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Not a token gesture

Robinhood lists four new crypto tokens as the industry anticipates a regulatory thaw

Solana, cardano, XRP, and pepe are now available on the exchange’s US platform.

Jack Morse

Robinhood looks to be getting in on the “Trump pump.”

(Sherwood Media is an independent subsidiary of Robinhood Markets.)

The retail-friendly exchange announced today that it has listed four new crypto tokens: Solana, pepe, cardano, and XRP. The move to expand its crypto offerings — in this case, on its US platform — comes as the crypto industry embraces what it views as a new regulatory era following the reelection of Donald Trump.

Trump ran a loudly pro-crypto campaign, with the former president pitching a bitcoin stockpile and promising to fire SEC Chair Gary Gensler, whom the industry has called anti-crypto.

Robinhood’s move to make solana and cardano available for trading is noteworthy as the exchange delisted the tokens in June 2023 on its US platform.

Fortune reported on Robinhood’s statement to customers at that time:

“Earlier this week the SEC sued crypto companies Binance and Coinbase and alleged that a number of cryptocurrencies are unregistered securities.... This introduced a cloud of uncertainty around these assets, and as a result, our team has decided to end support for them.”

Today’s relisting suggests that cloud of regulatory uncertainty may be burning off.

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Bitcoin, ethereum get bullish 12-month price targets from Citi

Citi updated its price targets for the two largest cryptocurrencies in a note Wednesday, predicting a 12-month target of $181,000 for bitcoin and $5,440 for ethereum.

While overall, Citi analyst Alex Saunders wrote that the firm is “more positive on Bitcoin compared to Ether, as it captures an outsized portion of incremental flows into crypto markets,” he trimmed bitcoin’s year-end price target to $133,000 from $135,000, citing a stronger dollar and weaker gold price as offsetting factors.

Ethereum, on the other hand, got a price target bump up to $4,500 from $4,300 by year-end due to flows surging following “stablecoin regulation increasing interest in the network and tokenization and the rise of DATs.”

Many of the splashiest entries into the digital asset treasury (DAT) space have been ethereum-based treasuries lately, with companies like BitMine Immersion Technologies and SharpLink Gaming launching DATs and stockpiling huge amounts of ethereum in just the second half of this year.

Bitmine now holds 2,650,900 ETH worth $11.7 billion, while SharpLink has 838,728 ETH worth $3.7 billion. To put that in context, Strategy, the largest corporate bitcoin holder, has 640,031 BTC worth $47.3 billion.

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Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, or Robinhood Money, LLC.