Matthew Griffin

Tue, Jun 3, 2025, 1:16 PM2 min read

(Bloomberg) -- Nearly four years after its much-hyped debut, Robinhood Markets Inc. has finally seen its shares hit a fresh record as cryptocurrency markets rally.

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The stock rose 5.5% to close at $71.72 on Tuesday. The previous high was $70.39, set days after the online brokerage’s initial public offering.

Robinhood’s shares languished for years as 2021’s meme-stock frenzy faded and the collapse of FTX fueled a crash in digital asset prices. Less than a year after its debut the stock had slid 82%, and didn’t reach its IPO price until December 2024. The stock rallied close to record territory in February, riding a boom in crypto that fueled a blowout quarterly print, then fell nearly 50% as President Donald Trump’s trade war upended markets.

The surge to an all-time high came during a rebound in both stocks and crypto, with Bitcoin setting its own fresh record last month. In recent weeks, analysts have also noted opportunities in products such as prediction markets and praised the company’s execution.

“They’ve captured an entire generation’s trading pattern and behavior,” Mizuho analyst Dan Dolev said. “It’s just the gamifying of trading, making it fun, making it interactive. Nobody does it like they do.”

The brokerage has used acquisitions to target new users in the past year. Robinhood is making a foray into Canada with its acquisition of crypto player WonderFi Technologies Inc., announced last month, and said on Monday it completed the purchase of European digital-assets exchange Bitstamp Ltd.

In the immediate future, Robinhood and other crypto-linked stocks are set to perform well as long as Bitcoin’s bull run goes on, according to Piper Sandler analyst Patrick Moley.

The company “has significant runway to scale its crypto operations alongside an already-established cash equity and options brokerage business,” Moley wrote in a note last week. “This diversified model should provide an offset if and when crypto activity slows.”

--With assistance from Matt Turner.

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