Why Robinhood Stock Is Jumping When Bitcoin, Other Crypto Plays Are Falling

Robinhood to launch new fund. (Dreamstime)

Key Points

• Morgan Stanley analyst Michael Cyprys upgraded Robinhood Markets stock to Overweight from Equal Weight.
• Cyprys raised his Robinhood price target to $150 from $124, citing the company’s broader product capabilities.
• CEO Vlad Tenev said Robinhood’s banking division has reached $4 billion in assets since starting its rollout in September 2025.

Robinhood Markets stock has often moved with the price of Bitcoin but not today. It’s becoming so much more than a crypto play.

Shares of the mobile trading platform were up 2.7% ahead of the open Tuesday, even as other crypto-exposed stocks Coinbase Global and Strategy were down more than 2%. Bitcoin was down 1% to $77,898.

That’s probably because it caught an upgrade. Robinhood stock was bumped to Overweight from Equal Weight by Morgan Stanley analyst Michael Cyprys Tuesday. He cited increasing evidence that the company’s broader product capabilities were improving the economics of its installed customer base.

Cyprys increased his price target to $150 from $124, implying a 43% upside to Monday’s closing price.

Robinhood now has multiple ways to grow revenue from the 28 million customers already on its platform, he said. Cyprys cited newer businesses across retirement, banking, credit card, advisory, and prediction markets.

Separately, CEO Vlad Tenev said the company’s banking division has reached $4 billion in assets, in a social-media post on X late Monday. It only began rolling out Robinhood Banking to the first external customers in September 2025.

“We don’t take that kind of growth lightly—it’s a sign of how much trust customers are placing in us with their money,” Tenev added.

Robinhood hasn’t matched the bumper gains of its crypto-exposed peers over the past month, rising 21% compared with Coinbase’s 29% jump and Strategy’s 43% gain.

But by the same token it has held up much better over the past year—during which Bitcoin has dropped 28%. Robinhood is up around 1% over the past 12 months, while Coinbase is down 38% and Strategy has fallen 60% over the same period.

Write to Callum Keown at callum.keown@dowjones.com

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