Crypto's trading slowdown exposed a widening gap last week between Robinhood and Coinbase. Both companies generated less revenue from digital assets in the most recent quarter, but Robinhood's expanding options, equities, and prediction markets businesses more than filled the void, while Coinbase had no comparable engine to cushion the decline.
Robinhood's crypto transaction revenue fell to $100 million in the second quarter of 2026, down 37.5% year-over-year, even as the company posted record numbers elsewhere in the business.
Crypto now accounts for just 13% of Robinhood's (HOOD) transaction revenue, as crypto trading volumes fell another 23% quarter-over-quarter, its lowest since the fourth quarter of 2023.
Despite this, the company's total transaction revenue of $776 million matched its Q4 2025 record, while the composition of that revenue has completely shifted. Options revenue hit a record $342 million, up over 31% quarter over quarter. Equities revenue also hit a record $129 million, up 95% from the same period last year.
Robinhood Revenue (quarterly) chart. Source: The Block
