Bernstein analysts boosted their price target on Robinhood (HOOD) to $160 from $130, betting the brokerage's shift into blockchain infrastructure—not crypto trading volume—will fuel the next leg of growth. The new target, led by Gautam Chhugani, is based on a 2028 earnings-per-share estimate of $4.56 and a 35x forward P/E multiple. Robinhood reports second-quarter earnings on July 29.
Why the target jumped
The key driver, Bernstein says, is Robinhood's blockchain infrastructure. The firm's Robinhood Chain, a Layer 2 network, now hosts a wrapped ETH product that saw daily trading volume near $44 million last week and gained about 2%. The analysts aren't leaning on crypto trading revenue—they're looking at fees from prediction markets, perpetual futures, and the chain itself. By 2027, those three lines are expected to generate 18% of total revenue, rising to 23% in 2028. Prediction markets alone could contribute $1.7 billion by 2028.
Robinhood Chain's role
Robinhood Wrapped ETH on Robinhood Chain is the visible infrastructure play. It's not a huge product yet, but the setup matters. The chain lets Robinhood keep settlement and fees inside its own ecosystem, rather than routing through Ethereum or Solana. That's the kind of vertical integration Bernstein thinks will widen margins and attract builders. The $160 price target implies roughly 30% upside from current levels, if the market buys the thesis.
Prediction markets and perps
Bernstein expects prediction markets to become a serious revenue stream, especially as the U.S. regulatory environment for event contracts evolves. Perpetual futures—a derivatives product popular with retail traders—are another high-margin bet. Together with Robinhood Chain, these businesses are still small but growing fast. The analysts' 2028 EPS estimate implies a compound annual growth rate that far outpaces what traditional brokerages deliver.
LiquidChain presale raises $915K
Elsewhere, LiquidChain, a Layer 3 infrastructure project aimed at merging Bitcoin, Ethereum, and Solana liquidity into one execution environment, has its presale live at $0.01482 per LIQUID token. The project has raised $915,000 to date. LiquidChain's pitch is a single execution layer that can tap into the three biggest crypto ecosystems—a technical challenge that, if solved, could simplify cross-chain DeFi.
Robinhood's own infrastructure focus and LiquidChain's ambition both point to a broader trend: crypto projects are moving beyond simple trading interfaces toward owning the rails underneath. Robinhood's earnings call on July 29 will be the first real test of whether the Bernstein thesis holds water.
