Bernstein: Robinhood Chain to Hit $160M in Fees by 2028 — SkimNews
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- Bernstein projected the Robinhood chain will generate $160M in annual fees by 2028, attributing the forecast to growing demand for tokenized stock trading on the network.
- Robinhood's blockchain network became the leading chain by daily fees, generating $2.13M in the past 24 hours per DefiLlama, just over two months after its July 1 launch.
- Tokenized stock trading grew to 27% of the chain's total trading volume, while native memecoin pairs fell to 36% from 100% at launch.
- Uniswap's automated market-making pools pair memecoins with stock tokens, creating what Bernstein called "reflexive demand" for both sides.
- Bernstein raised its HOOD price target to $160 from $130 on July 20, maintaining an Outperform rating and citing growth in prediction markets and tokenized equities.
- AMC CEO Adam Aron called Robinhood's tokenized AMC stocks "outrageous," said the tokens have no affiliation with his company, and announced plans to ask outside securities counsel to investigate.
Why it matters: Robinhood's chain shifted from 100% memecoin trading at launch to a 27% tokenized-stock mix in roughly two months — a pace that puts Bernstein's $160M 2028 fee target on a credible early trajectory, but AMC CEO Adam Aron's call for a securities-counsel investigation introduces a direct legal challenge to the tokenized-equity model that the bullish forecast assumes will keep scaling.
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