Robinhood: The Day After Liberty Day

The day after “Liberty Day” — marked by the Trump administration’s sweeping tariff announcements — I reflect on Robinhood’s position in this rapidly evolving financial landscape.

As markets react to the new tariff regime (just look at that official tariff chart making the rounds), I wouldn’t be surprised if we soon see a $TARIFF memecoin appearing on Robinhood’s crypto trading platform. After all, this is the company that rode the meme stock wave to prominence — from GameStop to Dogecoin, Robinhood has made its fortune on retail investors chasing viral financial trends.

· Robinhood customers collectively hold about 24% of Dogecoin’s entire supply, worth $8.8 billion as of February 2025

· Robinhood makes money from coins like Pudgy Penguins (PENGU), Peanut the Squirrel (PNUT), and Popcat (POPCAT)

Transparency Issues Run Deep

Robinhood’s lack of transparency is not a new phenomenon but rather a deeply ingrained cultural issue. Remember when they disrupted the market with their zero-commission model while quietly monetizing through “payment for order flow” (PFOF)? This practice of hidden revenue streams continues to define its business approach.

While they advertise zero-fee trading for crypto, the reality is more complex. As highlighted in a Forbes recent…