Robinhood (HOOD) said revenue from crypto-related trading fell 38% year over year in the fourth quarter, underscoring how falling digital asset prices continue to dampen trading activity even as platforms move deeper into the sector.
The trading app reported $221 million in revenue from crypto transactions, up from $358 million a year earlier, according to its latest earnings report. The decline came despite Robinhood’s efforts to make crypto a larger part of its business.
Over the past year, the company has rolled out new crypto features and expanded its offerings. Robinhood has launched crypto transfers in more regions, allowing users to move assets on and off the platform. It has also added a wide range of new trading tokens, expanding beyond the small set of major coins to which it once limited customers. The company presented these moves as steps toward becoming a broader gateway to digital assets rather than just a trading app.
This strategy has not yet protected crypto revenue from market fluctuations. Lower prices tend to dampen trading, especially among retail investors who generate much of Robinhood’s volume.
The crypto slowdown contrasted with Robinhood’s broader activity. Overall transaction-based revenue reached $776 million, an increase of 15% from the previous year. Gains in stocks and options trading helped offset crypto’s decline, indicating a more balanced revenue distribution than in previous cycles.
The company reported fourth-quarter EPS of $0.66, beating Wall Street estimates of $0.63, but revenue of $1.28 billion fell short of forecasts of $1.33 billion.
Shares are down 7.7% in after-hours trading, continuing a slide that began around the time the crypto hit its peak in early October 2025. Trading at $79, the stock is now down nearly 50% from that record high.
Competitor Coinbase (COIN) is expected to report earnings on Thursday. Analysts expect it to post lower trading volume and lower revenue, reflecting the same market conditions that have hit Robinhood’s crypto business. COIN is down 1.6% after hours in HOOD results.
