Robinhood stock hits $100 as it roars 30% since S&P 500 snub

• Robinhood stock hit the $100 mark for the first time, capping off a week of fresh all-time highs and a major strategic swing in Europe.
• CEO Vlad Tenev said the goal is to merge crypto infrastructure with traditional finance by putting real products in customers hands.
• Robinhood executives laid out a vision to bring thousands of tokenized stocks, ETFs, and private equities fully on-chain.

CANNES — Robinhood stock hit the $100 mark for the first time, capping off a week of fresh all-time highs and renewed investor confidence. Shares closed up 6.12% Wednesday at $97.98.

Shares are now tracking their best performance since April, up more than 30% since the trading app was snubbed from the S&P 500.

The milestone follows a major strategic swing in Europe, where Robinhood unveiled its most ambitious crypto expansion to date — one aimed at re-engineering the financial infrastructure itself.

At an event held in a Belle Époque mansion along the French Riviera, Robinhood executives laid out a vision to bring thousands of tokenized stocks, ETFs, and private equities fully on-chain.

“This presentation and these products are dual-purpose,” CEO Vlad Tenev told CNBC in Cannes. “The first purpose is obviously to deliver great products to users, but I think the second purpose is to just demonstrate very concretely how great it could be if crypto technology and traditional financial services could fully merge.”

To that end, Robinhood has started quietly building its own blockchain, using Ethereum scaling tech to support 24/5 trading. It also launched tokenized shares of OpenAI and SpaceX — companies not publicly listed — to European users, marking a shift in how and where retail investors can gain exposure to top tech names.

“We thought we would just deliver,” Tenev said. “We don't want to do much talking. We want to just put product in customers' hands.”

Robinhood Crypto general manager Johann Kerbrat echoed that sentiment, saying the company is just getting started.

“In the future, we think we can expand this to thousands of tokens that represent different types of financial instruments — from U.S. stocks and international equities to private equity,” he said. “What we showed today with SpaceX and OpenAI is just a glimpse of what we're planning — there's much more to come.”

Robinhood's revenue rose 50% year-over-year in Q1, and the company just this week launched staking in the U.S. — a feature that had previously been blocked by regulators.