Bernstein raised its price target on Robinhood Markets to $160 per share from $130, signaling confidence in the online brokerage’s pivot toward tokenized equities and prediction markets as its next growth engine.
The research note, published July 20, maintains an Outperform rating on the stock. At the time of the report, Robinhood traded at $101 per share. Bernstein’s thesis centers on two emerging segments: prediction markets, which the firm projects will generate $1.7 billion in revenue by 2028 at a 64% compound annual growth rate, and tokenized real-world assets, which could represent $2 trillion to $4 trillion in on-chain value by 2030 compared to $35 billion today.
Robinhood Chain, the company’s proprietary layer-2 network built on Arbitrum, underpins this strategy. The infrastructure enables on-chain financial products without reliance on third-party blockchains. Tokenized stocks currently represent a $2 billion market in 2026, according to Bernstein’s analysis.
Ecosystem Acceleration
The tokenization infrastructure layer is consolidating rapidly. Alpaca, a brokerage infrastructure provider, raised $135 million on July 16 to build agent-first tokenized infrastructure. Alpaca and Broadridge Financial Solutions have integrated shareholder governance tools into Alpaca’s Instant Tokenization Network, adding proxy voting, investor communications, and regulatory disclosures for tokenized securities.
Securitize and Cantor Fitzgerald partnered to develop infrastructure for blockchain-based initial public offerings and follow-on equity offerings within existing US securities regulations. Tradable’s Stellar deal, valued at $1 billion, represents another milestone in on-chain equity infrastructure.
Competitive Position
Robinhood competes across prediction markets, perpetual futures, and tokenized real-world assets. Bernstein’s upgrade reflects confidence that these segments, rather than traditional crypto trading, will define the company’s growth trajectory over the next two years.
The $30 per-share increase to Bernstein’s target implies a 30% upside from the report date price, contingent on execution in markets that remain nascent but are attracting institutional infrastructure investment.
