Robinhood’s crypto revenue doubled to $160 million in Q2 2025, fueled by increased trading and a deeper move into tokenized assets. Overall revenue climbed to $989 million, with profit hitting $386 million. Robinhood CEO Vlad Tenev is pushing to tokenize private equity and real estate to broaden investor access. Still, the stock edged lower in after-hours trading. Robinhood earns more from crypto as trading and users increase Robinhood’s crypto revenue rose 98% year-over-year to $160 million in the second quarter of 2025 due to a 32% increase in crypto trading activity. The total crypto trading volume reached $28 billion, while the total market capitalization increased by 21.7% to reach $3.36 trillion during the same period. The company earned more from its digital asset operations than ever, thanks to its ability to attract more users and expand its services. Robinhood added $7 billion in institutional trading volume to its books in just one month by acquiring one of the world’s oldest and most widely licensed crypto exchanges, Bitstamp, in June. Robinhood also received an immediate path to expanding its crypto services worldwide as the exchange brought with it over 50 regulatory licenses across major global markets. The deal strengthened the company’s position with regulators and paved the way for more cross-border products that previously would have taken years to launch on their own. It also allowed Robinhood to fast-track new offerings such as crypto staking in the US and tokenized stock trading for European users. Robinhood’s strong crypto performance climbed to $989 million for the quarter (45% jump in total net revenue), while the net income more than doubled to $386 million. However, despite its impressive earnings, the company’s stock dipped slightly in after-hours trading. Such market reactions are common when investors have already priced in high expectations. The company also showed both asset growth and increased user deposits as its total platform assets nearly doubled to $279 billion. The number of funded customer accounts shows more people are joining and actively using the platform because it registered a 10% year-over-year increase by reaching 26.5 million. The company’s business model is evolving beyond simple stock trades as its premium offering, Robinhood Gold, also hit a record 3.48 million subscribers during the quarter. CEO Tenev expands tokenization to make private assets easier to invest in Tenev has placed tokenization at the center of the company’s long-term strategy . He called it “the biggest innovation our industry has seen in the past decade,” and believes the shift will make real-world assets available to everyday investors. To implement his plan, Tenev launched Robinhood Chain (a layer-2 blockchain designed to support tokenizing stocks and other real-world assets). The chain is active in Europe, enabling users in 30 countries to trade tokenized versions of US stocks. Robinhood works closely with regulators to bring similar offerings to the US market. The company also wants to expose investors to big firms’ success without buying traditional shares. It has begun offering private equity tokens in Europe, modeled after well-known companies like OpenAI and SpaceX. OpenAI quickly warned that the tokens don’t represent real ownership in the company. Lithuania’s financial regulator also raised questions about whether the tokens comply with securities laws in the region by launching a legal inquiry into the nature of Robinhood’s offerings. Robinhood plans to expand its technology stack and serve more users across North America by acquiring WonderFi (a Canadian crypto and DeFi platform). It will also likely announce new partnerships, products, and strategic updates during its second annual HOOD Summit in September. Get seen where it counts. Advertise in Cryptopolitan Research and reach crypto’s sharpest investors and builders.
Market Analysis Report (29 Sep 2025)
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