StoneX sees 45% upside for Robinhood on chain, prediction markets

StoneX's call shifts the lens from Robinhood the trading app to Robinhood the infrastructure player, betting that a proprietary chain and prediction markets will deepen engagement rather than just add features. The 45% upside figure implies the market has not yet priced in crypto-native revenue streams as a core growth vector. For the broader RWA and on-chain markets, this is a signal that legacy financial intermediaries increasingly view chain-based activity as a viable earnings driver. The open question is whether execution risk—user migration, regulatory friction, or competitive pressure from established crypto venues—will narrow that gap, making the thesis contingent on adoption metrics rather than mere product announcements.