Robinhood Beats Coinbase in Crypto Slowdown

Crypto trading activity slowed for both Robinhood and Coinbase in Q2, but only one managed to offset that weakness.

RH's expanding options, equities, and prediction markets businesses filled the void left by crypto revenue decline, which fell 37.5% YoY to $100M. RH's total transaction revenue of $776M matched its record Q4 2025 figure despite a shift in composition.

Crypto now accounts for just 13% of Robinhood's transaction revenue as volumes fell another 23% QoQ, hitting their lowest since Q4 2023.

RH's options revenue hit a record $342M (up >31% QoQ), equities revenue hit a record $129M (up 95%), and event contracts generated $156M in revenue on 13.6B contracts traded, out-earning crypto business for the first time.

Coinbase's total revenue of $1.22B was its weakest since Q3 2024, with transaction revenue falling 20% and transactional gross profit falling 27%. Despite this, Coinbase managed to keep a 14-quarter positive EBITDA streak alive.