Robinhood stock tops $100 to new record, roaring 30% since being snubbed from S&P 500

CANNES — Robinhood secure crash the $100 mark for the primary presen, capping off a month of untouched all-time highs and renewed investor self belief.

Stocks at the moment are monitoring their highest efficiency since April, up greater than 30% for the reason that buying and selling app was once snubbed from the S&P 500.

The milestone follows a significant strategic swing in Europe, the place Robinhood unveiled its maximum determined crypto enlargement to time — one geared toward re-engineering the monetary infrastructure itself.

At an match held in a Belle Époque mansion alongside the French Riviera, Robinhood executives laid out a visual to deliver hundreds of tokenized shares, ETFs, and personal equities totally on-chain.

“This presentation and these products are dual-purpose,” CEO Vlad Tenev advised GWN in Cannes. “The first purpose is obviously to deliver great products to users, but I think the second purpose is to just demonstrate very concretely how great it could be if crypto technology and traditional financial services could fully merge.”

To that finish, Robinhood has began quietly construction its personal blockchain, the usage of Ethereum scaling tech to backup 24/5 buying and selling. It additionally introduced tokenized stocks of OpenAI and SpaceX — firms now not publicly indexed — to Eu customers, marking a shift in how and the place retail buyers can acquire publicity to lead tech names.

“We thought we would just deliver,” Tenev mentioned. “We don’t want to do much talking. We want to just put product in customers’ hands.”

Robinhood Crypto normal supervisor Johann Kerbrat echoed that sentiment, announcing the corporate is solely getting began.

“In the future, we think we can expand this to thousands of tokens that represent different types of financial instruments — from U.S. stocks and international equities to private equity,” he mentioned. “What we showed today with SpaceX and OpenAI is just a glimpse of what we’re planning — there’s much more to come.”

Robinhood’s earnings rose 50% year-over-year in Q1, and the corporate simply this month introduced staking within the U.S. — a constituent that had in the past been stopped through regulators.

WATCH: Robinhood Crypto GM discusses virtual asset staking creation for eligible U.S. shoppers