Robinhood’s cryptocurrency revenue fell sharply in the second quarter of 2026 even as stronger activity across equities, options and prediction markets lifted the brokerage’s overall revenue to a record.
According to Robinhood’s earnings report, crypto transaction revenue dropped 38 percent from a year earlier to $100 million, making it the only major transaction category to decline.
Crypto trading activity also weakened, with notional volume on Robinhood’s app falling 35 percent to $18 billion. Total crypto volume reached $40 billion after including $22 billion handled through Bitstamp.
By contrast, equities, options and event contracts all posted record trading activity, helping Robinhood reduce its reliance on digital assets. Crypto contributed about 13 percent of transaction-based revenue during the quarter.
Prediction markets and equities fill the gap
Total transaction-based revenue climbed 44 percent to $776 million, led by options revenue of $342 million, up 29 percent, and equities revenue of $129 million, which nearly doubled from the previous year.
Event contracts delivered the fastest growth, generating $156 million in revenue, more than 10 times the year-earlier level. Robinhood said customers traded a record 13.6 billion event contracts during the quarter, while options volume rose 50 percent to 774 million contracts and equity trading volume increased 85 percent to a record $956 billion.
The strength across those products helped total net revenue rise 32 percent to a record $1.31 billion. Net interest revenue increased 9 percent to $389 million, supported by growth in interest-earning assets, while other revenue jumped 54 percent to $143 million on higher Gold subscription income and Trump Account service revenue.
Profit rises 48 percent despite higher costs
Net income advanced 48 percent to $573 million, while diluted earnings per share rose by the same rate to $0.62. The result included $129 million in gains primarily linked to the deconsolidation of Robinhood Ventures Fund I, adding about $0.14 per share.
Operating expenses rose 33 percent to $734 million, reflecting marketing investment, restructuring charges and costs tied to newer businesses. Robinhood nevertheless lowered and narrowed its full-year outlook for adjusted operating expenses and stock-based compensation to between $2.675 billion and $2.775 billion.
Total platform assets reached $369 billion, up 32 percent, while quarterly net deposits hit a record $21.7 billion. Robinhood also repurchased $414 million of stock during the quarter.
eToro, FalconX and TokenInsight signal wider crypto weakness
Robinhood’s decline came amid a broader slowdown in crypto trading during the second quarter. eToro reported that crypto trades fell 32 percent year over year in April and 31 percent in May, while the average amount invested per trade dropped 22 percent and 28 percent, respectively.
The weakness came even as eToro’s capital-markets trade count increased, echoing Robinhood’s ability to offset softer crypto demand with stronger activity in other products.
FalconX said the wider market showed the same weakness, estimating that global crypto spot volumes fell 42 percent year over year during the quarter while futures activity declined 31 percent.
Crypto research firm TokenInsight separately put total exchange trading volume at $16.5 trillion, about 8 percent below the previous quarter and well under its 2025 peak.
