Robinhood Surges Ahead of Coinbase as Earnings Loom

Robinhood and Coinbase, two companies built on the retail crypto boom, are about to report their Q2 earnings one day apart. The market has already indicated its preference for Robinhood over Coinbase.

The valuation gap between the two is significant, with Robinhood's market value at around $86 billion compared to Coinbase's $44 billion as of July 27. Analysts expect Robinhood to earn about $0.43 a share on roughly $1.29 billion in Q2 revenue, up from $989 million a year earlier.

Robinhood has diversified its business model by expanding into banking, retirement, margin, and prediction markets, among other areas. Its acquisition of Bitstamp in June 2025 gave it access to retail and institutional crypto customers across several countries.

Coinbase, on the other hand, still relies heavily on transaction revenue, despite making progress in subscription and services revenue. The company logged a second consecutive quarterly loss as crypto trading momentum faded.