Robinhood Chain Surpasses Top 5 Blockchains in Two Months, Fee Revenue Ranks First

Written by: Rita

Robinhood Chain launched on July 1, and over the past 15 days, its transaction fees ranked first among all blockchains, reaching approximately $33 million, with Robinhood retaining about 90% of the revenue. The market share of tokenized stock trading value increased from 0.5% to 5%, and the total on-chain transaction volume surpassed $50 billion. On September 8, Bernstein released a research report on Robinhood, highlighting that its blockchain business is becoming a new high-margin growth engine for the company.

Robinhood Chain is a 24/7 blockchain network where retail investors can trade stock tokens, crypto tokens, lend assets, and earn yields on stablecoins and other real-world assets. Bernstein maintains an Outperform rating with a $160 price target, implying approximately 31% upside potential.

Robinhood Chain has been live for over two months, with a total value locked of approximately $1.5 billion, cumulative DEX trading volume exceeding $50 billion, cumulative perpetual futures trading volume of about $7 billion, over 550 million transactions, and cumulative on-chain fees of approximately $39 million. Over the past 15 days, the chain ranked first in fee revenue and second in spot DEX trading volume.

Fee revenue has recently shown a clear turning point. Monthly fee revenue was approximately $3.6 million in July, $6.7 million in August, and around $29 million in the first six days of September. Over the past 15 days, Robinhood Chain's fee revenue has reached approximately $33 million, significantly surpassing Solana’s ~$11 million, BSC’s ~$9 million, and Ethereum’s ~$6 million.

The composition of DEX trading volume is shifting. In early August, Meme coin pairs accounted for approximately 70%, ETH-USD pairs for about 25%, and stock token pairs for around 6%. By early September, ETH-USD pairs rose to about 36%, Meme coins reached 36%, and Robinhood stock token pairs increased to approximately 27%. Bernstein notes that Meme coin speculation drives demand for stock tokens, as both are paired in Uniswap’s automated market maker pools, creating a two-way positive feedback loop. Stock tokens maintain a 1:1 peg to their underlying real stocks, backed by actual shares held in custody.

Robinhood's tokenized stocks use a third-party tokenization model: the underlying stocks are purchased, held in custody, and issued as blockchain tokens. These tokens function as debt securities that track the economic performance of the underlying stocks, providing economic exposure rather than ownership. Holders do not receive shareholder rights such as voting rights, but Robinhood automatically reinvests dividends into additional underlying shares, causing each token to represent more than one share over time.

The market capitalization of tokenized stocks increased from approximately $10 million to $140 million, and Robinhood Chain’s share of the total value of tokenized stocks rose from about 0.5% to approximately 5%. Including ETFs, commodities, and U.S. Treasuries, the total value of tokenized assets on Robinhood Chain is approximately $150 million, with stocks accounting for about 76%, ETFs around 17%, and commodities roughly 6%.

The number of addresses holding tokenized stocks has increased from approximately 35,000 at the end of August to around 107,000. Weekly trading value for tokenized stocks ranges between $4 billion and $6 billion, with Robinhood Chain accounting for approximately 32%, second only to BNB Chain’s 53%. The discrepancy between Robinhood Chain’s 5% share of trading value and over 30% share of transaction volume indicates that tokenized stocks on Robinhood Chain are actively traded, consistent with patterns seen in Meme coin trading and collateral usage on DEXs.

The stablecoin supply on Robinhood Chain has reached approximately $1 billion, primarily concentrated in two assets: Global Dollar (USDG) accounts for about 66%, and Ethena’s USDe accounts for approximately 33%. Cumulative perpetual futures trading volume has reached around $7 billion, with $6.7 billion in trading volume in August (compared to only about $300 million in July), primarily driven by the decentralized exchange Lighter, which partnered at launch.

Robinhood Chain's transaction fees currently range from approximately $20 million to $40 million per day, with an average of about $22 million per day over the past 15 days, annualizing to roughly $1.2 billion. Robinhood retains approximately 90% of the revenue, shares 10% with Arbitrum (the technology provider), and pays less than 1% in data fees to Ethereum mainnet. Bernstein’s current projections include approximately $160 million in on-chain fee revenue for 2028, but actual figures have already far exceeded these model assumptions.

Blockchain revenue is inherently high-margin revenue that directly flows through to earnings per share. Bernstein expects a 32% CAGR in revenue from 2026 to 2028 and a 49% CAGR in earnings per share, with EPS reaching approximately $4.56 in 2028, corresponding to a target price of $160.

Robinhood's current stock price is approximately $122, with Bernstein's target price at $160, implying about a 31% upside potential. The target price is based on a forward P/E ratio of 35, corresponding to an estimated EPS of $4.56 in 2028.

Risks include regulatory risk; the SEC has historically taken a strict stance on cryptocurrency trading businesses, and if certain tokens are classified as securities, it could impact Robinhood’s cryptocurrency trading operations. Digital assets, as an emerging asset class, have limited price history and remain in the early stages of development.

Disclaimer

This article is a compilation and interpretation by Chaoxiang Research of a third-party brokerage research report (Bernstein, September 8, 2026), combined with publicly available market information. The ratings, price targets, earnings forecasts, and related judgments cited herein reflect the views of the brokerage's analysts and represent the position of their respective institution only; they do not reflect the views of Chaoxiang Research nor constitute any investment advice.

The market carries risks; make decisions independently. This article should not be used as a basis for buying or selling any securities.