Robinhood's Q1 crypto revenue and trading volume fall nearly 50%

Robinhood's crypto revenues and trading volumes dropped by roughly 50% during the first quarter of this year, the company reported Tuesday, continuing a decline from the end of 2025.

The popular U.S.-based trading app registered cryptocurrency revenues of $134 million and native-app notional trading volumes of $24 billion, year-on-year declines of 47% and 48%, respectively, according to its earnings report.

Bitstamp, which Robinhood acquired last year, reported notional trading volumes of $42 billion with no percentage gain or decline provided.

Overall, Robinhood (HOOD) reported a 7% year-over-year increase in transaction revenues, posting a total of $623 million for the quarter. That was "primarily driven" by a 320% increase in event contracts revenue,  Robinhood said.

"In Q1, customers remained engaged and rapidly adopted new products, leading to a 20 percent-plus annualized net deposit growth rate, double digit growth across equities and options, and record volumes for prediction markets, futures, and index options," Robinhood CFO Shiv Verma said in a statement.

In February, the company said its fourth-quarter cryptocurrency transaction revenues fell 38% year-over-year to $221 million.

Robinhood, which had been relying on crypto trading as a key driver of revenue, is now having greater success tapping other verticals. The company said its options revenue of $260 million rose 8% while equities revenue of $82 million jumped 46%.

Despite declines in crypto trading, the company maintained profitability, posting net income of $346 million, a 3% increase when compared to the same period the previous year.

Robinhood's shares dropped over 6% to $76.99 in after-hours trading.