Most notably, the company introduced tokenized stocks, which are essentially blockchain-based equity derivatives allowing the trading of over 200 U.S. stocks

Robinhood Markets Inc.’s shares fell Thursday, after the financial-services platform once again missed out on membership in the S&P 500 index. But investors should perhaps focus more on President Donald Trump’s tax-and-spending megabill, which could have much bigger implications for the company.

Those upcoming catalysts already brought back a lot of bulls, and SoFi's stock nearly tripled over the past 12 months. But with an enterprise value of $19.3 billion, it still looks more reasonably valued than Robinhood at 6 times this year's sales and 22 times its adjusted EBITDA.