Mizuho sees Robinhood's crypto expansion driving a rerating, hikes HOOD price target to $99

Robinhood's aggressive push into global crypto products and tokenized equities could warrant a valuation reset, according to one bullish analyst who raised his price target on the stock from $80 to $99.

In a high-profile product showcase on Monday in the South of France dubbed "To Catch a Token," Robinhood (ticker $HOOD) detailed plans to expand its crypto footprint across Europe and launch a suite of new features aimed at active traders and retail investors alike.

"Robinhood's product velocity is staggering," Mizuho Securities analysts led by Dan Dolev wrote in a note to clients, highlighting a string of major rollouts including tokenized U.S. stocks for European customers, crypto perpetual futures with up to 3x leverage, and staking for assets like $ETH and SOL in the U.S.

The analyst also cited upcoming features like a crypto rewards card, an Ethereum-based Layer 2 chain focused on real-world asset tokenization, and an AI-powered investing assistant named Cortex. CEO Vlad Tenev said his company would also distribute tokenized shares in private companies OpenAI and SpaceX.

Robinhood's crypto segment is coming off its two quarters ever, generating nearly $120 billion in crypto trading volume. That's led to approximately $610 million in crypto revenue, according to The Block's Data Dashboard.

Despite slightly trimming near-term revenue and EBITDA estimates for the second quarter, Mizuho raised medium-term projections, betting on strong uptake across the EU and accelerating monetization of Robinhood’s crypto suite. The firm now values Robinhood at 18x expected 2027 revenue, a premium to peers, arguing the stock deserves a rerating based on the scale of its innovation and growing international reach.

"Firms like Robinhood are taking advantage of a gap in the market in Europe," Michelle O'Connor, VP of global market expansion at Taxbit, stated in an email. "With EU households saving ~15% of their income, and most of that money sitting in low-yield accounts, there’s a major opportunity to reimagine financial engagement and unlock smarter participation."

Robinhood's crypto and equities offerings are now live or in development across 30+ countries in the EU and EEA, granting access to over 400 million potential users. With crypto, tokenized stocks, and derivatives under one roof, Mizuho believes Robinhood is positioning itself as a next-gen brokerage platform.

"$HOOD is tapping into a $600 billion TAM with just a sliver of market share today," Dolev concludes. "We believe that changes rapidly."

Monday's news drove $HOOD to a new all-time high north of $98. The stock was trading down 3.4% to $90.41 at publication time, according to The Block's $HOOD price data.