Robinhood’s blockchain network could generate as much as $160 million in annual fees by 2028, Bernstein analysts said in a report shared on Sept. 8. Tokenized stock trading, in which blockchain-based tokens represent equity exposure, accounts for roughly 27% of trading volume on the Robinhood chain. Native meme coin pairs have declined to 36% of network activity from 100% when the chain launched on July 1, 2026. Bernstein attributed growing demand for tokenized equities to automated market-making pools on Uniswap that pair meme coins with stock tokens, creating what it called "reflexive demand" across both sides of the trades. More than two months after launch, the chain ranked first among blockchain networks by daily fees, recording $2.13 million over a 24-hour period. Bernstein raised its price target for Nasdaq-listed Robinhood shares, ticker HOOD, to $160 from $130 on July 20 and maintained an Outperform rating, citing the company’s expanding prediction-market business and tokenized equities. Adam Aron, CEO of AMC Entertainment Holdings, criticized Robinhood’s tokenized stock exposure to AMC shares as having no affiliation with the company and called the product "outrageous." Aron said AMC would ask its outside securities counsel to investigate. Robinhood and Bernstein had not publicly responded before publication, leaving legal uncertainty around a product analysts view as a potential major source of fee growth over the next two years.