HOOD - Hat Trick, Unassisted by Crypto

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HOOD - Hat Trick, Unassisted by Crypto

Truist Securities

Equity Research Report June 29, 2026

FINANCIALS: Capital Markets Robinhood Markets, Inc. (HOOD)

HOOD - Hat Trick, Unassisted by Crypto David Smith

212-319-3623

David.Smith@truist.com

On Friday, HOOD provided updated MTD volumes through June 25th, with 3 trading

categories all continuing pace for record trading in June: equities, options, and prediction

Matthew Coad, CFA markets. That said, since the prior update on volumes through 6/18, equities and options 404-836-6014

Matthew.Coad@truist.com have decelerated modestly while prediction volume has accelerated. Crypto volumes remain

subdued, but MoM trends indicate volumes are inflecting. Extrapolating the last few days

in the month suggests double-digit upside to Street transaction revenues in 2Q, perhaps Nick Moutafakis, CFA HSD/low DD upside to overall revenues. This ongoing trading strength has boosted HOOD's 212-590-0902

Nick.Moutafakis@truist.com stock over the past month even with crypto prices depressed.

HOOD continued its pace for its best trading month ever in June for equities, options, and

Stock Rating BUY prediction markets. Grossing up equities and options for 21 trading days would run-rate ~ $400bn in equities and ~320mn option contracts for June, implying +28% and +16% ahead Unchanged

of consensus for 2Q. Prediction remains excellent with volumes on pace for >6bn contracts

Price Target $100.00 in June, with recent acceleration over the past week. 2Q volumes are tracking to over 13bn

Unchanged contracts, nearly 40% ahead of the street estimate at 9.7bn contracts. Crypto trading still

soft, though $16-17bn in volumes is a solid improvement from the $12bn run rate in April/

May.