Robinhood CEO Says Tokenized Stocks Could Prevent Another GameStop Halt

Robinhood shares slid to $66.02, now more than 50% below this year’s high after a double setback: a SpaceX IPO allocation reportedly went to E*TRADE and the stock was hit by an analyst downgrade. The combination intensified selling pressure on the retail brokerage.

Jon Herrick, head of product development at the NYSE, says the exchange will integrate blockchain into its existing infrastructure rather than undertake a full systems overhaul. The approach aims to capture efficiency gains while avoiding major operational disruption.

Robinhood’s board authorized a $1.5 billion share repurchase on March 24, increasing remaining buyback capacity by more than $1.1 billion as the stock has fallen 39% in 2026. The move is pitched as a confidence signal amid continued pressure on fintech stocks.

Nasdaq and Intercontinental Exchange, the owner of the NYSE, are advancing plans to shift the $126 trillion global equity market onto blockchain as part of an effort to build an “everything exchange.” This strategy positions traditional market operators and crypto platforms as both competitors and collaborators.

Ark Invest added positions in Coinbase and Robinhood after both stocks dropped more than 50%, a move that coincided with Robinhood’s push into wealth management. The purchases signal Ark’s renewed conviction in discounted fintech and crypto access plays.