Robinhood (HOOD) stock closed up 11.29% at $84.84 on Thursday after the Treasury Department announced the Trump Account app — built by Robinhood — is now available for download.
The move wasn’t driven by one single catalyst. Mizuho analyst Dan Dolev told Barron’s the jump is “likely a combination of both Trump accounts excitement, the agentic trading news from yesterday as well as hopes of peace in the Middle East.”
Nearly six million families have signed up for Trump Accounts. That’s up from the five million figure announced on tax day. The accounts don’t officially activate until July 4.
The first batch of activation emails has already gone out from no-reply@trumpaccounts.treasury.gov, with more to follow in the coming weeks to everyone who signed up via IRS Form 4547.
Robinhood had been able to accept sign-ups since February, when families could file the special form alongside their taxes.
The Treasury Department previously confirmed that Bank of New York Mellon (BNY) would act as the government’s financial agent for the accounts. BNY closed up less than 1% Thursday.
Robinhood is serving as both the brokerage and initial trustee for the Trump Accounts. The company previously said the work was “contracted on a cost plus basis with a small margin.”
It said initial development costs came in at under $14 million. Robinhood also said it plans to invest a further $100 million to build and support the user interface going forward.
The day before the Trump Account launch, Robinhood announced it would allow customers to connect AI agents directly to their accounts. Those agents can place trades and make credit-card purchases on a customer’s behalf.
That news alone pushed HOOD up nearly 3% on Wednesday. Thursday’s move built on top of it.
The combination of the two announcements in back-to-back days gave the stock a strong two-day run heading into the long weekend.
Despite Thursday’s pop, HOOD is still down 25% for the year. The drop has been driven largely by a slowdown in crypto trading.
When Robinhood reported earnings in April, it said crypto trading revenue had fallen 47% to $134 million.
Lower cryptocurrency prices have reduced trading activity, which has weighed on the stock since the start of 2026.
Mizuho raised its price target on HOOD to $115 from $110 on Thursday, while keeping its Outperform rating. The average analyst price target across FactSet polled analysts sits at $101.04, with an average rating of overweight.
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