Robinhood crypto trading revenue falls 55%, though it beat analyst forecasts
Crypto sales down sharply, but better than expected
Robinhood reported that its cryptocurrency trading revenue fell 55% in the third quarter to $120 million, from about $267 million a year earlier. Even so, that figure was above what Wall Street analysts had expected, at $114.1 million.
Crypto trading made up only 8.4% of Robinhood's total quarterly revenue of $1.42 billion, down from roughly 21% in the same period last year.
The drop came as customers traded less crypto on the platform. Total crypto trading volume fell 38% to $50 billion. Of that, $21 billion went through the Robinhood app, down 48%, and $29 billion through Bitstamp, the crypto exchange Robinhood owns, down 28%.
What stands out from the numbers
- Crypto transaction revenue was $120 million, down from about $267 million in the third quarter of last year.
- Crypto volume fell 38% to $50 billion, including a 48% drop on the Robinhood app.
- Crypto revenue as a share of total revenue fell to 8.4%, from 21% a year earlier.
- Overall revenue rose 12% to $1.424 billion, but that was slightly below the $1.43 billion estimate.
- Profit per share was $0.51, under the $0.55 analysts expected.
The wider business kept growing
While crypto trading slowed, Robinhood's other businesses expanded. Options trading revenue rose 31% to $399 million. Equities revenue climbed 41% to $121 million. Prediction markets brought in $173 million, more than six times the year-earlier amount. Prediction markets let users bet on the outcome of real-world events.
Rising on its own blockchain
Despite weaker crypto sales, Robinhood kept expanding its blockchain work. Robinhood Chain, its own blockchain network, processed more than $80 billion in decentralized exchange trading volume and generated over $50 million in chain fees during its first quarter operating on mainnet.
Those fees come from activity on the blockchain and should not be counted as the $120 million in crypto transaction revenue the company reported. Robinhood did not say how much of the chain fees it recorded as revenue.
What happened after the report
Robinhood shares fell about 5% in after-hours trading.
Why this matters
The results show that crypto is becoming a smaller part of Robinhood's income, even as the company keeps building its blockchain business. Investors may be weighing the slower crypto trading against the strong growth in options, stocks and prediction markets.
What is confirmed and what is not
Confirmed: the third-quarter crypto revenue, the year-ago comparison, the share of total revenue, the trading volumes, the revenue and profit figures, and the post-market share move all come from Robinhood's earnings report. The analyst forecasts for revenue and profit are as reported by CoinDesk, not from the company.
Not confirmed: the article does not say how much of the more than $50 million in chain fees Robinhood counted as revenue.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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