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Robinhood adds BONK, PENGU, PNUT and XLM to advanced trading platform
Robinhood has added four new cryptocurrencies — BONK, PENGU, PNUT, and XLM — to its advanced trading platform, Robinhood Legend, expanding its crypto offerings as part of its aggressive digital asset strategy. The move, announced via the company’s official account on social platform X (formerly Twitter), aligns with Robinhood’s growing focus on retail investors interested in trending or niche assets.
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The newly listed tokens vary in nature: BONK and PENGU are meme coins that have gained popularity within online communities; PNUT offers decentralized finance (DeFi) functionalities; and XLM, or Stellar Lumens, is well-known for enabling cross-border payments through the Stellar network. While these assets are available to eligible users, Robinhood notes that access may vary by state due to local regulatory restrictions.
Market response and current performance
Despite the listings, the market reaction has been muted. According to CoinGecko, all four new assets are trading in the red. BONK has dropped 5.8% over the past 24 hours, reaching $0.00002402. PENGU fell 5.7% to $0.03317, while PNUT and XLM declined by 2.4% and 4.1%, respectively, with current prices at $0.2188 and $0.3915.
The addition of these new assets follows Robinhood’s release of a strong quarterly earnings report, underscoring the success of its expanding crypto strategy. Analysts believe the platform’s decision to include more meme coins and niche tokens reflects broader market trends and rising user demand — especially following the 2024 U.S. elections, when pro-crypto sentiment gained political momentum.
Regulatory environment and strategic implications
Favorable regulatory developments have also played a role. A softened stance by the U.S. Securities and Exchange Commission (SEC) regarding meme tokens — clarifying that many of them do not fall under the classification of securities — has eased compliance burdens for trading platforms and accelerated asset listings.
Robinhood’s latest listings further cement its role as a key player in the evolving cryptocurrency landscape, particularly among U.S. retail investors seeking access to both established and emerging digital assets.
Read also: Robinhood faces increased EU scrutiny following tokenized stock rollout
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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