Robinhood (HOOD) shares surged 5.14% in pre-market trading on Tuesday, following a series of major announcements that significantly expand the company's cryptocurrency and tokenized asset offerings.

The financial services platform unveiled several new products on Monday, including the launch of tokenized U.S. stocks and ETFs for customers in the European Union. This allows EU users to gain exposure to over 200 U.S. securities through blockchain-based tokens, with plans to expand to thousands of assets by year-end. Robinhood also introduced crypto perpetual futures for EU customers and crypto staking services for U.S. users.

In a move that further solidifies its commitment to blockchain technology, Robinhood announced plans to develop its own Layer 2 blockchain, optimized for tokenized real-world assets. This initiative aims to support 24/7 trading, self-custody, and seamless transfer of tokenized assets in the future.

Wall Street reacted positively to these developments, with several analysts raising their price targets for Robinhood stock. Mizuho increased its target from $80 to $99, while Cantor Fitzgerald raised its target to $100 from $89, citing substantial earnings potential from the new offerings. The stock's rally extended its year-to-date gains to over 150%, reflecting growing investor confidence in Robinhood's strategic direction and expansion into crypto and tokenized assets.