Robinhood reported $160 million in crypto revenue for Q2 2025, marking a 98% rise year-over-year. Despite a 36% drop compared to Q1, the company’s crypto business remains a major contributor to its overall growth. Total revenue for the quarter reached $989 million, representing a 45% increase from the same period last year.

Crypto Revenue Growth and Market Conditions

According to Yahoo Finance, Robinhood’s crypto revenue rose from $81 million in Q2 2024 to $160 million in Q2 2025. However, this was a decline from Q1 2025, when crypto revenue stood at $252 million. The firm cited macroeconomic headwinds, including geopolitical tension and declining retail appetite, as contributing factors to the decline.

Despite this quarterly dip, Robinhood processed $28.3 billion in crypto trading volume in Q2. The business remains focused on expanding its crypto operations, supported by its June acquisition of Bitstamp. Though the deal contributed little to Q2 earnings, Robinhood expects it to enhance its global infrastructure in the upcoming quarters.

Net income came in at $0.42 per share, exceeding Wall Street estimates by more than 35%. Analysts had projected lower earnings based on broader market conditions.

Staking Services and Tokenized Asset Expansion

Robinhood introduced staking services in July, allowing users to earn rewards from Ethereum and Solana. The program initially launched for U.S. customers, with over two-thirds of Solana now staked in Europe. However, its 25% cut from U.S. staking rewards and 15% cut in Europe has raised user concerns over competitiveness.

Staking is now available for U.S. customers.

Stake ETH and SOL on Robinhood Crypto with as little as $1 of crypto. pic.twitter.com/sD5l2rRPxN

— Robinhood (@RobinhoodApp) July 10, 2025

The company also launched tokenized U.S. stocks and ETFs for European customers. These were built on Arbitrum but are expected to migrate to a custom Layer 2 blockchain. The product aims to improve real-world asset settlement through blockchain. Regulatory bodies in Europe, including the Bank of Lithuania, are reviewing the product for compliance.

These moves are part of Robinhood’s strategy to diversify product offerings while building scalable crypto solutions.

Strong Q2 Financial Performance and User Growth

The total revenue was $989 million, which was ahead of the analysts’ by 7.4 percent. At the end of Q2, the company had 26.5 million funded accounts, which is a 9.5 percentage point increase in comparison to Q2 of 2020. The revenue per user grew from 33.1 to 151. The adjusted EBITDA was $549 million with a 55.5 percent margin.

Vlad Tenev, the firm’s CEO, attributed the growth to what he described as product velocity relentlessly and noted that tokenization is the most significant innovation of the decade. The operating margin of Robinhood also increased, as in 2020, it was 44.7% as compared to 27.7% in the previous year.

The development of the platform, the introduction of new products, and the expansion into other countries indicate the changing nature of the platform in the digital asset economy.