Tenev presses case for always-on markets

Robinhood chief executive Vlad Tenev has sharpened his argument for a radical overhaul of market structure, saying the practice of shutting exchanges at the end of each trading day is a “legacy design choice” and that tokenisation could help create a financial system that works more like the internet. The remarks land as Robinhood expands beyond its retail-broker roots and as major market operators push blockchain-based versions of stocks and funds closer to the centre of mainstream finance.

Tenev’s comments reflect a broader campaign by Robinhood to position itself at the front of a shift towards longer trading hours, faster settlement and wider retail access to assets once limited by geography, exchange timetables or private-market gatekeepers. Robinhood already offers extended trading in equities, launched 24/5 trading for selected stocks and exchange-traded funds in 2023, and has since widened its push into tokenised products, prediction markets, wealth services and private-market investing.

The company’s most ambitious move came in June 2025, when it launched tokenised versions of more than 200 US stocks and ETFs for customers in the European Union. Those products, issued with infrastructure linked to Arbitrum, were designed to trade around the clock on weekdays and were presented by Robinhood as part of a longer-term plan to build a blockchain tailored to real-world assets and eventually support 24/7 trading. That launch pushed Robinhood deeper into a race with crypto-native groups and traditional exchanges that see tokenisation as the next major battleground in capital markets.

Tenev has argued that tokenisation can do more than extend market hours. Supporters say blockchain-based securities could shorten settlement cycles, lower back-office costs, enable smaller order sizes and make cross-border access easier. The latest moves by established exchanges suggest the idea is no longer confined to crypto circles. Nasdaq won approval last month for a pilot allowing certain securities to trade and settle in tokenised form through the Depository Trust Company framework, while Intercontinental Exchange and the New York Stock Exchange have also unveiled separate tokenisation initiatives.

Regulators, however, are signalling that innovation will not be allowed to bypass securities law. The US Securities and Exchange Commission said in January that tokenised securities remain securities under federal law and set out guidance for market participants on how existing rules apply. That stance matters because much of the appeal of tokenisation rests on the promise of efficiency, while the legal burden remains tied to disclosure, custody, market surveillance and investor protection. The SEC has also been developing broader crypto guidance as Washington moves towards a more defined framework for digital assets.

Robinhood has already encountered the limits of that promise. Its June 2025 token launch drew objections when OpenAI publicly said it had not partnered with Robinhood and did not endorse the token tied to its shares. Robinhood replied that the offer was connected to an interest in a special purpose vehicle rather than direct company equity. That episode exposed one of the most sensitive fault lines in tokenised finance: whether retail customers fully understand what they own, what rights they do not have, and how closely a token mirrors the underlying asset.

Questions also remain about whether investors truly want permanently open equity markets. Advocates present 24-hour access as an obvious improvement for a digital generation accustomed to instant services. Critics counter that continuous trading could thin liquidity outside peak hours, widen price swings and increase pressure on smaller investors to monitor portfolios without pause. Coverage in the financial press has noted that many tokenised stocks still behave more like derivatives than conventional shares, often lacking voting rights or direct dividend entitlements even when their prices track listed equities.

Robinhood’s own transformation helps explain why Tenev is pressing the case so forcefully. The platform has been trying to shed its image as a home mainly for meme-stock speculation and become a broader financial hub. Reuters reported in March that the group launched a $658.4 million private-markets fund and rolled out a high-fee Platinum card aimed at wealthier customers, while its full-year 2025 results showed record revenue, record net deposits and 4.2 million Robinhood Gold subscribers. For Tenev, tokenisation is not simply a crypto narrative; it is part of a larger effort to keep customers inside a single ecosystem for trading, saving, borrowing and investing.