Robinhood’s crypto business suffered in the fourth quarter as falling digital asset prices continued to weigh on trading volumes, despite efforts to expand the platform’s crypto offerings.
The brokerage reported $221 million in crypto transaction revenue, down 38% from $358 million a year earlier. The decline highlights the ongoing sensitivity of retail-driven crypto trading to market conditions.
Over the past year, Robinhood added new tokens and extended crypto transfer capabilities to additional regions, enabling users to move assets on and off the platform. The company has positioned these updates as part of a strategy to become a broader gateway to digital assets, though weaker prices kept trading activity muted.
Outside of crypto, Robinhood’s business was more resilient. Total transaction-based revenue rose 15% year over year to $776 million, supported by gains in equities and options trading, which helped offset the crypto downturn.
For the quarter, Robinhood reported earnings per share of $0.66, beating analysts’ expectations of $0.63. Total revenue came in at $1.28 billion, slightly below forecasts of $1.33 billion.
Shares dropped 7.7% in after-hours trading, extending a sell-off that began after crypto markets peaked in October 2025. At around $79, Robinhood stock is now down nearly 50% from its record high.
Coinbase, set to report earnings Thursday, is expected to show similar pressure from weaker crypto trading volumes. Its shares fell 1.6% in after-hours trading following Robinhood’s results.
