Key Takeaways
- Robinhood CEO Vlad Tenev said stock tokens will become the default way people abroad buy U.S. stocks, and that over 150,000 customers have opened agentic trading accounts.
- Both of these new lines are still small, and Tenev says agentic trades are still a low share of Robinhood’s trading.
- On customer assets, Robinhood is valued at a big premium to Charles Schwab, and rivals like Coinbase now sell stock tokens of their own.
- At 25x forward earnings, well below its 37x three-year average, investors are paying for Robinhood’s trading business and getting tokens and agents almost free.
Crypto trading is cooling at Robinhood (HOOD): its crypto revenue fell 55% to $120 million in the third quarter. So it’s no surprise that CEO Vlad Tenev spent a recent No Priors episode talking up what’s next.
Start with people in countries whose capital markets don’t work well, “places in South America or Africa,” as he put it. Anyone there with a smartphone and a self-custody crypto wallet can now buy U.S. stocks as tokens on Robinhood’s own blockchain.
Tenev’s prediction: “in the same way that I think stablecoin became the default way for people in these countries to get access to dollars, stock tokens and products like that will be the default way to get access to U.S. equities.”
Investors already pay up for Robinhood’s ambitions. On a recent Animal Spirits episode, co-host Ben Carlson compared it with Charles Schwab (SCHW). At Sept. 30, Schwab held $13.33 trillion of client assets to Robinhood’s $396 billion. His conclusion: “The market is valuing Robinhood assets 20 times greater than they’re valuing Schwab’s.”
That’s a hefty premium for a broker whose crypto revenue just fell by more than half.
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The agents are early, and Tenev says so
Robinhood launched agentic trading earlier this year, letting AI agents trade through customers’ accounts. Tenev said over 150,000 customers have opened agentic trading accounts in the few months since launch. He put agent activity at “something like 30 million tool calls per day.”
That’s strong adoption from a small base. The 150,000 accounts are about half a percent of the 28.7 million funded customers Robinhood had at Sept. 30.
Tenev admitted as much. He said agentic trades are still a small share of Robinhood’s trading. And he doesn’t expect a double-digit share any time soon.
The tokens barely register in the estimates
Stock tokens are newer still. Robinhood Chain, the company’s own blockchain, went live on July 1, with stock tokens open to eligible users in more than 120 countries. The U.S. isn’t one of them.
Wall Street expects plenty of growth without them. Analysts see revenue climbing from $4.47 billion in 2025 to $7.98 billion in 2028:
Truist, for one, now expects just $30 million of Robinhood Chain revenue in 2027, down from $146 million. That’s under half a percent of the $6.87 billion analysts expect from Robinhood that year.
Robinhood won’t have buyers abroad to itself, either. Coinbase (COIN) launched its own stock tokens in August on Base, its blockchain, for eligible users outside the U.S. If tokens do become the default, Robinhood still has to win the wallets.
You’re barely paying for any of this
Carlson’s explanation for the premium is the trading business itself: Robinhood has “a lot more creative ways to extract money from their users.”
And on earnings, the stock is cheap against its own history. Robinhood trades at 25x forward earnings, against a 37x average over the past three years and a peak of 76x in October 2025:
At that multiple, investors are paying for the trading business, and getting Tenev’s tokens and agents almost free.
Of course, that trading business carries the risk. Transaction revenue was about 61% of third-quarter revenue, and crypto’s 55% drop shows how fast one part of it can cool.
The way I see it, that’s a setup worth owning. If stock tokens and agents grow into real businesses, analysts will have to add that upside to their estimates. And if they don’t, investors haven’t paid much for them.
The next check on the core business comes with fourth-quarter results early next year, along with Robinhood’s 2027 expense outlook. On tokens, the thing to watch is whether Robinhood or Coinbase pulls ahead with buyers abroad.
So what is Robinhood stock actually worth?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
