Robinhood’s crypto revenue plunged 38%, but a sudden explosion in options trading saved its record quarter

Robinhood's crypto-related transaction revenue in the fourth quarter of 2024 generated $358 million of the company's $672 million in transaction-based revenue, about 53% of the total.That concentration had flipped by the second quarter of 2026, when crypto revenue fell 38% year over year to $100 million and accounted for just 12.9% of transaction-based revenue.Options reached $342 million, event contracts brought in $156 million, and equities added $129 million, together producing 81% of the segment and six times what crypto contributed. Net interest revenue and other revenue, driven in part by Gold subscriptions, added $389 million and $143 million, respectively.MetricQ4 2024Q2 2026What changedCrypto transaction revenue$358M$100MDown sharplyTotal transaction-based revenue$672M$776MHigher despite crypto declineCrypto share of transaction revenue53.3%12.9%Crypto no longer drives the segmentOptions revenueN/A$342MLargest trading lineEvent contracts revenueN/A$156MNew major growth engineEquities revenueN/A$129MLarger than cryptoNon-crypto trading revenue listedN/A$627MRoughly 6x crypto revenueCrypto's new job in the stackRobinhood reported $40 billion in total crypto notional volume f...