TL;DR

• Robinhood recorded crypto revenues of $134 million and trading volumes of $24 billion, year-on-year declines of 47% and 48%, respectively.
• The decline comes as the broader cryptocurrency market dipped from the October 2025 highs. 

Robinhood's Q1 Crypto Revenue and Trading Volume Dips 50%

Robinhood’s crypto revenues and trading volumes saw a significant decline of about 50% in the first quarter of 2026, continuing a downward trend that started in late 2025.

According to the company's earnings report, cryptocurrency revenues for the quarter totaled $134 million, marking a 47% year-on-year drop, while notional trading volumes on its native app fell by 48% to $24 billion.

The decline in crypto performance was contrasted by Bitstamp, which Robinhood acquired last year. Bitstamp reported notional trading volumes of $42 billion, though no specific percentage change was provided.

Despite the decline in crypto, Robinhood overall reported a 7% year-over-year increase in transaction revenues, reaching $623 million for Q1. This increase was largely attributed to a 320% jump in event contracts revenue.

CFO Shiv Verma noted that the company experienced a 20%+ annualized net deposit growth rate and saw double-digit growth in equities, options, and record volumes for prediction markets, futures, and index options.

However, crypto revenue struggles have been ongoing. In February, the company reported a 38% year-over-year drop in fourth-quarter cryptocurrency transaction revenues to $221 million.

Robinhood has found success beyond crypto, with options revenue rising 8% to $260 million, and equities revenue surging 46% to $82 million.

Despite the crypto setbacks, the company remained profitable, reporting net income of $346 million, a 3% increase compared to the same period last year.

The company is expanding its presence in the cryptocurrency ecosystem. In February, Robinhood reported that its new layer-2 blockchain testnet processed 4 million transactions during its first week of operation, demonstrating network capacity as the company builds infrastructure for tokenized stocks and continuous market access.