Robinhood’s crypto trading business had its weakest quarter in years. Its blockchain had its best month, because it was its only month.
The brokerage reported record second-quarter revenue of $1.31 billion on Wednesday, up 32% year over year and ahead of a $1.26 billion estimate, with net income of $573 million or $0.62 per share against $386 million and $0.42 a year earlier. Inside those numbers, crypto transaction revenue fell 38% to $100 million while Robinhood Chain, the company’s Ethereum layer-2 network for tokenized real-world assets, posted first-month figures that would be striking for an established chain.
Robinhood Chain’s First Month
Robinhood launched the network’s public mainnet on 1 July, making it available for tokenized stocks, ETFs, decentralised finance applications and other Ethereum-compatible services. Like other layer-2 networks, it settles on Ethereum’s main chain while running faster and more cheaply.
In its first 30 days the chain cleared more than $600 million in daily decentralised exchange volume and logged 138 million transactions. Tokenized stocks grew from $5 million to $60 million in daily volume in under two weeks. Total index volume since launch has passed $12 billion, and Stock Tokens are now available to eligible users in more than 120 countries through Robinhood Wallet.
Data from DefiLlama put the chain at $348 million in total value locked as of Thursday, with more than $500 million in stablecoins and over $1 billion in bridged assets.
What the Chain Numbers Do and Don’t Show
Those figures deserve a second look before they are read as adoption. A count of 138 million transactions across 30 days works out to roughly 4.6 million a day on a network holding $348 million, and $600 million in daily exchange volume means the chain turns over close to 1.7 times its entire locked value every day. Ratios like that are common on newly launched layer-2 networks running incentive programmes, where automated and low-value activity inflates transaction counts well beyond what the underlying economic use would suggest.
The tokenized stock figure carries the same caveat. A twelvefold rise in daily volume inside two weeks is what an early-adopter rush looks like, not a settled run rate.
The more basic point is who the users are. Robinhood Chain is Robinhood’s own network, carrying Robinhood’s own tokenized products, used by Robinhood’s own customers. A meaningful share of what registers as network adoption is the company routing its own flow onto rails it controls. That is a legitimate thing to build, and it is not the same as independent demand.
None of it reaches the income statement yet either. The chain contributed nothing to the $100 million crypto transaction revenue line. For now it is a cost centre with impressive telemetry.
Crypto Revenue Falls as Prediction Markets Take Over
Crypto transaction revenue fell to $100 million from roughly $160 million a year earlier. Total crypto notional trading volume was $40 billion for the quarter, split between $18 billion on the Robinhood app, down 35% year over year, and $22 billion through Bitstamp, the exchange Robinhood acquired in June 2025. Quarterly crypto volume fell from $66 billion in the first quarter to $40 billion in the second.
Every other transaction category grew. Transaction-based revenue rose 44% to $776 million overall, driven by event contracts, the prediction market instruments where users trade on real-world outcomes from Federal Reserve decisions to World Cup results. Event contract revenue rose more than tenfold year over year to $156 million, overtaking crypto entirely. Options revenue rose 29% to $342 million and equities revenue jumped 95% to $129 million.
CEO Vlad Tenev said on X that the company hit ‘all-time highs in trading volumes across equities, options, and prediction markets’. Crypto was the one category he could not include.
Rothera, Agentic Trading and the Wider Platform
Two launches headlined the earnings call. Rothera is a CFTC-licensed prediction markets exchange that Robinhood operates as a joint venture with quantitative trading firm Susquehanna International Group. It has processed more than 3.5 billion contracts since going live in late May, though that is a count of contracts rather than dollars, and event contracts routinely trade for cents apiece, so the figure is far smaller in value terms than it first reads.
The second is agentic trading, software that executes trades on a user’s behalf without manual input on each transaction. It launched on 27 May and already counts nearly 100,000 accounts, with equities and options supported and crypto described as coming.
Elsewhere the platform set records. Total assets rose to $369 billion from $307 billion a year earlier, quarterly net deposits reached a record $21.7 billion from $17.7 billion, funded customers grew 7% to 28.4 million and Robinhood Gold subscribers hit a record 4.8 million from 4.3 million. The Gold Card passed one million cardholders with $17 billion in annualised purchase volume, and thirteen separate Robinhood business lines now generate more than $100 million a year each.
Adjusted EBITDA rose 35% to $741 million while total operating expenses grew 33% to $734 million. Robinhood lowered and narrowed its 2026 outlook for adjusted operating expenses and share-based compensation to between $2.675 billion and $2.775 billion, from $2.7 billion to $2.825 billion previously.
