Robinhood exceeds one billion in turnover but disappoints Wall Street: Crypto remains its Achilles heel

Robinhood missed Wall Street's expectations, and the 47% drop in its crypto revenue immediately dominated the reading of its results. However, the platform shows overall growth. But the market has looked where it hurts: crypto trading pays less, much less.

Crypto becomes the black spot of the quarter

While the world waits for Western Union's stablecoin, Robinhood published diluted earnings per share of $0.38 in the first quarter of 2026. The figure is up year-over-year, but not enough to reassure Wall Street. According to Reuters, analysts were instead expecting $0.44 per share, which explains the cold reaction of investors.

The most commented on figure remains that of crypto. Cryptocurrency revenue fell to $134 million, down 47% year-over-year. Notional crypto volume also slowed, with $66 billion in total, including $24 billion through the Robinhood app and $42 billion through Bitstamp.

This decline does not mean that Robinhood is losing its place in crypto. Above all, it shows that the euphoria of trading is no longer so automatic. When volumes weaken, the model quickly absorbs the shock. And Wall Street rarely forgives this kind of gap.

A group that is progressing, but not where the market expected

The paradox of the quarter is that Robinhood does not publish catastrophic results. Its net turnover total increased 15% year-on-year to reach $1.07 billion. Net deposits reached $17.7 billion, an annualized rate of 22%.

Transaction revenue reached $623 million, up 7%. The options brought in $260 million. The shares generated $82 million, up 46%. Other transaction revenues, driven in particular by new financial products, jumped to $147 million.

But this diversification is not enough to erase the crypto signal. Robinhood remains associated with an active, mobile clientele sensitive to speculative cycles. When crypto falls, the market sees it as more than a line item. He sees it as a test of the real appetite of users.

Robinhood tries to escape the cyclical trading trap

However, management is pushing a different message. Robinhood wants to become more than a trading application. Robinhood Gold subscribers grew 36% year-over-year to reach 4.3 million. Gold-related revenues reached $50 million, up 32%.

The platform is also developing its banking services, cards, investment accounts and automated tools. Total assets on the platform reached $307 billion, up 39%. This figure tells another story: users are not leaving en masse, they are rather shifting their uses.

Robinhood is also moving forward with tokenization. The company launched the public testnet of Robinhood Chain, a Layer 2 Ethereum designed for tokenized real assets. According to the reported data, this test network has already processed more than 100 million transactions. Robinhood's problem is therefore less about the lack of growth than about the perceived quality of this growth. Investors want solid, understandable income that is less dependent on market booms. However, crypto remains a very visible, but irregular, activity.