Robinhood surges on tokenized stocks announcement
Robinhood Markets jumped to a new record of more than $91 shortly before midday, after the company announced plans to extend its crypto offerings, including launching tokenized versions of US stocks and ETFs for its customers in the EU.
(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company.)
The crypto push is part of an effort to “lay the groundwork for crypto to become the backbone of the global financial system,” Robinhood CEO Vlad Tenev said in a statement.
Analysts had cited announcements on tokenization and digitization of real-world financial assets as a potential fresh catalyst for Robinhood shares. The stock has more than doubled so far this year, and is up roughly 300% over the last 12 months.
The crypto push is part of an effort to “lay the groundwork for crypto to become the backbone of the global financial system,” Robinhood CEO Vlad Tenev said in a statement.
Analysts had cited announcements on tokenization and digitization of real-world financial assets as a potential fresh catalyst for Robinhood shares. The stock has more than doubled so far this year, and is up roughly 300% over the last 12 months.
