Robinhood's debut on the S&P 500 has Bernstein analysts dubbing the trading platform an emerging "super-app" with considerable room to grow, with new markets ranging from retail trading to tokenization on the blockchain.

In a Tuesday note to clients, Bernstein analysts said that Robinhood has matured beyond its branding as a meme-stock and crypto trading haven, pointing to accelerating market share gains across asset classes.

The firm values Robinhood at $160 a share, which represents a 36% upside from its closing price of $117.28 on Monday, a gain of 15.8% because of the index inclusion news, as per reports .

S&P 500 entry and market share gains

Robinhood was announced as an official member of the S&P 500 late Friday, along with AppLovin and EMCOR Group, effective Wednesday. Michael Saylor’s Strategy – although meeting the criteria – was excluded until at least the next rebalance, in December.

Robinhood now has 12% of U.S. retail trading revenues in equities and crypto, nearly doubled from 7% in two years. Its share of equity trading went from 2.8% in 2023 to 5.5% in 2025, while its options business increased to 24% of retail volume and more than double 2023 levels.

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Tokenization, wealth management in focus

In its outlook, Bernstein calls out tokenization as Robinhood's "next frontier."

Analysts say the firm could help create a liquidity market for private equity tokenized securities, establishing itself at the heart of a potential transformation of the U.S. financial market.

Robinhood is extending its reach beyond trading into wealth management and subscription models. The Gold membership is currently at an estimated 3.5 million users paying $5 per month for benefits, such as savings rates, access to a credit card, and even mortgage product offerings.

Revenue growth

Bernstein forecasts Robinhood's revenue growing from $2.9 billion in 2024 to $6.8 billion in 2026, or a 51.7% compound annual growth rate (CAGR).

The analysts praised management's "best-in-class product velocity and monetization," and noted its ability to scale quickly.

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Robinhood's main revenue sources, including payment for order flow and crypto trading, may face regulatory scrutiny. Bernstein added that while incumbents like Charles Schwab have been less intimidating than expected, regulatory outcomes will be crucial to momentum.