Robinhood rises as Trump Accounts launch
- Robinhood shares rose more than 2% after the launch of the Trump Accounts investment programme.
- Wall Street analysts maintained Buy ratings and raised price targets despite broader weakness in cryptocurrency markets.
- President Donald Trump said Bitcoin could be considered for the programme in the future, although it is not currently included.
Robinhood Markets shares rose more than 2% to about US$114 after the launch of the Trump Accounts programme, with the brokerage serving as one of the US Treasury's partners alongside BNY Mellon.
The White House launched the programme with President Donald Trump attending a ceremony marking its rollout, while the initiative provides a US$1,000 government-funded investment contribution for eligible children born between 2025 and 2028.
“Something could happen,” said Donald Trump when asked whether Bitcoin (CRYPTO:BTC) could eventually be included in the Trump Accounts programme.
Wall Street firms including Piper Sandler, BTIG and Mizuho Financial Group maintained Buy ratings on Robinhood, with Mizuho increasing its price target to US$130 from US$115 following the programme's launch.
Robinhood outperformed the broader cryptocurrency market during the session as Bitcoin (CRYPTO:BTC) traded below US$62,000, and following the announcement Robinhood shares were up more than 2%.
The Trump Accounts programme currently focuses on traditional investment accounts, although the administration has indicated that future changes remain possible as digital asset policy develops.
The launch also prompted criticism from economist Peter Schiff, who argued the government-funded contributions would increase federal borrowing rather than create new revenue.
At the time of reporting, Bitcoin price was $63,228.89.
