Robinhood’s notional crypto trading volume rose 61% month over month to $17.5 billion in August, according to operating data the company released Thursday. The rebound follows a sluggish July, when volume sat at $10.9 billion. Despite the sharp monthly recovery, August’s total still came in 38% below the $28.1 billion Robinhood processed in August of the prior year.
Platform Breakdown
The Robinhood app itself handled $7.4 billion of that August volume, up 72% from July but still down 46% from a year ago. Bitstamp, the exchange Robinhood acquired in 2025, contributed the larger portion at $10.1 billion, up 53% month over month. Combined, the two platforms averaged $565 million a day in crypto trading activity.
A Much Bigger Balance Sheet
Crypto remains a relatively small slice of Robinhood’s overall business. Total platform assets reached $384 billion, up 26% year over year. Funded customers, defined as users who completed at least one transaction in the prior 45 days, grew to 28.6 million. Margin loans climbed to $21.5 billion, up 72% from a year earlier.
Prediction Markets Steal the Show
The standout figure in the August data is not crypto at all. Event contracts, Robinhood’s prediction market product covering outcomes like Federal Reserve decisions and football games, traded 4.7 billion times during the month. That figure is down 23% from July but roughly 15 times the 300 million contracts traded in August 2025.
Each contract functions as a binary wager: buy a ‘yes’ position for a few cents and collect $1 if correct, or lose the stake if wrong.
Prediction markets have become Robinhood’s breakout revenue line. The company’s record quarter reported in July showed event contract revenue surging more than tenfold year over year to $156 million, overtaking crypto as the top source of transaction income. Robinhood operates the product through partner exchanges Kalshi and ForecastEx, plus its own joint venture Rothera, which had processed more than 3.5 billion contracts since launching in June as of that quarterly report.
Legislative Scrutiny Mounts
The explosive growth in prediction markets has drawn attention on Capitol Hill. Lawmakers have introduced more than 10 bills since January targeting the space, including the PREDICT Act, which would bar members of Congress, the president, and other senior officials from trading contracts tied to political events. Critics argue that placing sports and political wagers alongside retirement accounts blurs the line between investing and gambling, a tension regulators are still working through.
Robinhood Chain Also Surges
Robinhood’s own blockchain is also gaining traction. Robinhood Chain, the company’s Ethereum layer 2 network, logged $1.6 billion in daily trading volume on decentralised exchanges as of September 1, up 61% in just four days.
Shares Dip Despite Analyst Upgrades
The operating data release did not lift Robinhood’s stock on Thursday. HOOD fell 0.83% on the day, even as analysts at Mizuho and StoneX raised their price targets this week citing the strength of the company’s broader growth trajectory. Robinhood’s next quarterly earnings report is expected November 4.
That single-day move understates a heavier week. Robinhood shares came under pressure after Kalshi said it would seek regulatory approval to offer single-stock perpetual futures in the United States, alongside commodities trading. Kalshi is one of the two partner exchanges through which Robinhood runs its own event contracts, so a supplier in its fastest-growing business is now moving into its oldest one.
