Robinhood crypto revenue falls 55% to $120 million as retail crypto trading cools

Robinhood's crypto revenue fell 55% to $120 million (about Rs 33 billion) in the July to September quarter, the US trading app said in its third-quarter results on Tuesday 27 October. It is one of the clearest signs yet of how far retail crypto trading has cooled since last year's boom, with bitcoin now trading around $80,000.

The numbers

Crypto, once one of Robinhood's biggest earners, now brings in slightly less than ordinary share trading ($121 million). The company still grew overall because options and stock trading made up the gap.

Customers keep growing

Funded customers rose 7% to 28.7 million, Robinhood Gold paid subscribers jumped 34% to 5.2 million, and total assets on the platform reached $396 billion, up 19%. The company also trimmed the top of its 2026 cost outlook by $25 million, to a range of $2.675 billion to $2.75 billion for adjusted operating expenses and share-based pay.

Why crypto trading slowed

Robinhood earns most of its crypto income from the spread on each trade, so its revenue follows how much its customers buy and sell. When prices drift sideways or fall, retail traders step back. Bitcoin slipped below $80,000 on Tuesday as a US Federal Reserve meeting began, CoinDesk reported, and the wider crypto market has lagged a rally in chip and AI stocks. Our bitcoin price page shows the daily readings, and the ether page does the same for Ethereum.

Robinhood is also expanding in stablecoins. It said on Tuesday it would offer Ripple's RLUSD to its customers, CoinDesk reported, even though it backs the rival USDG coin.

For readers in Pakistan

Robinhood does not operate in Pakistan, but its results are watched as a gauge of retail crypto demand worldwide. Pakistan is building its own rules: the new Pakistan Virtual Assets Regulatory Authority has just been given anti-money laundering powers over crypto businesses (our story). To see what a dollar figure means in rupees, use our currency converter.