Robinhood crypto revenue falls 55% in Q3 but beats forecasts

Robinhood's crypto trading revenue fell 55% year over year to $120 million in the third quarter, accounting for just 8.4% of total revenue, down from 21% a year earlier — though the figure still beat Wall Street forecasts. Crypto trading volume dropped 38% to $50 billion.

The decline came even as overall company revenue hit a record $1.42 billion, with EPS of $0.51 missing analyst estimates. The results land as Robinhood keeps expanding its crypto footprint — adding RLUSD availability, prediction markets and a bitcoin treasury position — while usage on its own Robinhood Chain layer-2 has slid.