Analysts at Bernstein have identified Robinhood as the leading “crypto deregulation trade” following the recent U.S. elections, in which Donald Trump and the Republican Party secured significant victories.

The firm has upgraded its rating on Robinhood’s stock (HOOD) to “outperform” and raised its price target to $51, up from a previous target of $30 which was reached shortly after the election.

The analysts project that Robinhood will benefit from anticipated pro-crypto policies under the new administration, which include plans to establish a national Bitcoin stockpile and a commitment to reduce regulatory burdens on the crypto industry.

Bernstein has adjusted its revenue forecast for Robinhood, estimating $4.19 billion for the 2025 financial year—an increase from $3.85 billion—with earnings projected at $1.3 billion.

Currently, Robinhood's shares are up 176% year-to-date, closing at $35.24, with pre-market trading indicating a further increase to $36. Analysts suggest the new price target represents a potential upside of 45%.

Despite these gains, Robinhood's crypto operations remain limited compared to competitors like Coinbase. The app has only listed 15 tokens and lacks revenue from staking, lending and derivatives.

Bernstein's report indicates that a shift towards a more pro-crypto stance at the U.S. Securities and Exchange Commission (SEC) could enable Robinhood to expand its offerings significantly. Following the election, Robinhood added four tokens—SOL, ADA, XRP and PEPE—but still trails behind major exchanges.

In addition to new token listings, Bernstein expects Robinhood to introduce additional crypto services and expand into Europe through a proposed $200 million acquisition of the crypto exchange Bitstamp.

The analysts believe that regulatory changes could lead to increased market share for Robinhood in the evolving crypto landscape.