Bernstein: Robinhood Chain Generates $33M in Fees Over 15 Days, Price Target Up 31%

According to Chaoshan Research, Bernstein’s September 8, 2026 research report indicates that Robinhood Chain has rapidly become a revenue engine since its launch on July 1, generating approximately $33 million in fees over the past 15 days. This ranks it first among all blockchains, significantly ahead of Solana (approximately $11 million) and BNB Chain (approximately $9 million). Daily transaction fees on the chain range from $2 million to $4 million, with Robinhood retaining approximately 90% of the revenue. Bernstein maintains an "Outperform" rating with a price target of $160, implying approximately 31% upside potential from the current stock price. On the on-chain data front, Total Value Locked stands at approximately $1.5 billion, while cumulative DEX trading volume exceeds $50 billion. The value of tokenized stocks has risen from approximately $10 million to $140 million; stablecoin supply has reached approximately $1 billion, marking a sharp increase from $241 million in early July. Bernstein projects that annual on-chain fee revenue could reach $160 million by 2028.