Robinhood hits new highs amid crypto rally
Robinhood Markets surged to a new intraday high of more than $100 Wednesday during a broad rally in crypto and crypto-related stocks.
The brokerage firm recently deepened its push into the world of crypto and decentralized finance, announcing a range of crypto-related services, including a form of “tokenized” trading of US stocks and ETFs for clients in Europe.
Robinhood’s fresh crypto advances come amid a multifront effort from both the industry and the federal government to more closely connect crypto to the regulated financial system.
In June, the Senate passed the so-called GENIUS Act to regulate stablecoins.
Late last month, a key Trump administration housing official said he would direct the government-backed companies that provide the vast majority of cash to the US mortgage market to include the crypto assets of would-be buyers as part of the assessments that qualify people to buy. (Typically cash and stocks are the assets that count.)
And recently, crypto players Circle and Ripple have applied to government regulators for banking licenses that would allow them to provide custodial services.
The flurry of activity has helped lift crypto prices, with bitcoin rising nearly 30% over the last three months. Robinhood’s run-up has been even more acute, as the shares have more than doubled over the last three months and are up more than 160% this year.
(Disclosure: Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company. I own Robinhood stock as part of my compensation.)
Robinhood’s fresh crypto advances come amid a multifront effort from both the industry and the federal government to more closely connect crypto to the regulated financial system.
In June, the Senate passed the so-called GENIUS Act to regulate stablecoins.
Late last month, a key Trump administration housing official said he would direct the government-backed companies that provide the vast majority of cash to the US mortgage market to include the crypto assets of would-be buyers as part of the assessments that qualify people to buy. (Typically cash and stocks are the assets that count.)
And recently, crypto players Circle and Ripple have applied to government regulators for banking licenses that would allow them to provide custodial services.
The flurry of activity has helped lift crypto prices, with bitcoin rising nearly 30% over the last three months. Robinhood’s run-up has been even more acute, as the shares have more than doubled over the last three months and are up more than 160% this year.
(Disclosure: Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company. I own Robinhood stock as part of my compensation.)
