CryptoSlate
Robinhood's crypto transaction-based revenue collapsed 38% year over year to $100 million in the second quarter of 2026, down from $358 million in Q4 2024 when crypto still drove 53.3% of the firm's $672 million in transaction-based revenue. Last quarter crypto was just 12.9% of a $776 million total. Options generated $342 million, event contracts brought in $156 million, and equities added $129 million, together producing 81% of transaction revenue and roughly six times what crypto contributed. Net interest revenue added $389 million, with Gold subscriptions helping push other revenue to $143 million. The mix shift is the story, and a record quarter was saved by lines that did not exist, or did not exist at scale, two years ago.
Why it matters
The numbers point to a structural reshuffle inside Robinhood's transaction stack rather than a crypto slowdown alone. Total crypto notional volume across the firm was $40 billion for the quarter, with the retail app supplying $18 billion (down 35% YoY) and the Bitstamp institutional venue supplying the larger $22 billion share. Robinhood's monetization rate on that volume has roughly halved, from about $5 million per $1 billion in Q4 2024 to roughly $2.5 million per $1 billion last quarter, which is what you'd expect when institutional exchange volume crowds out higher-fee retail flow. Robinhood Chain, the Arbitrum-based layer-2 that went live as a public mainnet on July 1, is now where crypto is moving inside Robinhood's stack, through tokenized stocks, perpetuals, Earn lending, and a memecoin rush led by CASHCAT that pushed DEX volume to roughly $370 million on a single July day and over $2.6 billion across one week.
Market impact
For investors who still bucket Robinhood as a "crypto broker," the quarter is a re-rating event, the brokerage converts crypto users to Gold subscribers (now 4.8 million, up 39% YoY) and the value-capture migrates from spot transaction fees to subscription, net interest, and on-chain infrastructure revenue.
Frequently asked questions
-
How much did Robinhood's crypto revenue drop?
Crypto transaction-based revenue fell 38% year over year to $100M in Q2 2026, down from $358M in Q4 2024, and shrank from 53.3% to 12.9% of total transaction-based revenue.
-
What drove Robinhood's record quarter instead?
Options generated $342M, event contracts $156M, and equities $129M, together producing 81% of transaction-based revenue and roughly six times what crypto contributed. Net interest revenue added $389M.
-
What role does Bitstamp now play inside Robinhood?
Bitstamp supplied $22B of Robinhood's $40B in total crypto notional volume last quarter, larger than the retail app's $18B, and provides institutional liquidity and international reach at a lower monetization rate than retail trading.
-
What is Robinhood Chain and why does it matter?
Robinhood Chain is an Arbitrum-based layer-2 that went live as a public mainnet on July 1, 2026, designed for tokenized stocks, RWAs, DeFi lending, and AI-native finance. It hosted over $2.6B in DEX volume across one week, mostly from a memecoin launch wave led by CASHCAT.
-
How are Gold subscriptions connected to the crypto story?
Gold subscribers grew 39% YoY to 4.8 million and helped push "other" revenue to $143M. Crypto and on-chain users converting to Gold is the bridge the firm is using to keep value-capture inside the broader ecosystem even as spot crypto transaction revenue shrinks.
CoinDesk
TheBlock
Crypto Rank News
Crypto News
Whale Alert
CoinTelegraph
Lookonchain