Robinhood’s blockchain network could become a major fee generator, with Bernstein analysts projecting up to $160 million in annual fees by 2028. In a report shared with Cointelegraph on Tuesday, the firm linked that outlook to rising activity around tokenized stock trading on the chain.

While memecoin-related trading dominated the Robinhood network at launch, Bernstein says the mix has shifted quickly: tokenized stock pairs now account for roughly 27% of total trading volume, while native memecoin pairs have fallen to 36% of network activity from 100% at launch on July 1.

Key takeaways

• Bernstein forecasts up to $160M in annual Robinhood chain fees by 2028, citing adoption of tokenized stock trading.
• Tokenized stocks now represent ~27% of trading volume on the network, up from a near absence at launch.
• Memecoin pairs have declined to 36% of activity from 100% at launch, indicating a changing trading mix.
• DefiLlama data shows the network has reached leading daily-fee status, with $2.13M in the past 24 hours.
• Tokenized equity offerings have faced public scrutiny, including criticism from AMC’s CEO.

Tokenized equities drive a changing fee engine

Bernstein’s central argument is that tokenized stock trading demand is becoming self-reinforcing on the Robinhood blockchain. According to the analysts, Uniswap automated market-making pools that pair memecoins with stock tokens can create what they describe as “reflexive demand” for both sides of those markets.

In practical terms, that mechanism matters because fees are typically earned from trading activity across liquid markets. If tokenized stocks continue to attract liquidity and paired trading flows, fee generation can scale beyond the initial wave of memecoin speculation that characterized the network’s early days.

Robinhood chain rises to top daily fees

The performance picture Bernstein references aligns with on-chain fee tracking. In a little over two months since launch, the Robinhood chain has climbed to the top of daily fee rankings, generating $2.13 million over the past 24 hours, according to DefiLlama’s fees by chain data.

That “early leader” status is important for investor expectations because it suggests the network’s revenue engine may be working immediately—rather than remaining a prolonged pilot stage. It also provides a measurable benchmark for comparing fee output with other chains during the same period, even as total market conditions remain variable.

Wall Street raises the bar on Robinhood shares

Bernstein’s Tuesday outlook follows a prior adjustment to its Robinhood valuation. On July 20, the firm raised its price target for Robinhood (HOOD) stock to $160 from $130 per share while maintaining an Outperform rating. That earlier update cited continued progress tied to prediction markets and tokenized equities.

In Tuesday’s premarket, Robinhood shares were little changed at last look, based on Yahoo Finance data referenced by Cointelegraph.

For readers, the key linkage is that Bernstein is framing tokenized assets not as a side experiment, but as a potential contributor to a broader revenue trajectory. If that thesis holds, the fee performance on-chain becomes one of the tangible indicators investors can monitor alongside traditional business metrics.

Tokenized equity controversy resurfaces

Not all reactions to Robinhood’s tokenized stock offerings have been positive. Earlier, Cointelegraph reported criticism from Adam Aron, CEO of AMC Entertainment Holdings, who said the tokenized stocks that provide economic exposure to AMC shares have no affiliation with the company.

Aron described the offering as “outrageous” and said AMC would request an investigation from its outside securities counsel. While the network’s trading mix appears to be evolving in ways Bernstein sees as economically constructive, the regulatory and corporate concerns around tokenized equities remain a clear uncertainty—particularly for issuers whose brand exposure may expand through tokenized wrappers.

That tension matters because it can influence how quickly tokenized stock offerings grow, how exchanges and issuers respond, and whether legal interpretations shift over time.

As the Robinhood chain continues to show high daily fees—backed by DefiLlama’s figures—investors and users will likely watch whether tokenized stock volumes keep expanding and whether the proportion of memecoin pairs keeps sliding further from launch levels. At the same time, the sustainability of tokenized equity activity may depend on how corporate objections and potential investigations develop, which could reshape the pace and scope of tokenized markets.

StablecoinX, the Nasdaq-listed company focused on the Ethena ecosystem, has named Christopher Jensen as its new chief executive officer. Jensen, formerly with Franklin Templeton’s digital assets team, will lead the firm’s management of ENA, Ethena’s governance token.

The appointment replaces Ted Chen, who guided StablecoinX through its June public listing and will continue to serve as chairman of the board. The CEO change places further emphasis on StablecoinX’s role as one of the largest institutional holders of ENA at a time when Ethena-related products are expanding.

Key takeaways

• StablecoinX appoints Christopher Jensen as CEO, tasked with running a major corporate stake in ENA.
• Ted Chen steps down as CEO but remains chairman after leading the firm through its Nasdaq listing in June.
• StablecoinX says it holds ~3.03 billion ENA tokens—about 20% of total supply—making it ENA’s largest corporate holder.
• Jensen’s background includes building Franklin Templeton’s digital asset group after its 2018 launch.
• The move follows Ethena Pay’s launch, a week after the self-custodial USDe spending and transfer app went live in dozens of countries.

What the leadership change signals for ENA holders

StablecoinX’s CEO transition matters because ENA is not a passive asset position. Ethena’s governance token provides voting rights over protocol changes, meaning large holders can influence how the system evolves. By placing Jensen at the helm, StablecoinX is effectively doubling down on governance-related oversight and strategic decision-making around Ethena’s broader roadmap.

According to the company, StablecoinX holds roughly 3.03 billion ENA tokens—around 20% of the token’s total supply—positioning it as ENA’s largest corporate holder. That concentration is precisely why governance outcomes attract attention from investors: changes to voting parameters, incentive structures, or protocol governance mechanisms can impact long-term token dynamics.

From Franklin Templeton to StablecoinX’s Nasdaq spot

Jensen joins StablecoinX after a long tenure at Franklin Templeton’s digital asset organization. The asset manager launched its digital asset group in 2018, and the report notes that Jensen helped build it, eventually serving as a portfolio manager and director of digital asset research.

StablecoinX’s appointment also highlights a direct connection between traditional asset management and Ethena’s early development. The report states that Franklin Templeton’s blockchain venture fund participated in Ethena’s seed round, giving Jensen exposure to the protocol before it became widely discussed across decentralized finance.

StablecoinX, meanwhile, trades on Nasdaq under the ticker USDE. The company is described as publicly listed and focused on the Ethena ecosystem, where Ethena issues USDe—an engineered, synthetic dollar that is reported to rank among the largest stablecoins. DefiLlama data cited in the article places USDe as the fifth-largest stablecoin by circulation, with nearly $4.4 billion in supply.

Why this comes right after Ethena Pay’s rollout

The leadership change arrives about a week after Ethena introduced Ethena Pay, a self-custodial app enabling users to spend, save, and transfer USDe. Earlier coverage linked to the appointment notes the product launch across 48 countries, expanding USDe’s utility beyond trading and custody into more everyday payment use cases.

While a CEO appointment is not automatically tied to product launches, the timing suggests a coordinated push toward ecosystem growth. For ENA holders and watchers, the practical question is whether the expansion of USDe on the consumer-facing side will translate into broader network participation—potentially affecting liquidity, adoption, and ultimately governance priorities.

Token performance: rebound alongside ecosystem momentum

The report also notes that ENA has been volatile. It remains down about 20% year to date, but has rebounded sharply in recent weeks—gaining more than 80% over the past month to trade around $0.16, according to CoinGecko.

That rebound matters for market participants because it often changes the attention placed on governance assets. When liquidity and sentiment shift, it can increase the number of participants monitoring governance votes, proposals, or shifts in token utilities. Still, the article does not attribute ENA’s price movement directly to StablecoinX’s leadership change, so investors should treat the correlation as circumstantial rather than causal.

What’s clear from the underlying facts is that StablecoinX’s governance exposure is large, and Ethena’s product expansion is ongoing. Together, those developments can affect how ENA is perceived—whether primarily as a governance instrument held by institutions, or as a token positioned for broader ecosystem activity driven by USDe utility.

Looking ahead, readers should watch for how Jensen’s strategy influences StablecoinX’s engagement with Ethena governance, as well as whether Ethena Pay’s rollout leads to measurable increases in USDe usage and participation across the ecosystem. The exact impact on ENA will likely depend on governance decisions and adoption metrics rather than any single corporate appointment.

BitMine Immersion Technologies has purchased 28,086 ETH worth about $70.1 million, raising its Ethereum treasury to 5.93 million tokens as Chairman Tom Lee predicts further gains for the asset.

BitMine’s Ethereum treasury has reached 5.93 million ETH

BitMine said in a Sep. 8 treasury update that it held 5,929,198 ETH as of Sep. 7, following the purchase of 28,086 tokens during the previous week.

Using the company’s reference price of $2,495, the latest acquisition was worth approximately $70.1 million. Its entire Ethereum position carried a value of about $14.79 billion at the same price, although the balance-sheet value will change alongside ETH.

“Over the past week, we acquired 28,086 ETH,” Lee said.

The purchase extended a run that began when BitMine adopted its Ethereum treasury strategy on June 30, 2025. According to Lee, the company has added ETH every week since the plan started.

As crypto.news reported on Aug. 31, BitMine had previously added 53,501 ETH, taking its balance to 5,901,112 tokens. Earlier weekly purchases included 9,926 ETH during the period ending Aug. 16 and another 32,447 ETH in the following update.

Based on the 122 million ETH supply used in the latest announcement, BitMine now controls about 4.9% of all tokens. The company said it has completed 97% of its plan to own 5% of the supply, a target it calls the “Alchemy of 5%.”

Reaching exactly 5% under the company’s current supply estimate would require approximately 6.1 million ETH. BitMine therefore remains about 170,802 ETH below that level, though the required amount can change as Ethereum’s total supply moves.

Beyond Ethereum, the Sep. 7 balance sheet included 211 Bitcoin, $593 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $91 million investment in Eightco Holdings. BitMine valued its combined crypto, cash, securities, and strategic investments at $15.7 billion.

Staked ETH could generate $330 million per year

Alongside its weekly purchases, BitMine reported that 5,067,309 ETH had been placed into staking through its Made in America Validator Network and external staking partners. The staked position was worth roughly $12.6 billion at the company’s reference price and represented about 85% of its Ethereum holdings.

Management estimated annualized staking revenue of approximately $330 million based on a seven-day annualized yield of 2.61%. If BitMine eventually stakes its full ETH balance through MAVAN and partner validators, the company projects annual rewards of about $386 million under the same yield assumption.

Both figures are projections rather than fixed revenue. Ethereum staking returns can change with network participation, validator performance, protocol rules, and the market price of ETH.

BitMine launched MAVAN earlier in 2026 to support its own treasury. According to the latest announcement, the platform has since expanded its services to institutional investors, custodians, and other Ethereum market participants.

Staking has already become an important source of operating revenue for the company. A previous treasury report showed that BitMine earned $45.7 million from staking and validation during the three months ended May 31, accounting for about 98% of its reported $46.5 million in quarterly revenue.

The same income stream supports BitMine’s preferred-stock structure. Its 9.50% Series A Perpetual Preferred Stock trades on the New York Stock Exchange under the BMNP ticker, while Lee has previously said staking income could help fund preferred-share dividend payments.

Tom Lee sees tokenization and AI supporting Ethereum

While BitMine continued buying, Lee maintained his bullish view on Ethereum and other large cryptocurrencies. He said ETH had been the best-performing macro asset during the third quarter through Sep. 4, beating the S&P 500 by 5,430 basis points.

Lee also identified ETH, Bitcoin, and Solana as the three strongest-performing assets since June 30. Based on that performance, he argued that institutional fund managers may consider increasing their exposure to digital assets, though the statement represents his market view rather than confirmed purchasing activity.

“We believe there are multiple positive catalysts as we head into the final months of 2026,” Lee said.

Among the factors named by Lee were an expected mid-September vote on the CLARITY Act, renewed crypto purchases by South Korean investors, financial-asset tokenization, and the use of blockchain networks by AI agents. The announced timing of the congressional vote was presented by Lee and should not be treated as a guaranteed legislative schedule.

Lee expects tokenization and AI-related activity to increase the use of Ethereum compared with Bitcoin. In August, he also linked Ethereum demand to the same two sectors while predicting that ETH would outperform Bitcoin during the current market cycle.

According to his framework, initial coin offerings supported Ethereum during the 2017–2018 cycle, NFTs drove activity in 2020–2021, and stablecoins played a central role in 2025. Lee believes tokenized assets and blockchain-based AI agents could serve a similar role during the next period of ETH growth.

Ethereum’s recent price performance has added support to his case. During the week ending Aug. 24, ETH gained 29.3%, compared with a 21.4% increase for Bitcoin over the same period.

Tom DeMark, founder of DeMark Analytics and an adviser to BitMine, offered a separate technical view in the company’s update. He said ETH traded sideways through August without breaking lower, allowing a 12-day bearish signal to expire.

“We believe this further supports the continuation of the prior uptrend,” DeMark said, adding that the sharp one-day rally in the previous week may have provided a preview of the move he expects next. His assessment remains a forecast and does not guarantee another ETH rally.

BMNR gives U.S. investors indirect Ethereum exposure

For U.S. investors, BitMine provides publicly traded exposure to a company whose balance sheet is largely tied to Ethereum. Fundstrat reported in August that BMNR had an 80% correlation with ETH in its comparison of 17 large-cap crypto-linked stocks, though the firm did not disclose the measurement period used for the calculation.

BMNR has gained 99% during the third quarter, according to BitMine, making it the fourth-best-performing stock in the Russell 1000 during that period. The index itself gained 3%, while four crypto-related companies ranked among its 21 strongest performers, the company said.

BitMine entered the Russell 1000 large-cap index on June 26. According to Fundstrat data cited by the company, BMNR recorded an average daily trading volume of $1.1 billion during the five sessions ending Sep. 4, ranking 81st among 5,704 U.S.-listed stocks.

The company’s figures show that BMNR’s exposure extends beyond changes in the ETH price because staking income, operating expenses, financing decisions, and its other investments can also affect the stock. Its $15.7 billion reported asset total included the Beast Industries and Eightco positions as well as cash, Bitcoin, and marketable securities.

BitMine also said its Ethereum holdings made it the world’s largest corporate ETH treasury and the second-largest cryptocurrency treasury overall, behind Strategy. The company cited Strategy’s reported balance of 840,447 BTC, valued at approximately $66 billion.

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US Senator Cynthia Lummis has warned that Congress could lose its next realistic opportunity to pass comprehensive crypto market-structure legislation until 2030 if the CLARITY Act fails during the current session.

The Wyoming Republican is urging lawmakers to complete work on the bill as the Senate prepares for a key procedural vote on September 15. The legislation is intended to establish clearer rules for digital assets and define the responsibilities of federal regulators.

Key Takeaways

• Cynthia Lummis says failure to pass the CLARITY Act could push crypto market-structure legislation to 2030.
• The Senate is scheduled to hold a procedural vote on the bill on September 15.
• The measure needs 60 votes to advance in the Senate.
• The CLARITY Act seeks to clarify SEC and CFTC oversight of digital assets and strengthen customer protections.
• Lummis warns that another delay could cost the US jobs, investment and tax revenue.

Lummis Warns Congress Could Lose Years of Progress

Lummis said the current Congress represents an important opportunity to establish a federal framework for the cryptocurrency industry.

“If the Clarity Act doesn’t pass this Congress, the next real opportunity to bring market structure legislation back up is 2030,” she said.

The senator argued that waiting several more years could have economic consequences, particularly if businesses and investors continue operating under a fragmented regulatory system.

The warning comes as lawmakers approach the September 15 Senate vote. The procedural step requires 60 votes to move the legislation forward, meaning Republicans will need support from Democrats and independents.

Clarity Act Faces a Tight Legislative Schedule

Meanwhile, the bill has already cleared several major stages in Congress. The House passed its version in July 2025, while the Senate Banking Committee approved the Senate version by a 15-9 vote in May 2026.

However, the legislation still faces disagreements over issues including stablecoin rewards, decentralized finance and the limits of federal oversight.

The timing has also become a concern. The House has canceled some September sessions, leaving lawmakers with fewer opportunities to consider the legislation if it eventually returns from the Senate.

A successful Senate procedural vote would not make the CLARITY Act law. The bill would still have to clear the remaining legislative hurdles before reaching President Donald Trump.

What the Clarity Act Would Change

Notably, the proposed legislation would establish clearer boundaries between the Securities and Exchange Commission and Commodity Futures Trading Commission when regulating digital assets.

It also contains provisions aimed at protecting customers when cryptocurrency companies fail.

Lummis has argued that digital assets held for customers should receive stronger legal protection if an exchange enters bankruptcy. Under the proposed framework, certain digital commodities would be treated as customer property rather than assets available to satisfy an exchange’s creditors.

That could reduce uncertainty for both cryptocurrency businesses and their customers.

2030 Could Become the Next Major Window

That said, Lummis’s warning is tied partly to the upcoming US elections, which could change the makeup of Congress and alter the priorities of lawmakers and committee leaders.

If the CLARITY Act fails now, supporters could have to rebuild bipartisan support and restart negotiations under a new Congress.

Other lawmakers and industry executives have also called for the legislation to move forward, but disagreements remain over several provisions.

For the crypto industry, the September 15 vote is therefore only one step in a much longer process. If Congress cannot complete the legislation this year, Lummis believes the next serious opportunity may not arrive until 2030.