Crypto was one of Robinhood’s few weak spots last quarter, with revenue down nearly 40% as prediction markets and stock trading surged.
Robinhood’s crypto revenue fell 38% year over year to $100 million in Q2, making crypto one of the few weak spots in an otherwise record quarter, according to the company’s latest earnings report.
The figure implies Robinhood generated roughly $161 million from crypto during the same quarter last year. By comparison, its total revenue increased 32% to a record $1.3 billion, while transaction-based revenue rose 44% to $776 million.
Crypto also brought in less revenue than Robinhood’s rapidly growing prediction market business, which generated $156 million, more than 10 times last year’s figure, compared with $342 million from options and $129 million from stock trading.
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That means prediction markets earned Robinhood over 50% more than crypto during the quarter.
But Robinhood mainly acts as the broker for those markets rather than operating every contract itself since orders are currently routed to Kalshi, Interactive Brokers-backed ForecastEx or Rothera.
The company is also reportedly discussing adding event contracts from Crypto.com, although no partnership has been announced.
Crypto Trading Also Slowed
Crypto trading through Robinhood’s main app fell 35% year over year to $18 billion. Bitstamp, the crypto exchange owned by Robinhood, contributed another $22 billion, bringing total reported crypto volume to $40 billion.
Robinhood didn’t separately disclose how much crypto revenue came from Bitstamp and how much came from its main app.
The company also highlighted the July 1 launch of Robinhood Chain, its blockchain for tokenized stocks and real-world assets. But since that launch came one day after Q2 ended, Robinhood didn’t report any separate revenue for the chain.
Robinhood’s wider business continued to grow despite the crypto pullback as its net income increased 48% to $573 million.
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