Robinhood stock jumped about 14% on Friday, capping a week of crypto-friendly news out of Washington. The entire on-chain tokenized-stock market holds about $2.5 billion of value, according to data platform RWA.xyz.
For years, the digital asset sector traded at a steep regulatory discount. Institutional capital stayed sidelined, deterred by the threat of enforcement actions and a patchwork of state-level restrictions.
Fintech is Friday's sympathy trade, driven by Bitcoin‘s (CRYPTO:BTC)'s breakout pulling capital into retail brokerages and crypto-linked fintech corners.
Robinhood shares surged 11% on Friday as a sharp rally in Bitcoin lifted crypto-related stocks across the market. Bitcoin was trading near $77,000, up substantially from around $62,800 at the beginning of the week, as investors poured into digital assets following a combination of macroeconomic and policy catalysts.
A sharp Bitcoin breakout is spilling into retail brokerage stocks Friday morning, and the two publicly traded names are catching the move in very different proportions.