Robinhood crypto revenue falls 38% as CEO says not to be ‘distracted by short term’ fluctuations

Robinhood reported record quarterly revenue on Tuesday — but the crypto side of business weighed down on the company’s results and stock price.

Overall, total revenue was up 27% year-over-year for the last quarter of 2025, surging to $1.28 billion. For the entire year, revenue hit a record $4.5 billion.

But crypto trading revenue fell 38% year-over-year to $221 million. Transaction revenues on the whole rose thanks to options and stock trading.

Profits for the quarter also slid to $605 million, or 66 cents per share, from $916 million, or $1.01 per share, the year before, but still beat analysts’ expectations.

“We’re moving into a world where crypto is more than an asset class,” Robinhood CEO Vlad Tenev said in an earnings call. “If we play our cards right, crypto will play its role in giving customers what they need.”

“We’re not getting distracted by short term [price] fluctuations,” he added, when asked about how the company manages crypto selloffs.

The news comes amid a Bitcoin bloodbath that hasn’t just pulled down the value of the overall crypto market, but also dragged down the stock of Robinhood. The company’s stock slid nearly 7% in after hours trading and has shed 25% since year-to-date, highlighting how intimately Robinhood’s success has been linked to that of crypto assets.

The ‘freight train’

Robinhood’s latest earnings highlight how pivotal its blockchain-based business has become to the fintech firm.

The 13-year-old company has made no secret of its crypto ambitions, aspirations that have seen Robinhood expand from its stock-trading roots to becoming a rival to crypto native firms like Coinbase and Kraken.

Like those industry titans, the Menlo Park-headquartered venture has rolled out crypto trading for both retail and institutional investors. It strengthened its crypto team, expanded its digital asset-trading services to Europe, and even launched a stablecoin of its own.

On the back of Donald Trump’s election win in 2024, Robinhood ramped up those efforts in an attempt to capitalise on the US president’s pro-crypto policies.

Among other things, that saw it roll out not only its own blockchain in 2025, but also saw it launch tokenised stock trading across Europe.

The trading platform’s CEO Vlad Tenev has repeatedly spoken about the benefits of traditional finance using blockchain and has described tokenisation as a “freight train” that will shake up the global public stock trading market, which the World Economic Forum estimated to be worth $115 trillion in 2023.

Last year, Robinhood also launched a proprietary prediction market. The firm said Tuesday that its prediction markets offering helped offset the effects of the crypto crash.

Crypto crash

Robinhood’s fall in crypto revenue came as digital asset markets got hit by a brutal crash: On October 10, over $19 billion in leveraged crypto bets got wiped out in the biggest liquidation event in the asset class’ history.

Bitcoin, Ethereum, and other major coins and tokens have struggled to recover, with the leading digital asset trading well below its October record since then.

Robinhood, which gets a large cut of its revenue from clients buying and selling the more than 50 cryptocurrencies it offers, said that the crash weighed on its revenue.

Bitcoin was recently trading 45% below its all-time high at $68,590 per coin, according to CoinGecko data.

Mathew Di Salvo is a news correspondent with DL News. Got a tip? Email at [email protected].