MENLO PARK, Calif. — Shares of Robinhood Markets Inc. surged 8.94% to $119.62 in Friday trading, adding $9.82, as the trading platform rode both a broader rally in crypto-linked equities and a new regulatory development from the Securities and Exchange Commission that positions the company as a direct beneficiary of the growing push to bring traditional stocks onto blockchain infrastructure.

The rally follows the SEC's issuance Thursday of what it called an "innovation exemption" designed to facilitate trading of tokenized stocks registered under the National Market System, a move widely described as bringing U.S. equity markets closer to round-the-clock trading. Robinhood, which has positioned itself as a pioneer in retail cryptocurrency access and tokenized asset distribution, was quickly identified by market analysts as a primary beneficiary of the new exemption, given the company's early investment in blockchain-based trading infrastructure through its proprietary Robinhood Chain platform.

Robinhood Chief Executive Officer Vlad Tenev has previously framed tokenization as central to the company's broader growth strategy, telling CNBC earlier this month that the technology "allows us to distribute access to U.S. stocks globally." That comment came amid a public exchange with AMC Entertainment CEO Adam Aron, who had criticized tokenized stock products as "fake equity." Tenev responded to that criticism not with a direct rebuttal but by announcing additional perks for users of Robinhood's........

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