Robinhood: Crypto Revenue Falls 55% Despite Record Overall Sales

Robinhood achieved a record revenue of $1.42 billion in the third quarter of 2026. However, its crypto revenues fell by 55%, to $120 million. To compensate for this decline, the broker is now relying more on options and event contracts.

Derivatives take over

The third quarter was nevertheless marked by a rebound in the crypto market, with an increase of 39.6% and a slowdown in trading. Despite this context, Robinhood’s crypto revenues fell to $120 million, nearly half the level a year earlier. At the same time, the group’s transactional revenues rose by 19% to $867 million.

Other activities largely compensated for this decline. Event contracts generated $173 million, more than six times their level last year. Meanwhile, options brought in $399 million (+31%) and stocks, $121 million (+41%).

However, this growth did not translate into higher profits. Net income fell by 14%, to $476 million, while diluted earnings per share dropped by 16%, to $0.51. Robinhood notably explains this result by $67 million in unrealized losses on its Robinhood Ventures Fund I.

Robinhood Chain, crypto bets on infrastructure

The decline in crypto trading revenues does not summarize the group’s entire activity. Robinhood Chain, its layer 2 network based on Arbitrum technology, recorded over $80 billion in decentralized exchange volume and more than $50 million in network fees during its first quarter on the mainnet.

According to the company, this performance places the network among the top five in terms of revenues and volume. Launched this summer, this infrastructure therefore represents another axis of development.

Meanwhile, Robinhood continues its international expansion. The platform opened crypto trading in the United Kingdom and obtained authorization from the Dubai Financial Services Authority, covering ten asset classes, with deployment planned for 2027. It has also partnered with Ripple around the stablecoin RLUSD.

The new revenue machine

Robinhood is also betting on prediction markets. Bets on bitcoin’s price have propelled Kalshi and Polymarket to a record. Its joint venture Rothera, created with Susquehanna International Group, exceeded $100 million in annualized revenues in its first full quarter, with over 6.4 billion contracts traded.

In parallel, the Trump accounts have allowed nearly 70 million accounts to be opened for children, of which 25 million already have $250 invested thanks to the Dell’s $6.25 billion donation.

Finally, agency trading accounts generated more than $1.6 billion in notional volume. Robinhood now counts 5.2 million Gold subscribers and manages $396 billion in assets on its platform.

The broker therefore derives an increasing share of its growth from derivatives, prediction markets, and services. Nevertheless, crypto remains strategic, notably thanks to its blockchain infrastructure, its stablecoins, and its international expansion.