Bernstein: Robinhood Chain could earn $160M in annual fees by 2028

Robinhood’s blockchain network could become a major fee generator, with Bernstein analysts projecting up to $160 million in annual fees by 2028. In a report shared with Cointelegraph on Tuesday, the firm linked that outlook to rising activity around tokenized stock trading on the chain.

While memecoin-related trading dominated the Robinhood network at launch, Bernstein says the mix has shifted quickly: tokenized stock pairs now account for roughly 27% of total trading volume, while native memecoin pairs have fallen to 36% of network activity from 100% at launch on July 1.

Key takeaways

• Bernstein forecasts up to $160M in annual Robinhood chain fees by 2028, citing adoption of tokenized stock trading.
• Tokenized stocks now represent ~27% of trading volume on the network, up from a near absence at launch.
• Memecoin pairs have declined to 36% of activity from 100% at launch, indicating a changing trading mix.
• DefiLlama data shows the network has reached leading daily-fee status, with $2.13M in the past 24 hours.
• Tokenized equity offerings have faced public scrutiny, including criticism from AMC’s CEO.

Tokenized equities drive a changing fee engine

Bernstein’s central argument is that tokenized stock trading demand is becoming self-reinforcing on the Robinhood blockchain. According to the analysts, Uniswap automated market-making pools that pair memecoins with stock tokens can create what they describe as “reflexive demand” for both sides of those markets.

In practical terms, that mechanism matters because fees are typically earned from trading activity across liquid markets. If tokenized stocks continue to attract liquidity and paired trading flows, fee generation can scale beyond the initial wave of memecoin speculation that characterized the network’s early days.

Robinhood chain rises to top daily fees

The performance picture Bernstein references aligns with on-chain fee tracking. In a little over two months since launch, the Robinhood chain has climbed to the top of daily fee rankings, generating $2.13 million over the past 24 hours, according to DefiLlama’s fees by chain data.

That “early leader” status is important for investor expectations because it suggests the network’s revenue engine may be working immediately—rather than remaining a prolonged pilot stage. It also provides a measurable benchmark for comparing fee output with other chains during the same period, even as total market conditions remain variable.

Wall Street raises the bar on Robinhood shares

Bernstein’s Tuesday outlook follows a prior adjustment to its Robinhood valuation. On July 20, the firm raised its price target for Robinhood (HOOD) stock to $160 from $130 per share while maintaining an Outperform rating. That earlier update cited continued progress tied to prediction markets and tokenized equities.

In Tuesday’s premarket, Robinhood shares were little changed at last look, based on Yahoo Finance data referenced by Cointelegraph.

For readers, the key linkage is that Bernstein is framing tokenized assets not as a side experiment, but as a potential contributor to a broader revenue trajectory. If that thesis holds, the fee performance on-chain becomes one of the tangible indicators investors can monitor alongside traditional business metrics.

Tokenized equity controversy resurfaces

Not all reactions to Robinhood’s tokenized stock offerings have been positive. Earlier, Cointelegraph reported criticism from Adam Aron, CEO of AMC Entertainment Holdings, who said the tokenized stocks that provide economic exposure to AMC shares have no affiliation with the company.

Aron described the offering as “outrageous” and said AMC would request an investigation from its outside securities counsel. While the network’s trading mix appears to be evolving in ways Bernstein sees as economically constructive, the regulatory and corporate concerns around tokenized equities remain a clear uncertainty—particularly for issuers whose brand exposure may expand through tokenized wrappers.

That tension matters because it can influence how quickly tokenized stock offerings grow, how exchanges and issuers respond, and whether legal interpretations shift over time.

As the Robinhood chain continues to show high daily fees—backed by DefiLlama’s figures—investors and users will likely watch whether tokenized stock volumes keep expanding and whether the proportion of memecoin pairs keeps sliding further from launch levels. At the same time, the sustainability of tokenized equity activity may depend on how corporate objections and potential investigations develop, which could reshape the pace and scope of tokenized markets.