Robinhood Faces Crypto Headwinds as Q1 Trading Activity Drops by Half

Robinhood Markets, Inc.

Robinhood Markets, Inc. has published its earnings report showing a 47% year-over-year decline in crypto revenue (from $252 million to $134 million) in Q1 2026.

Source; MarketWatch

Even then, Robinhood recorded positive figures in other metrics, partly offsetting growth losses seen above. Equities revenue grew 46% to $82 million, and options revenue grew 8% to $260 million. Event contracts performed the best, surging 320% to $147 million in revenue.

2026 outlook and financial health

By comparison, Galaxy Digital, a rival of Robinhood, reported a $216 million net loss due to similar reasons. Companies like Coinbase are set to release their earnings report next month.

Growth-wise, Robinhood became the first platform to develop and manage the Trump Accounts app for government-seeded savings for up to 60 million American children.

As for the rest of the year, Robinhood is channeling its focus into revenue diversification – from transaction-based to banking and subscription fees. For instance, Robinhood Gold hit a $4.3 million subscriber record, generating an annualized revenue run rate of roughly $200 million.

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