Robinhood Crypto Revenue Plunges Nearly 40%

Robinhood's crypto revenue took a significant hit in Q2, plummeting nearly 40% year over year to $100 million.

This is despite the company's overall revenue reaching a record high of $1.3 billion, with transaction-based revenue rising 44% to $776 million.

Crypto trading through Robinhood's main app fell 35% year over year to $18 billion, while Bitstamp contributed another $22 billion, bringing total reported crypto volume to $40 billion.

Meanwhile, prediction markets on the platform generated a whopping $156 million in revenue, more than 10 times last year's figure, and over 50% more than crypto revenue during the quarter.