap that pair memecoins with stock tokens, generating what it called "reflexive demand" for both sides of the pairing.
In the two months since the chain launched, it has emerged as the top blockchain network by daily fee generation. Data from DefiLlama showed the chain produced $2.13 million in fees over a 24-hour period.
On July 20, Bernstein raised its price target on Robinhood stock (HOOD) to $160 from $130, maintaining an Outperform rating. The firm cited anticipated growth in the platform's prediction-market business and in tokenized equities.
Robinhood's Nasdaq-listed shares were little changed in Tuesday premarket trading, according to Yahoo Finance.
The platform's tokenized-equities listing has faced resistance from some traditional market participants. Adam Aron, chief executive of AMC Entertainment Holdings, called the platform's tokenized AMC shares "outrageous," asserting they carry no affiliation with his company and saying AMC will seek investigation through outside securities counsel.
