Robinhood Crypto Revenue Drops 55% to $120 Million in Third Quarter

Robinhood Markets reported a 55% year-over-year decline in cryptocurrency transaction revenue to $120 million for the third quarter of 2026, according to its quarterly earnings report released on Oct. 27 ¹. The result surpassed Wall Street consensus estimates of $114.1 million, down from approximately $267 million recorded in the corresponding quarter last year ¹. Despite beating expectations on digital asset transactions, Robinhood's shares slipped 5% in after-hours trading following misses on total net revenue and earnings per share ¹.

Digital asset trading accounted for 8.4% of Robinhood's $1.424 billion in overall net revenue, down from roughly 21% a year prior ¹. Consolidated crypto trading volume declined 38% year-over-year to $50 billion across the firm's properties ¹. Volume conducted directly through the primary Robinhood consumer application sank 48% to $21 billion, while institutional venue Bitstamp processed $29 billion, representing a 28% drop ¹.

Growth in Equities, Options, and Blockchain Activity

Robinhood's aggregate corporate performance expanded outside of digital asset trading, lifting overall net revenue 12% year-over-year to $1.424 billion, slightly shy of consensus targets of $1.43 billion ¹. Diluted earnings per share reached $0.51, trailing analyst projections of $0.55 ¹. Options trading revenue climbed 31% to $399 million, and equities transaction revenue rose 41% to $121 million ¹. Revenue tied to prediction markets expanded more than sixfold compared to the previous year, reaching $173 million ¹.

The brokerage also reported initial operating data for Robinhood Chain during its inaugural quarter on mainnet ¹. The proprietary network handled more than $80 billion in decentralized exchange volume and accrued over $50 million in network fees ¹. Robinhood noted that these network metrics represent onchain activity rather than corporate crypto transaction revenue and did not disclose the proportion of fees recognized on its balance sheet ¹. Broader crypto market conditions remain muted at the time of writing, with $BTC trading at $80,543 as retail participation normalizes across global trading venues, a trend also seen when South Korea crypto exchange profits plunged during earlier cyclical contractions.