Robinhood’s crypto revenue plunged 38%, but a sudden explosion in options trading saved its record quarter
Robinhood's crypto-related transaction revenue in the fourth quarter of 2024 generated $358 million of the company's $672 million in transaction-based revenue, about 53% of the total.
That concentration had flipped by the second quarter of 2026, when crypto revenue fell 38% year over year to $100 million and accounted for just 12.9% of transaction-based revenue.
Options reached $342 million, event contracts brought in $156 million, and equities added $129 million, together producing 81% of the segment and six times what crypto contributed. Net interest revenue and other revenue, driven in part by Gold subscriptions, added $389 million and $143 million, respectively.
| Metric | Q4 2024 | Q2 2026 | What changed |
|---|---|---|---|
| Crypto transaction revenue | $358M | $100M | Down sharply |
| Total transaction-based revenue | $672M | $776M | Higher despite crypto decline |
| Crypto share of transaction revenue | 53.3% | 12.9% | Crypto no longer drives the segment |
| Options revenue | N/A | $342M | Largest trading line |
| Event contracts revenue | N/A | $156M | New major growth engine |
| Equities revenue | N/A | $129M | Larger than crypto |
| Non-crypto trading revenue listed | N/A | $627M | Roughly 6x crypto revenue |
Crypto's new job in the stack
Robinhood reported $40 billion in total crypto notional volume for the quarter, and Bitstamp shows where most of it went. The Robinhood app supplied $18 billion of that, down 35% year over year, with Bitstamp now supplying the larger share at $22 billion.
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