'The chain is now earnings': Bernstein sees 31% upside for Robinhood as fees top Solana, BNB Chain

What happened

Bernstein predicts 31% upside for Robinhood because its new blockchain network generated $33 million in fees over 15 days, surpassing Solana and BNB Chain in fee revenue.

Confirmed

Global impact / market context

Higher fee income could boost Robinhood's revenue and profit per sale, making its stock more attractive. This shows how a trading app can grow by building its own network, not just brokering trades.

Analyst inference

Solana and BNB Chain are established blockchains, so Robinhood's fee outperformance signals competitive pressure. Investors may compare these networks' earnings power, potentially shifting capital toward Robinhood and away from other crypto platforms.

Analyst inference

What to watch

1. Whether Robinhood's fee revenue stays above Solana and BNB Chain in coming weeks, as Bernstein's 31% upside target depends on this trend continuing. Confirmed
2. Watch for Robinhood's next earnings report to see if the $33 million fee figure translates into higher reported revenue and profit per sale for the company. Proposed
3. Monitor whether other trading apps copy Robinhood by launching their own chains, which could increase competition and reduce fee advantages across the crypto industry. Analyst inference

Affected assets

• BNB — BNB
• SOL — Solana

Evidence

• theblock.co