Robinhood’s crypto revenue fell 47% as its business diversified

Robinhood Markets reported on April 28, 2026 that cryptocurrency transaction revenue fell 47% year over year to $134 million in the first quarter, even as the brokerage’s total net revenue rose 15% to $1.067 billion. The divergence made crypto the conspicuous weak spot in an otherwise growing platform and supplied a dated measure of how sharply retail digital-asset activity had cooled.

The figures cover the three months ended March 31, 2026, not activity on April 28 itself. Robinhood furnished the results to the U.S. Securities and Exchange Commission in an 8-K accepted on April 28 and released supporting operating data and an investor presentation.

The same platform, a different revenue mix

Robinhood said transaction-based revenue totaled $623 million, up 7% from the first quarter of 2025. Within that category, options produced $260 million, equities $82 million and “other” transaction revenue $147 million. The company said the last category primarily included event contracts, instant withdrawals, futures and interchange. Crypto’s $134 million contribution was down from $252 million in the comparable 2025 quarter.

That shift matters because Robinhood had become a public-market proxy for U.S. retail interest in digital assets. The April 28 report showed that the company could expand overall revenue while crypto economics deteriorated. It also showed that a headline about platform growth did not describe every product line: prediction-market and other transaction revenue rose while cryptocurrency revenue contracted.

The percentages are company-reported comparisons between the quarters ended March 31, 2025 and March 31, 2026. They are not measurements of the whole crypto market, and revenue is not interchangeable with customer profit, exchange volume or asset prices.

Volume fell in the app, while Bitstamp changed the perimeter

Robinhood reported $65.7 billion of total crypto notional trading volume for the quarter, rounded to $66 billion in its release. The investor presentation divided that figure into $23.8 billion in the Robinhood App and $41.9 billion at Bitstamp. App volume fell 48% year over year and 30% from the fourth quarter of 2025.

The total requires care. Robinhood acquired Bitstamp in June 2025, after the year-earlier comparison period. The presentation showed total crypto volume up 43% year over year, but that aggregate combined the newer Bitstamp perimeter with the original app. Bitstamp’s first-quarter volume was about 94% institutional and 6% retail, according to the company. The cleanest like-for-like signal was therefore the 48% decline in Robinhood App notional volume, not the enlarged consolidated total.

Robinhood also said its public Robinhood Chain testnet had processed more than 100 million transactions. That was a contemporaneous company claim about testnet activity, not evidence of mainnet adoption, fee revenue or economic settlement.

What the April 28 record established

The SEC filing establishes when Robinhood released the quarter’s results. The company materials establish the reported revenue and volume figures, while contemporaneous Reuters coverage recorded that weaker crypto trading and lower take rates contributed to an earnings miss. Reuters also reported that Robinhood’s Class A shares, traded on Nasdaq under HOOD, fell more than 8% in extended trading after the release. That observation describes an after-hours window on April 28, not the regular-session close, and does not isolate crypto as the sole cause.

The central conclusion is narrower: by March 31, 2026, Robinhood’s original app was generating materially less crypto transaction revenue and notional volume than one year earlier, while acquisitions and newer products diversified the company’s activity. The April 28 disclosure offered an institutional snapshot of that transition, but it did not establish a lasting trend beyond the reported quarter.