Robinhood's Crypto Revenue Plunges 38% Amid Decline in Retail Trading

Robinhood's crypto revenue plunged 38% in Q2 2026 to $100 million, down from $160 million a year prior. This decline occurred despite the company's overall revenue reaching a record $1.31 billion.

The launch of Robinhood Chain on July 1, one day after the quarter ended, did not have any impact on the reported Q2 results. The reason is that launching a blockchain does not automatically convince brokerage customers to trade Bitcoin, Ethereum, or altcoins.

Robinhood's broader business performed extremely well in Q2 2026, with equities and options revenue growing strongly. However, crypto trading volume dropped by 39% to $40.4 billion, while the number of customers placing crypto trades fell 16%, and average notional volume per trader decreased by 20%. This decline reflected several market conditions, including falling prices for Bitcoin and major altcoins, reduced volatility, and increased interest in equities linked to artificial intelligence.

The company's event-contract revenue exceeded $156 million, rising more than tenfold from the previous year. Prediction markets generated more revenue than crypto during the quarter, with users trading outcomes connected to politics, sports, economics, entertainment, and the World Cup.