Robinhood Chain is quickly becoming less about memecoins and more about the increasingly strange business of putting stocks on a blockchain.
Analysts at Bernstein now estimate the network could generate as much as $160 million in annual fees by 2028, pointing to growing demand for tokenized equities as a major source of future revenue.
That shift is already visible in the chain’s activity. Tokenized stock trading now represents roughly 27% of total trading volume, while native memecoin pairs have fallen to 36%.
When Robinhood Chain launched on July 1, memecoin pairs accounted for all of its trading activity.
Robinhood Chain is finding a new audience
Bernstein argues that tokenized stocks are gaining traction partly because of their connection to memecoins. Automated market-making pools on Uniswap allow traders to pair memecoins with stock tokens, creating what the analysts describe as “reflexive demand” for both markets.
It is an unusual crossover: internet-native speculative assets on one side, traditional equities on the other, with blockchain infrastructure sitting in the middle.
The result has pushed Robinhood Chain into an unexpected position among blockchain networks. According to DefiLlama, it generated $2.13 million in fees over the previous 24 hours, making it the network with the highest daily fee revenue at the time cited in the report.
The numbers also fit into Robinhood’s broader expansion beyond its core brokerage business.
In July, Bernstein raised its price target for Robinhood shares to $160 from $130 and maintained an Outperform rating. Analysts pointed to expected growth in prediction markets and tokenized equities as part of the reasoning behind the upgrade.
Robinhood’s Nasdaq-listed stock was little changed in Tuesday’s premarket trading, according to Yahoo Finance.
But the company’s push into tokenized stocks has not gone unnoticed by the companies whose shares are being represented on-chain.
Adam Aron, CEO of AMC Entertainment Holdings, recently criticized Robinhood’s tokenized AMC offering, saying it has no affiliation with the company itself. Aron called the offering “outrageous” and said AMC would seek an investigation from its external securities counsel.
That tension highlights the larger question around tokenized equities: putting the economic exposure of a stock on a blockchain does not necessarily mean the underlying company is involved.
For Robinhood, however, the early numbers suggest the experiment is evolving quickly. What began with memecoin-heavy trading is increasingly becoming a broader marketplace for tokenized assets—and Bernstein sees enough momentum to project $160 million in annual fees by 2028.