Robinhood posts record quarter as crypto revenue slides 38%
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- Robinhood posted record Q2 results with total revenue of $1.31 billion (up 32% YoY) and net income of $573 million (up 48%), while crypto transaction revenue fell 38% to $100 million from roughly $160 million a year earlier.
- Crypto trading volume on the Robinhood app dropped 35% YoY to $18 billion, while the Bitstamp exchange — acquired in June 2025 — contributed $22 billion of the $40 billion total crypto notional volume.
- Robinhood broadened its digital-asset ecosystem by completing the WonderFi acquisition, launching the Robinhood Chain mainnet, rolling out tokenized US stocks to eligible users in 120+ countries, and debuting Robinhood Earn, its first decentralized lending product.
- Robinhood Chain held $348 million in total value locked, more than $500 million in stablecoins, and over $1 billion in bridged assets as of Thursday, per DefiLlama data.
- Event contracts revenue surged more than tenfold to $156 million, options revenue rose 29% to $342 million, and equities revenue jumped 95% to $129 million — more than offsetting the crypto decline.
- Robinhood reported record net deposits of $21.7 billion, total platform assets up 32% YoY to $369 billion, and funded customers up 7% to 28.4 million.
- Robinhood shares were down 3.15% on Wednesday ahead of the earnings release, according to Yahoo Finance data.
Why it matters: Crypto was the only major transaction category to decline, yet record net deposits of $21.7 billion, 7% customer growth to 28.4 million, and 32% asset growth show the platform is still expanding overall. Bitstamp — acquired just last quarter — now supplies over half of Robinhood's $40 billion crypto volume, exposing how thin the retail app's organic trading has become. The real growth engine is diversification: event contracts, tokenized stocks, and decentralized lending are scaling fast while core crypto stalls.
