Robinhood shares fall after earnings as crypto revenue slides 38% in Q4
Quick Take
- Bitstamp volumes helped soften the impact of weaker crypto trading on Robinhood’s core app as the company leans more on international and institutional activity.
- Subscription, interest, and other revenue streams continued expanding, signaling a shift away from reliance on trading-driven crypto spikes.
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Robinhood shares fell about 8% in post-market trading on Tuesday after the company reported fourth-quarter earnings showing a sharp slowdown in cryptocurrency trading activity, even as overall platform revenue reached a record.
HOOD shares dropped from around $85.60 to roughly $78.80 within the first hour after results were released, according to The Block price data.
Total net revenue rose 27% year-over-year to a record $1.28 billion in the quarter, while transaction-based revenue increased 15% to $776 million.
Crypto was the main area of weakness. Cryptocurrency transaction revenue fell 38% year-over-year to $221 million, contrasting with gains in other trading segments. Options revenue rose 41% to $314 million, while equities trading revenue climbed 54% to $94 million.
The result marks a sequential slowdown from the third quarter, when crypto revenue surged to $268 million.
Trading volumes showed a similar shift. Total crypto notional volume reached $82 billion in the fourth quarter, but much of that activity came from Bitstamp, the exchange Robinhood acquired in mid-2025. Trading volumes on the Robinhood app itself declined 52% year-over-year, reflecting cooler retail participation compared with last year’s crypto rally.
Outside of crypto, several parts of the business continued to expand. Net interest revenue jumped 39% year-over-year to $411 million, driven by growth in interest-earning assets and securities lending activity. Robinhood Gold subscribers climbed 58% from a year earlier to a record 4.2 million, boosting subscription revenue.
User growth also continued. Funded customers increased 7% year-over-year to 27 million, while total platform assets rose 68% to $324 billion, helped by customer deposits, acquired assets, and higher equity valuations.
The results show a shift in Robinhood’s revenue mix as the company leans less on crypto-driven trading spikes and pushes deeper into products like prediction markets, retirement accounts, and banking services.
CEO Vlad Tenev has also recently emphasized tokenized equities and plans to expand stock trading toward round-the-clock, blockchain-based settlement.
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