Robinhood is up 160% this year, but several challenges are looming

Core Insights - Robinhood's stock reached an all-time high, increasing over 160% in 2025, driven by the rise of bitcoin and other crypto stocks [1] - The stock experienced a pullback after a report indicated JPMorgan's plans to charge fintechs for customer bank data access, potentially increasing costs across the industry [1][2] - Despite its strong performance, Robinhood faces challenges including a regulatory investigation in Florida and pushback over new staking fees [2] Regulatory Investigation - The Florida Attorney General has initiated a formal investigation into Robinhood Crypto, alleging misleading claims about offering the lowest-cost crypto trading [3] - The investigation focuses on Robinhood's payment for order flow practice, which may lead to worse pricing for customers [4] - Robinhood's General Counsel defended the company's practices, stating that their disclosures are "best-in-class" and that they provide the lowest average cost [4][5]