Robinhood crypto revenue in the second quarter was $100 million: the figure dropped significantly year over year, but was above analysts’ consensus forecast of $86.6 million.
The quarter was strong overall for Robinhood Markets. Total revenue grew by 32% to $1.31 billion, and diluted earnings per share rose by 48% to $0.62. In Wall Street reporting language, these lines are usually referred to as Revenue, Income, Net Income, and Earnings Per Share, so investors looked not only at the crypto segment, but also at the quality of all profits.
- Crypto revenue fell to $100 million but exceeded market expectations
- Robinhood’s total revenue increased thanks to record activity in options and event contracts
- The company continues to expand its web3 direction, including blockchain infrastructure and international products
Crypto Segment Fell but Did Not Ruin the Quarter
Before the report was published, expectations for the crypto segment were fairly cautious. In the first quarter, revenue from digital asset operations had already fallen 47% to $134 million, or $134,000,000. In the second quarter, the decline continued: the figure dropped another 25%.
The main reason was weaker trading activity. The volume of crypto transactions in the Robinhood app fell 35% year over year to $18 billion. Revenue was also pressured by market volatility, competition for active traders, regulatory uncertainty, and the speed of launching new crypto products. Bitstamp, acting as a major cryptocurrency exchange for the business, added another $22 billion, bringing the total turnover to $40 billion.
Within the crypto segment, users still pay attention to the main digital assets:
- Bitcoin
- Other digital assets
However, this time cryptocurrency no longer appeared to be the main growth driver: its share of total revenue fell below 8%, although two years ago this area was considered one of the company’s key drivers. Recovery will require a more active market, growth in the number of users, new products, and geographic expansion—without this, cryptocurrency is unlikely to quickly regain its former role in Robinhood’s business.
In the crypto market, Robinhood competes not only with exchanges like Coinbase and Binance, but also with other brokerage platforms. Its strengths are a simple app, a large retail audience, and the combination of crypto with stocks, options, and other products; its weakness is the dependence of crypto income on market activity and rules in different jurisdictions.
Options and Prediction Markets Set a Record
Transaction revenues provided the strongest support for quarterly results. They grew by 44% to $776 million. Event contracts saw especially notable gains: this business brought in $156 million, more than 10 times last year’s level.
The prediction market became one of the main stories of the quarter. Each contract in this area boosted the overall trade dynamic, and the prediction model itself is increasingly influencing how investors view Robinhood not only as a broker, but also as a technology platform for retail finance.
Options also showed strong growth: revenue in this area increased by 29% to $342 million. Income from stock trades nearly doubled to $129 million. For the stock market, this is an important signal: Robinhood’s business is now less dependent on a single crypto vertical and is gaining more support from several products at once.
Client metrics also improved. The number of funded accounts grew to 28.4 million, and the number of Robinhood Gold subscribers hit a new high of 4.8 million.
“The business is showing outstanding results. We have reached record revenue and achieved new highs in trading volume for stocks, options, and event contracts—we continue to gain market share,” said Robinhood CFO Shiv Verma.
HOOD Shares Fell After the Report
Despite the strong numbers, the market reaction was muted. Robinhood shares fell 3.15% on Wednesday and closed at $89.84. After the report was published, the price dropped even lower in after-hours trading—to about $87 per HOOD share.
Investor caution can be explained by the profit structure. Diluted earnings per share of $0.62 included $0.14 received from excluding Robinhood Ventures Fund I from consolidated reporting. For investors, this is an important detail: the market looks not only at headline numbers, but also at how sustainable the result appears.
For investors, it is more important to compare year-over-year and quarter-over-quarter dynamics: crypto revenue, total income, and the share of the crypto segment in total revenue show how sustainable Robinhood’s growth remains.
Robinhood Strengthens Blockchain Direction
The company continues to invest in crypto infrastructure. During the quarter, Robinhood launched the mainnet of Robinhood Chain—a layer-two solution on Ethereum designed for tokenized real-world assets. In this model, an asset is converted to digital form, and blockchain becomes the basis for settlements and access to new products. For now, the connection to crypto revenue recovery is more long-term: the network does not offset the current decline in trading activity, but expands the set of products that can generate commissions.
Commissions from Robinhood Chain apps reached $25 million in just one week this month. This helped the network quickly become one of the leaders in fee collection among similar solutions.
Robinhood also introduced Robinhood Earn—the first on-chain lending product, expanded access to stock tokens in more than 120 countries, and completed the acquisition of WonderFi in Canada. In the European Union, perpetual contracts became available during the quarter, and the next market for crypto services was named as the United Kingdom. At the same time, the United States remains the key market for Robinhood as a public platform closely tied to retail trading.
What Users With Large Sums Should Consider
For stocks in a brokerage account, protection usually relies on SIPC, but such guarantees have limits and do not cover market losses. Cryptocurrency on Robinhood does not receive the same insurance coverage, so holding large sums—especially more than $500,000—requires a separate risk assessment.
Cryptocurrency on Robinhood is held in a custodial model: the user buys the asset in the account, and the platform provides storage and operational processes. For supported assets, the ability to withdraw to an external wallet is important—it gives more direct control over coins. User rights and storage procedures depend on Robinhood Crypto rules, so large crypto balances are best evaluated separately from a regular brokerage account.
For the team associated with Vlad Tenev, the main challenge now is to prove that the crypto business can stabilize: this will require a revival of the digital asset market, increased user activity, and the impact of new products like Robinhood Chain and international launches. Market maker, retail broker, and technology infrastructure converge in this model: Robinhood is trying to become not just a trading app, but a broad financial ecosystem.
The forecast for adjusted operating expenses and stock-based compensation for 2026 has been reduced to a range of $2.675–2.775 billion. If the current pace of growth in event contracts continues, this area may influence HOOD’s valuation more than the recovery of crypto revenue.
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