CANNES — Robinhood stock hit the $100 mark for the first time, capping off a week of fresh all-time highs and renewed investor confidence. Shares closed up 6.12% Wednesday at $97.98.
Shares are now tracking their best performance since April, up more than 30% since the trading app was snubbed from the S&P 500.
The milestone follows a major strategic swing in Europe, where Robinhood unveiled its most ambitious crypto expansion to date — one aimed at re-engineering the financial infrastructure itself.
At an event held in a Belle Époque mansion along the French Riviera, Robinhood executives laid out a vision to bring thousands of tokenized stocks, ETFs, and private equities fully on-chain.
"This presentation and these products are dual-purpose," CEO Vlad Tenev told CNBC in Cannes. "The first purpose is obviously to deliver great products to users, but I think the second purpose is to just demonstrate very concretely how great it could be if crypto technology and traditional financial services could fully merge."