Mizuho analyst Dan Dolev just bumped his price target on Robinhood Markets from $115 to $130, maintaining an Outperform rating. The thesis is ambitious: Robinhood could become the first “hyperscaler” in online brokerage, a term borrowed from the world of cloud computing where companies like AWS dominate by scaling infrastructure to seemingly infinite capacity.
The crypto engine underneath the hood
Robinhood Crypto generated $134 million in revenue during Q1 2026, making digital assets a meaningful and growing slice of the company’s business. Robinhood has built out a licensed crypto trading entity that supports multiple digital assets.
The more interesting play is tokenization. Robinhood now offers Classic Stock Tokens in Europe, which are blockchain-tracked derivatives that mirror US stocks and ETFs. Users don’t directly own the underlying shares. Instead, they hold tokenized representations recorded on-chain.
From $115 to $130, and the Tenev factor
