Robinhood stock tops $100 to new record, roaring 30% since being snubbed from S&P 500

Robinhood has reached a significant milestone, with its stock surpassing the $100 mark for the first time. This achievement caps off a week filled with record highs and a renewed sense of confidence among investors. In just a few days, the shares have surged over 30% since the trading platform was overlooked for inclusion in the S&P 500 index. This milestone coincides with Robinhood's ambitious efforts in Europe, where it announced a groundbreaking expansion into the cryptocurrency market. Executives unveiled plans to revolutionize financial infrastructure, presenting a vision that includes the introduction of thousands of tokenized stocks, ETFs, and private equity options on the blockchain. During a presentation at a lavish mansion on the French Riviera, CEO Vlad Tenev articulated the dual aims of this initiative. "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," Tenev shared with CNBC. To facilitate this vision, Robinhood is developing its own blockchain, leveraging Ethereum's scaling technology to enable trading five days a week. The platform has also rolled out tokenized shares for companies like OpenAI and SpaceX, which are currently not publicly traded, allowing European investors to gain exposure to these leading tech firms. "We thought we would just deliver. We don't want to do much talking. We want to just put product in customers' hands," Tenev emphasized. Echoing this sentiment, Robinhood Crypto's general manager Johann Kerbrat stated that this is merely the beginning. He expressed enthusiasm about expanding the offerings to potentially include thousands of tokens representing various financial instruments, from U.S. stocks to international equities and private equity. Additionally, Robinhood reported a remarkable 50% increase in revenue year-over-year in the first quarter and recently launched a staking feature in the U.S., a capability that had previously faced regulatory hurdles. This momentum marks a pivotal moment for Robinhood as it continues to innovate in the financial landscape.