Robinhood reports $160M in Q2 crypto revenue

Robinhood’s cryptocurrency business generated $160 million in revenue for Q2 2025, nearly doubling from $81 million in the same period last year. 

According to a July 31 report by Yahoo Finance, this marks a 98% year-over-year increase. It also reflects a 36% decline from the $252 million posted in Q1 2025, highlighting the impact of market-wide slowdowns and geopolitical tensions on crypto activity.

Crypto trading continued to play a major role in Robinhood’s impressive financial performance despite the consecutive decline. The business reported $989 million in total revenue for the second quarter, which was 7.4% higher than analyst estimates and a 45% year-over-year increase.

Robinhood’s net income came in at $0.42 per share, surpassing Wall Street’s estimate by over 35%.

Robinhood’s crypto activity slows, but ecosystem expands

Robinhood processed $28.3 billion in crypto trading volume during Q2. The company attributed the quarter-over-quarter decline to broader market headwinds, including the ongoing U.S. trade war and lower retail risk appetite. The recently completed acquisition of Bitstamp in June, though minimally contributing to Q2 results, is expected to strengthen Robinhood’s global crypto infrastructure moving forward.

The firm also expanded its product lineup. In July, Robinhood added options for retail users to earn passive income by launching Ethereum (ETH) and Solana (SOL) staking for U.S. customers.

By the end of Q2, over two-thirds of SOL holdings in Europe were staked, indicating high user demand. However, Robinhood’s 25% cut of U.S. staking rewards (15% in Europe) has drawn criticism for being higher than rates charged by competitors.

In June, Robinhood also introduced tokenized U.S. stocks and exchange-traded funds for European users, built initially on Arbitrum (ARB). The company plans to migrate these products to a custom Layer 2 chain for real-world asset settlement.

Despite being viewed as a long-term growth engine, the tokenization initiative has drawn attention from European regulators, such as the Bank of Lithuania, due to compliance concerns regarding synthetic equity products.

Robinhood’s broader business momentum

Robinhood completed the quarter with 26.5 million funded customers, a 9.5% increase from the previous year. Revenue per user rose to $151, growing 33.1% from the prior year, signaling improved monetization. Adjusted EBITDA reached $549 million, reflecting a 55.5% margin. The company’s operating margin also jumped to 44.7%, up from 27.7% last year.

Chief executive officer Vlad Tenev cited “relentless product velocity” as a driver of growth, calling tokenization the industry’s most important innovation of the past decade.