Robinhood posts record quarter as crypto revenue slides 38%

The online brokerage continued expanding its digital asset business with Robinhood Chain, tokenized stocks and decentralized lending even as cryptocurrency transaction revenue declined.

[Update 08:55 UTC, July 30: Updates with additional reporting and context.]

Online brokerage Robinhood posted record second-quarter revenue and earnings, though cryptocurrency transaction revenue fell 38% from a year earlier.

The company said Wednesday in its earnings report that crypto transaction revenue fell to $100 million from about $160 million a year earlier. Overall revenue rose 32% year-over-year to $1.31 billion, while net income increased 48% to $573 million. Transaction-based revenue climbed 44% to $776 million.

Robinhood reported $40 billion in crypto notional trading volume during the quarter. Of that total, $18 billion came from the Robinhood app, down 35% from a year earlier, while $22 billion came from Bitstamp, the crypto exchange it acquired in June 2025.

The price of Robinhood shares was down 3.15% on Wednesday ahead of the company’s earnings release, according to Yahoo Finance data.

Despite the decline in crypto trading revenue, Robinhood continued expanding its digital asset business during the quarter, completing its acquisition of Canadian crypto platform WonderFi as it broadened its crypto offerings beyond trading.

After the quarter ended, the company unveiled the public mainnet of Robinhood Chain, introduced tokenized US stocks to eligible users in more than 120 countries and debuted its first decentralized lending product, Robinhood Earn.

Related: Bernstein raises Robinhood price target, cites tokenization and prediction markets

Data from DefiLlama shows Robinhood’s new Ethereum layer-2 network had $348 million in total value locked on Thursday, more than $500 million in stablecoins and over $1 billion in bridged assets.

Cryptocurrency was the only major transaction category to decline during the quarter. 

Robinhood said growth in event contracts, options and equities more than offset the weakness, with event contract revenue surging more than tenfold to $156 million, options revenue rising 29% to $342 million and equities revenue jumping 95% to $129 million.