Quick overview

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Robinhood posts a new high amid ongoing dynamics in the cryptocurrency markets. The Nasdaq-listed stock ended Tuesday’s trading session at $71.72, up 5%.

 

The previous high was $70.39, after the online brokerage’s initial public offering. As 2021’s meme-stock craze subsided and the collapse of FTX sparked a plunge in the value of digital assets, Robinhood’s stock stagnated for years. The stock fell 82% less than a year after its launch, and it wasn’t until December 2024 that it hit its IPO price.

The stock surged nearly to record territory in February before plunging almost 50% as markets were rocked by President Donald Trump’s tariffs, riding a cryptocurrency boom that drove a blowout quarterly print.

Bitcoin set a new record last month, and the spike to an all-time high coincided with a recovery in stocks and cryptocurrency. Analysts have commended the company’s execution in recent weeks and opportunities in products like prediction markets.

According to Dan Dolev, an analyst at Mizuho, “they’ve captured the trading pattern and behavior of an entire generation. It’s simply gamifying trading, making it enjoyable and engaging.”

They do it better than anyone else. In the last year, the brokerage has targeted new users through acquisitions.

Robinhood is entering the Canadian market by buying cryptocurrency player WonderFi Technologies. It declared last month and announced on Monday that it had successfully acquired Bitstamp Ltd., a European digital asset exchange.  The company “has significant runway to scale its crypto operations,” alongside an established cash equity and options brokerage business.