Robinhood Crushes It: $160M Crypto Revenue Surge in Q2 Signals Bullish Momentum

Robinhood just dropped a crypto bombshell—and Wall Street's scrambling to keep up.

The trading app's Q2 crypto revenue hit $160 million, proving retail investors are still hungry for digital assets despite the suits' best efforts to scare them off.

Not your grandpa's brokerage

While traditional finance keeps wringing its hands over 'risky' crypto, Robinhood's users are voting with their wallets. The numbers don't lie—this isn't just a fluke, it's a trend.

The retail revolution rolls on

No fancy hedge funds needed here. Main Street's building its own damn portfolio, one Bitcoin purchase at a time. (Take that, Goldman Sachs.)

Bottom line? The crypto train's leaving the station—and Robinhood's collecting tickets. Maybe the SEC should try buying the dip for once.

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.