Morning Minute — Tyler Warner Good morning. Robinhood just delivered a blowout quarter — and the parts that touch crypto made the results especially interesting. Headline numbers - Net revenue: $1.31 billion, up 32% year-over-year. - Diluted EPS: $0.62 (vs. $0.41 expected). - Net income: $573 million, up 48%. - Total platform assets: $369 billion. - Record net deposits: about $21.7 billion. It was a strong quarter across most lines, with options and equities driving much of the growth. Options revenue rose 29% to $342 million, while equities revenue nearly doubled, up 95%. The surprise winner: prediction markets Robinhood’s prediction-market business — its “event contracts” — exploded to $156 million in revenue, more than 10x year-over-year. For the first time, event contracts outpaced both crypto ($100M) and equities ($129M) on the platform. That makes prediction markets an unexpectedly large and fast-growing new revenue stream. Crypto is cooling Digital-asset revenue slid 38% from $160 million a year ago as retail crypto trading volumes eased. So while crypto still contributes meaningfully, the momentum has clearly slowed and other products picked up the slack. Robinhood Chain update CEO Vlad Tenev also pushed Robinhood Chain in the earnings call. He said the chain’s DEXs have processed over $12 billion in volume and that the network was the fastest ever to reach 100 million transactions. TVL on the chain sits around $325 million. Tenev even demoed browsing the chain on his phone during the call, showing CASHCAT — the spotlight apparently sparked a quick 40% jump in the chain’s leading memecoin. Corporate strategy and market reaction Tenev framed the company as 13 separate business lines, each generating over $100 million annualized, all aligned around the mission of “making everyone an owner.” Despite the strong results, HOOD stock dipped on the day and didn’t rebound much after hours. That pullback looks more tied to a hawkish FOMC backdrop than to the earnings beat itself. Bottom line Robinhood’s quarter shows a diversifying business with multiple growth lanes — from options and equities to prediction markets and its own blockchain — even as retail crypto trading cools. For crypto-watchers, the Robinhood Chain traction and event-contract breakout are the most notable takeaways.
Robinhood Q2: Prediction Markets Outpace Crypto as Chain Hits $12B Volume
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Summary
Robinhood’s Q2 net revenue hit $1.31 billion, up 32% year-over-year. Prediction markets, including price prediction contracts, brought in $156 million, outpacing crypto and equities. Crypto revenue dropped 38% to $100 million as trading volume softened. Robinhood Chain processed $12 billion in trading volume, hitting 100 million transactions. TVL stood at $325 million. CEO Vlad Tenev showcased CASHCAT, the platform’s top memecoin.
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