Robinhood Q2 2026: Crypto Revenue Falls 38%, Options Surge

Robinhood reported that crypto transaction revenue in Q2 2026 fell 38% year over year to $100 million, while options trading produced $342 million. Total transaction-based revenue for the quarter was $776 million, a company record.

Options, event contracts and equities accounted for the bulk of trading revenue in the quarter. Options generated $342 million, event contracts $156 million and equities $129 million. Combined, those three lines contributed about 81% of transaction-based revenue and roughly six times the amount crypto contributed. Net interest revenue added $389 million and other revenue, supported in part by Robinhood Gold subscriptions, contributed $143 million.

The concentration of crypto revenue has declined from Q4 2024, when crypto produced $358 million of $672 million in transaction revenue, or about 53%. In Q2 2026 crypto accounted for 12.9% of transaction-based revenue. Total crypto notional volume for the quarter was $40 billion. Of that volume, the consumer Robinhood app supplied $18 billion, down 35% year over year, and Bitstamp supplied $22 billion.

Robinhood said it routes more volume through Bitstamp to access institutional liquidity and international markets. Revenue per $1 billion of crypto notional volume fell from about $5 million in Q4 2024 to roughly $2.5 million in Q2 2026, reflecting lower monetization on institutional exchange volume compared with retail app trades.

Robinhood Chain, an Arbitrum-based layer-2 network that launched on July 1, generated a burst of on-chain activity. A memecoin tied to the company’s early branding reached a peak market capitalization above $227 million and later traded down, with a market value near $45 million after a drawdown. On July 29, spot decentralized exchange volume on Robinhood Chain approached $370 million. The chain recorded about $2.6 billion in DEX volume over a seven-day period. Token deployment activity across launchpads exceeded 29,000 entries during that stretch, with one launchpad accounting for more than 14,700 launches. Stablecoin supply on the network topped $500 million and chain revenue exceeded $1 million over seven days.

Robinhood has introduced stock tokens that it describes as tokenized debt securities providing economic exposure to underlying shares without conveying legal or beneficial ownership. Those stock tokens trade in more than 120 countries, are available 24 hours a day, and are not available in the United States and are restricted in several other jurisdictions. The platform also supports Earn lending and perpetual derivatives built on top of tokenized assets.

Gold subscriptions rose 39% year over year to 4.8 million in the quarter. For Q2 2026, options trading and other non-crypto products were the primary drivers of Robinhood’s record transaction revenue, while crypto contributed a smaller share of the company’s diversified revenue mix.