Bernstein analysts maintained an outperform rating on Robinhood Markets with a $160 target price, saying the company’s newly launched Layer 2 network has quickly become a meaningful profit source after its July 1 launch.

In the analyst note, Bernstein pointed to a rapid buildout in Robinhood Chain’s on-chain activity since launch. According to the note, the network has reached about $1.5 billion in total value locked and more than $50 billion in decentralized exchange trading volume.

Bernstein said the chain is already capable of generating profits, with transaction fees in the range of $2 million to $4 million per day. Over the past 15 days, analysts said Robinhood Chain produced about $33 million in fee revenue, ranking first among blockchains in that period.

The note compared Robinhood Chain’s recent fee performance with two established networks. Bernstein said Solana generated roughly $11 million in fees over the same 15-day stretch, while BNB Chain generated about $9 million.

The update is notable because the headline rating call was paired with a much more operational argument: that Robinhood’s blockchain infrastructure is moving from product launch to monetization faster than many market participants may have expected. Some details behind the reported activity, including the exact mix of users, trading flows, and any launch-related incentives, were not disclosed in the provided information.

Why It Matters

Robinhood Chain’s early traction matters because it points to a deeper shift in how retail brokerage platforms may approach crypto. Instead of acting only as trading venues or access points, companies such as Robinhood are increasingly trying to own the underlying infrastructure and capture transaction economics directly on-chain.

If that model proves durable, it could reshape competition across exchanges, Layer 2 networks, and trading-focused blockchains. The key significance is not the analyst rating itself, but the suggestion that a large consumer finance platform may already be turning blockchain activity into a meaningful revenue stream.