Robinhood Markets (NASDAQ:HOOD) saw its stock jump 8.35% to $108.65 on Wednesday, pushing its market capitalization to $99.4 billion and closing in on the $100 billion milestone. The surge came after the company disclosed that its June trading run rate through June 25 had already surpassed the full-month volumes recorded in May across every reported category.
The $99.4 billion valuation places Robinhood approximately $15.4 billion above the combined market caps of Coinbase Global (NASDAQ:COIN) and Interactive Brokers Group (NASDAQ:IBKR), which stood at $42.2 billion and $41.8 billion respectively. However, it still trails Charles Schwab (NYSE:SCHW), valued at $167.8 billion. The gap between Robinhood and traditional brokerage firms has narrowed rapidly.
June Trading Volumes Surge
Robinhood's internal estimates for June 1-25 show equity notional trading volume of approximately $343 billion, up 8.8% from May's $315.3 billion. Options contracts traded reached about 274 million, an 18.6% increase from May's 231.1 million. Crypto notional trading volume climbed 14.8% to roughly $14 billion, while event contracts traded soared 33.3% to 5.2 billion contracts.
These figures underscore Robinhood's expanding revenue base beyond traditional stock trades. In the first quarter, 'other transaction revenue'—primarily from event contracts—totaled $147 million, surpassing crypto revenue of $134 million. Crypto revenue declined 47% year-over-year, while other transaction revenue surged 320%.
Product Expansion and International Growth
Robinhood continues to broaden its product offerings. The company announced it will launch crypto trading in the UK and allow eligible European users to trade perpetual futures on commodities, ETFs, and forex with up to 10x leverage. Newly listed perpetual futures include GOLD, SILVER, QQQ, EUR/USD, WTI crude, Brent crude, and EWY. Robinhood's stock tokens are now accessible via its Wallet app in over 120 countries, and qualified U.S. users can utilize Robinhood Earn to lend USDG at approximately 7% APY through a self-custody wallet.
Johann Kerbrat, Robinhood's head of crypto and international, stated, 'Decentralized finance unlocks possibilities beyond what traditional finance can offer,' and told Barron's, 'We want to extend this vision to the rest of the world.' The company has also entered Canada following the WonderFi acquisition and received a Singapore capital-markets-services license.
Financing and Share Buyback
Robinhood completed a $2.2 billion 0.00% convertible note sale on June 25, using approximately $290 million to repurchase 2.743 million shares and $123.2 million on capped calls. CFO Shiv Verma noted the transaction provides 'even more strategic flexibility to invest for future growth.' The company expects no net dilution from the deal unless shares rise above $303.95 after the buyback.
Risk Considerations
Robinhood cautions that its newer products carry significant risk. The EU perpetual futures are classified as complex derivatives, and leverage can amplify losses. Stock tokens are tokenized debt securities that do not confer legal or beneficial ownership of the underlying stocks and are not offered in the U.S. or to American investors.
Full operating results for June 2026 are expected to be released with Robinhood's second-quarter earnings report.
