Robinhood CEO Vlad Tenev says uncertainty over how long US tokenization rules will last could keep investors from putting substantial assets into tokenized markets, even though the SEC has opened a temporary path through an innovation exemption. He says further rulemaking or legislation is needed to provide longer-term certainty, and Binance Research projects the tokenized equities market could reach $349 billion by 2030 under its base case, from $4.43 billion as of Sept. 15. In the third quarter, Robinhood's crypto revenue fell 55% year on year to $120 million and crypto notional trading volume fell 38% to $50 billion. By contrast, event-contract revenue rose sixfold to $173 million, and total net revenue rose 12% to a record $1.42 billion, below analyst expectations. Adjusted EPS was $0.60, missing estimates by 4 cents.
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Related tickers and likely impact
ETH/USDT
▼ Likely negativeEthereum
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $285.6B |
| Close on 10/27/2026 | 2,350.36 |
| Change that session | +1.11% |
BTC/USDT
• NeutralBitcoin
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $1.6T |
| Close on 10/27/2026 | 80,909.77 |
| Change that session | +0.95% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Robinhood Misses Q3 Earnings as Crypto Revenue Rises and Prediction Market Bets Grow
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Robinhood (HOOD) is scheduled to report third-quarter 2026 results tomorrow after market close, with Zacks consensus revenue of $1.44 billion, up 13.1% year over year. Consensus earnings per share is 56 cents, down 8.2% from a year earlier, and the company has beaten consensus in three of the last four quarters. Transaction revenues are expected to rise 21.6% to $887.7 million, led by options and equities, while cryptocurrency transaction revenues are seen falling 55.7% and net interest revenue dropping 5.6%. HOOD shares rose 29.9% in the third quarter but trade at 9.88X trailing price/tangible book, above the industry's 2.95X. The article notes investors are weighing whether to act before the report or wait for more information.
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- Tokenized Stock Trading Has Been a Big Hit Overseas. So Why Are Some Publicly Traded Companies in America Objecting?
Robinhood has launched tokenized stock trading in over 120 countries this year but has not yet received U.S. approval. Tokenized stocks are blockchain tokens representing ownership of conventional shares that can be traded 24/7 across borders, yet holders lack voting rights and direct cash dividends because a custodian bank holds the underlying shares. Microsoft, Verizon and McDonald’s are among a growing list of large companies that have filed to bar tokenization of their shares, arguing platforms cannot issue synthetic versions without consent and that the practice compromises investor safety and corporate governance. In September, the SEC issued an “innovation exemption” letting qualifying platforms trade tokenized stocks in the U.S. for up to five years, but it requires equal rights for holders and gives companies 30 days to object. The article suggests Robinhood is unlikely to bring the feature to U.S. investors soon given nearly two dozen major objectors, though its overseas growth remains worth watching.
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