CANNES — Robinhood banal deed the $100 people for the archetypal time, capping disconnected a week of caller all-time highs and renewed capitalist confidence. Shares closed up 6.12% Wednesday astatine $97.98.
Shares are present tracking their champion show since April, up much than 30% since the trading app was snubbed from the S&P 500.
The milestone follows a large strategical plaything successful Europe, wherever Robinhood unveiled its astir ambitious crypto enlargement to day — 1 aimed astatine re-engineering the fiscal infrastructure itself.
At an lawsuit held successful a Belle Époque mansion on the French Riviera, Robinhood executives laid retired a imaginativeness to bring thousands of tokenized stocks, ETFs, and backstage equities afloat on-chain.
"This presumption and these products are dual-purpose," CEO Vlad Tenev told CNBC successful Cannes. "The archetypal intent is evidently to present large products to users, but I deliberation the 2nd intent is to conscionable show precise concretely however large it could beryllium if crypto exertion and accepted fiscal services could afloat merge."
To that end, Robinhood has started softly gathering its ain blockchain, utilizing Ethereum scaling tech to enactment 24/5 trading. It besides launched tokenized shares of OpenAI and SpaceX — companies not publically listed — to European users, marking a displacement successful however and wherever retail investors tin summation vulnerability to apical tech names.
"We thought we would conscionable deliver," Tenev said. "We don't privation to bash overmuch talking. We privation to conscionable enactment merchandise successful customers' hands."
Robinhood Crypto wide manager Johann Kerbrat echoed that sentiment, saying the institution is conscionable getting started.
"In the future, we deliberation we tin grow this to thousands of tokens that correspond antithetic types of fiscal instruments — from U.S. stocks and planetary equities to backstage equity," helium said. "What we showed contiguous with SpaceX and OpenAI is conscionable a glimpse of what we're readying — there's overmuch much to come."
Robinhood's gross roseate 50% year-over-year successful Q1, and the institution conscionable this week launched staking successful the U.S. — a diagnostic that had antecedently been blocked by regulators.
WATCH: Robinhood Crypto GM discusses integer plus staking motorboat for eligible U.S. customers
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