As Robinhood holds a crypto-focused keynote speech in France on Monday, investors may have the opportunity to purchase the Investment Bank Compass Point, directed on Friday.
While some investors may “sell news,” the trading platform has several potential catalysts on the horizon, including what is included in the S&P 500 and the crypto business that continues to thrive, Compass Point analyst Engel wrote in a memo.
Robinhood shares fell on Friday, falling 1.3% to $83.46. Yahoo Finance. Since the beginning of the year, the company’s stock price has risen by more than 120% from $39 in January. Compass Point has increased its price target from $64 to $96 with repeated purchase ratings.
According to the company, Robinhood is set to “announce the next generation of crypto products” on Monday, and will host the “first international and crypto-centric event in history. Blog post. meanwhile, Ethereum The Conference Ethcc (8) will be kicked off in Cannes, France.
The timing of Robin Hood’s events could be more than just a coincidence, Engel wrote. He assumed that Robinhood could debut tokenized stock trading. It has been reported by Bloomberg news May, something like Ethereum or Layer 2 network Arbitrator. If so, it could lead to “higher margin trading fees” for Robinhood’s independent wallets deployed to European users in the second half of 2023.
Following guidance from the Securities and Exchange Commission that Crypto Staking is not security, Engel said it would not be surprising if Robin made some announcements regarding the user’s ability to devote crypto tokens to the network for their ability to earn rewards.
In Europe, companies It’s begun In November, users will bet Ethereum. They can also bet SolanaHowever, while this feature is not available to US users, companies like Coinbase have forced users to wager up to eight different cryptocurrencies in most US states.
Robinhood has announced a new token list and is likely adding support for key assets such as SUI, Aptos and Toncoin, Engel added. He said the company’s current “token listings can support hundreds of cryptocurrencies for its US competitors.
Finally, Engel highlights the possibility that Robinhood will introduce permanent crypto futures, reflecting Coinbase’s efforts to introduce US-regulated futures with long-term satisfaction.
A Robin Hood spokesman declined to comment.
Second quarter, Robin Hood notch $252 million in digital asset revenue, slightly surpassing analyst forecasts. That represents a 100% increase from a year ago.
Wall Street enthusiasm is on the verge of stubcoin laws inching towards the passage of both rooms in the council Circle stock has skyrocketed Following the initial public recruitment. While Robinhood can leverage Stablecoins via its existing Crypto Arm, Engel said Compass Point analysts are not expecting announcements related to the Buzzy Crypto subsector.
Edited by James Rubin