Robinhood Posts Record Quarter as Crypto Revenue Falls 38%

Robinhood released its second-quarter 2026 results, and they raise an immediate market question: can the company's crypto business hold up against prediction markets. Crypto revenue dropped 38% to $100 million, while total revenue set a record. Traders using digital assets on the platform, and investors watching where the broker's business model is heading, will feel this shift the most.

Second-quarter financial results

Robinhood's net income for the second quarter of 2026 came in at $573 million, or $0.62 per share, versus $386 million and $0.42 per share a year ago. That's nearly a 50% year-over-year jump in profit, and it isn't resting on a single business line. Client assets on the platform grew to $369 billion from $307 billion, and quarterly net deposits rose to a record $21.7 billion from $17.7 billion. Robinhood Gold subscribers also hit a record, reaching 4.8 million. Transaction-based revenue, which includes fees from stocks, options, crypto and prediction markets, rose 44% to $776 million. CEO Vlad Tenev wrote on X that the company hit all-time highs in trading volumes across equities, options, and prediction market contracts. For a broker once associated mainly with retail stock trading during the meme-stock boom, that confirms its push into other business lines is paying off. Funded accounts and average assets per customer also kept climbing, though the company didn't break out exact figures for crypto traders specifically. Taken together, the report shows Robinhood no longer leans on a single revenue source the way it did two or three years ago.

Why crypto revenue fell 38%

The main driver of transaction revenue this quarter was prediction market contracts, not crypto. Users trade them on real-world events, such as Fed rate decisions or World Cup matches. These contracts brought in $156 million, more than ten times last year's figure. Crypto revenue, on the other hand, slid to $100 million from $160 million in the second quarter of 2025. The decline started back in the first quarter: crypto revenue fell 34% then, and shares dropped 6% in response. Total crypto notional trading volume for the quarter reached $40 billion, and it's no longer Robinhood's fastest-growing channel. For a company that treated crypto as one of its main revenue drivers back in 2025, this shift in revenue mix means Bitcoin or Ethereum price swings won't sway the broker's quarterly reports the way they used to. The gap between the two trends is hard to miss. While prediction markets grew more than tenfold, crypto revenue has now fallen for a second straight quarter, and crypto's share of total transaction revenue keeps shrinking even as the $40 billion notional trading figure remains a sizable number for the industry on its own.

Betting on Robinhood Chain and tokenized assets

The company isn't stepping away from crypto, it's shifting its bet to its own blockchain. The public mainnet for Robinhood Chain launched on July 1. It's an Ethereum layer-2 network built for tokenized real-world assets, from stocks to ETFs to decentralized finance tools. Tokenized stocks are already available to users in more than 120 countries through Robinhood Wallet. According to the company, the network handles over $600 million in daily decentralized trading volume and has already logged 138 million transactions. That puts Robinhood inside a broader tokenization trend that several other large financial firms have been backing in recent months as they roll out their own tokenized instruments on blockchain networks. That daily volume is comparable to what some mid-sized DEX protocols post, which means the network already looks like more than a niche experiment less than a month after launch. Alongside Robinhood Chain, the company is also building out decentralized lending and expanding the list of tokenized stocks available through the app. The goal is to turn the Robinhood app into a single entry point where users trade stocks, options, prediction contracts and tokenized assets without leaving for another platform.

"Robinhood Chain launched just a few weeks ago, the first chain purpose-built for real-world assets, and it already has over $12 billion in index volume. The pace of growth and developer activity have been amazing, plenty more to come."

- Vlad Tenev, CEO of Robinhood, from a post on X dated July 29, 2026

New products: Rothera and agentic trading

The earnings call highlighted two new launches. The first, Rothera, is a CFTC-licensed prediction markets exchange that Robinhood runs as a joint venture with Susquehanna International Group. The company said Rothera has processed over 3.5 billion contracts since its late-May launch. The second is agentic trading, the first version lets users' AI agents trade equities and options on their own, with crypto support coming soon. Agentic trading looks like a natural next step for a company that already combined prediction markets and tokenized stocks on one platform, since letting users' own algorithms trade across those products without manual input is the logical extension. Both launches show where the company is putting its resources, and it isn't crypto listings.

• The Robinhood Gold Card crossed 1 million cardholders, with $17 billion in annualized purchase volume.
• Thirteen business lines now generate over $100 million in annual revenue each.
• Client platform assets grew by $62 billion in a single quarter.
• Rothera's contract volume topped 3.5 billion in just its first two months of operation.

What this means for the market

For Robinhood, prediction markets and tokenization have become the new growth engine, while crypto trading turns into a secondary business line. Platform clients still trade Bitcoin and Ethereum, but those trades no longer drive the company's numbers the way they did two years ago. Unlike specialized crypto exchanges, where trading digital assets remains the core product, for Robinhood it's now just one of many business lines. For investors, that means Robinhood stock is worth judging more as a bet on regulated prediction markets and its own blockchain network than as a direct proxy for Bitcoin's price. For traders on the platform, the shift is practical. New features and marketing dollars are going toward prediction markets and Robinhood Chain, not toward expanding the crypto lineup. The coming quarters will show whether the company can hold onto prediction market growth once the novelty wears off, and whether crypto revenue rebounds if major coin prices climb. For now, the second-quarter report clearly marks a shift in priorities inside the company, and for rivals it's a signal of where the online brokerage industry as a whole is heading.