Robinhood Q1 Crypto Revenue, Trading Volume Nearly Halve as Business Mix Shifts

Robinhood Markets Inc.'s cryptocurrency business contracted sharply in the first quarter.

The Block reported on April 28 that Robinhood's first-quarter crypto revenue fell 47% from a year earlier to $134 million. Crypto trading volume dropped 48% to $24 billion over the same period, roughly halving from a year earlier.

The decline extended a downturn that has persisted since late 2025, signaling a shift in a revenue structure that had relied heavily on crypto trading.

Overall transaction-based revenue, however, increased. Robinhood reported first-quarter transaction revenue of $623 million, up 7% from a year earlier, driven largely by a 320% jump in event contracts revenue.

Chief Financial Officer Shiv Verma said customer engagement remained steady as the company rolled out new products quickly. Deposit growth, along with stock and options trading, also posted double-digit gains, he said.

By segment, options trading revenue rose 8% to $260 million, while equities trading revenue surged 46% to $82 million. Crypto trading revenue had also declined in the previous quarter.

Despite the weakness in crypto, Robinhood maintained profitability. First-quarter net income rose 3% from a year earlier to $346 million.

Still, Robinhood shares fell more than 6% in after-hours trading after the earnings release, slipping to about $76.