# The Watch List: Robinhood (HOOD) _Is HOOD + LIT a better risk/reward play than HYPE?_ May 29, 2026 • Michael Nadeau --- # The Watch List: Robinhood (HOOD) ## Is HOOD + LIT a better risk/reward play than HYPE? Michael Nadeau May 29, 2026 Hello readers, Some of the top-performing “altcoins” of the past cycle weren’t tokens at all — they were crypto equities. And nothing ran harder than Robinhood. The stock climbed 17× in under two years, turning one of our most contrarian buys (HOOD was down 80% from its IPO price in ’22) into a nice win for the portfolio (550% gain). Today, Robinhood is back in “reset” mode amid a risk-off market, even as the firm continues to offer new, retail-friendly product lines while merging operations with crypto infrastructure. This week’s report is a data-driven update on the company’s fundamentals, valuation, comps, and ambitious push deeper into crypto and prediction markets. *We cover a lot of ground in this one. We recommend grabbing your favorite beverage and setting aside some time to properly digest its contents. * Topics covered: - [Revenues & Revenue Growth](#revenues-revenue-growth) - [Fundamentals](#fundamentals) - [Valuation Comps](#valuation-comps) - [Tokenization Strategy](#tokenization-strategy) - [Risks](#risks) - [Closing Thoughts](#closing-thoughts) ***Disclaimer:**** Views expressed are the author’s personal views and should not be relied upon as investment advice. * *The DeFi Report is powered by **[Galaxy](https://www.galaxy.com/?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-robinhood-hood)**: helping the world invest, build, and transform — relentlessly. * [](https://www.galaxy.app/product/crypto/staking?utm_source=TheDeFiReport&utm_medium=Newsletter&utm_campaign=Staking+Launch)With GalaxyOne Staking, you can earn up to an estimated 6.50% in variable staking rewards with 0% platform commission through 2026*. While other platforms can charge up to 35% in commission, GalaxyOne charges 0% through the rest of the year. Other fees may apply, see terms. Let’s go. # Revenues & Revenue Growth ##### The Big Picture [Data: The DeFi Report, Robinhood](https://dune.com/the_defi_report/robinhood?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-robinhood-hood) Robinhood generated $4.47b in revenue in 2025, up 52% y/y with a 5-year CAGR of 36%. As we can see, revenue growth has been quite strong during “risk-on” years for crypto — an indication of how critical the asset class is becoming to Robinhood’s future trajectory. More on what that trajectory looks like on crypto rails, later in the report. ##### Total Quarterly Revenue [Data: The DeFi Report, Robinhood](https://dune.com/the_defi_report/robinhood?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-robinhood-hood) From a quarterly perspective, we can see the immediate impact of the crypto bear market thus far, with revenues down 17% in Q1. ##### Total Quarterly Revenue by Category [Data: The DeFi Report, Robinhood](https://dune.com/the_defi_report/robinhood?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-robinhood-hood) - Transaction-based revenues (options, crypto, prediction markets, equities) accounted for 58.4% of Robinhood’s revenue in Q1, down 19.7% q/q, but up 6.9% y/y. - Net Interest revenues accounted for 33.6% of Q1 revenue, down 12.7% q/q, but up 23.8% y/y. These revenues are essentially “brokerage/banking-like” revenues that come from interest-bearing customer and corporate balances, margin lending, and securities lending. - Other revenues (Robinhood Gold subscriptions, listing fees) accounted for 8% of Q1 performance, down 11.5% q/q, but up 57.4% y/y. Gold subscriptions were up 36% y/y (now 4.3 million). ##### Breaking Down Transaction-Based Revenues [Data: The DeFi Report, Robinhood](https://dune.com/the_defi_report/robinhood?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-robinhood-hood) ##### Chart Visualization [Data: The DeFi Report, Robinhood](https://dune.com/the_defi_report/robinhood?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-robinhood-hood) ##### Key Takeaways The rest of today’s report is reserved for TDR Pro members. 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