Robinhood Outshines Coinbase in Q2 Amid Crypto Market Downturn

Riding out the crypto slump, Robinhood Markets posted record transaction-based revenue in Q2 2025. The company's diversification into options, equities, and prediction markets helped offset a sharp decline in cryptocurrency trading.

Robinhood's crypto trading revenue fell by 37.5% year-over-year to $100 million, while total transaction-based revenue reached an all-time high of $776 million. Prediction markets generated $156 million in revenue from 13.6 billion contracts traded, surpassing the company's crypto segment for the first time.

In contrast, Coinbase reported its weakest quarterly revenue in nearly a year, underscoring the challenges of relying heavily on trading fees. Trading volume fell by 24% from the previous quarter to its lowest level since Q3 2023.