Robinhood’s crypto revenue plunged 38%, but a sudden explosion in options trading saved its record quarter
Robinhood’s revenue mix has shifted sharply away from crypto. In Q4 2024, crypto generated $358 million, about 53% of transaction-based revenue; by Q2 2026, crypto revenue fell 38% year over year to $100 million, or 12.9% of the total. Options, event contracts, and equities became the main drivers, while net interest and other revenue added significant support. Crypto volume remains large at $40 billion, but Bitstamp now handles most of it, indicating a move toward institutional liquidity and global reach rather than retail monetization. That reflects Robinhood’s broader stack: Bitstamp, Robinhood Wallet, and Robinhood Chain, plus stock tokens, Earn, and perpetuals. Robinhood Chain launched on July 1 and quickly saw memecoin-driven activity, especially CASHCAT, with heavy DEX volume, more than 29,000 token launches in one day, and over $500 million in stablecoin supply. The key question is whether this early burst turns into durable chain usage and revenue.
