Robinhood Crypto Business Falters Despite Record Revenue

Retail investing pioneer Robinhood is struggling in its crypto business, despite reaching an all-time high in quarterly revenue of $1.31 billion in Q2 2026.

The company's crypto revenue has been declining, falling 38% year-over-year to $100 million, accounting for only 8% of its total revenue.

This weakness is reflected in the decline of retail crypto trading volume on the Robinhood app, which dropped by 36% year-over-year to $18.2 billion, marking a historical low.

RWA (Real World Assets) made up only 5% of spot trading volume on Robinhood Chain in July, with Meme coins accounting for 51%. However, the early success of Robinhood Chain has been impressive, generating $3.6 million in REV (Real Economic Value) in its first month.

Relying solely on this scale is not enough to reverse the trend of declining revenue in Robinhood's crypto business, but the chain still holds significant potential for growth and monetization.