Robinhood Smashes Q2 Earnings as Crypto Trading Surges — Here’s the Breakdown
Robinhood just flexed its crypto muscles—Q2 earnings blew past Wall Street guesses thanks to a spike in digital asset trading. No surprise here: when markets get volatile, retail traders pile into crypto like it's a meme stock rally.
The Numbers That Matter
While the suits in traditional finance were busy downgrading crypto, Robinhood's platform saw transaction revenue leap 30% year-over-year. Turns out, zero-commission trades and a slick UI still beat your grandpa's brokerage account.
Why Crypto Carried the Quarter
Bitcoin’s resurgence dragged altcoins along for the ride—and Robinhood users chased the action. The platform’s crypto volume hit levels not seen since the 2021 bull run. Who needs fundamentals when you’ve got FOMO?
The Bottom Line
Another quarter proving crypto isn’t just a sideshow for Robinhood. Meanwhile, legacy brokers are still trying to figure out how to spell 'blockchain.' Stay tuned for the next earnings call—where ‘crypto winter’ jokes go to die.
USDG Stablecoin Launch Strengthens Robinhood’s EU Play
Crypto revenue climbed 98% to $160m, fuelled by higher trading volumes and the benefits of its Bitstamp acquisition earlier this year. That deal has extended Robinhood’s regulatory footprint to more than 50 global licences, enabling crypto services in 30 European countries.
Bitstamp’s $7b in trading volume since the acquisition also signals strong traction in Robinhood’s effort to challenge Coinbase in retail crypto trading.
The company has expanded its product range in parallel. It launched USDG, a fully regulated stablecoin in the EU, and is preparing to roll out Bitcoin futures.
Crypto staking services are now available to users in the US and Europe, offering yields on digital assets and boosting user engagement.
Customer Accounts Climb to 26.5M With Strong Deposit Inflows
Total platform assets nearly doubled year-on-year to $279b, driven partly by crypto valuation gains. Net deposits reached $13.8b, a 25% annualized growth rate, while funded customer accounts ROSE by 2.3m to 26.5m. Average revenue per user increased 34% to $151 as Robinhood’s crypto business and retail activity strengthened.
Robinhood’s European expansion has extended beyond crypto. Tokenized US stocks and ETFs have gained momentum across the region, tapping into growing demand for fractional ownership. The company sees tokenization as a gateway to new markets, including real estate and art, as investors increasingly embrace digital assets.
The Bitstamp acquisition, while strengthening Robinhood’s crypto capabilities, added $65m in costs for 2025. Management expects operating expenses for the year to total between $2.15b and $2.25b.
Gold Subscription Base Jumps 76% to 3.5M Users
Despite the higher costs, adjusted EBITDA margins reached 56%. Shares dipped slightly after the earnings release on concerns over expenses but remain up 185% year-to-date, reflecting investor confidence.
Robinhood Gold, the company’s subscription service, remains a key driver. Subscriber numbers surged 76% to 3.5m, and high-yield cash sweep balances crossed $30b. Retirement accounts have also grown to $20b in assets, complementing Robinhood’s efforts to MOVE into long-term wealth management.
The company’s prediction markets saw nearly $1b in contracts traded last quarter, with crypto-related wagers drawing strong interest. Combined with tokenized assets and traditional products, the move strengthens Robinhood’s position as a multi-faceted platform catering to a wide spectrum of investors.
Regulatory risk remains a concern for the crypto industry, but Robinhood’s proactive compliance stance, bolstered by Bitstamp’s licences, has provided an advantage. The company’s agility in capturing both meme-stock and crypto trading activity has driven a 420% return on its shares over the past 12 months.
