Robinhood reported Q2 2026 earnings on July 29, posting total net revenue of $1.31 billion, a 32% jump year-over-year. Diluted EPS came in at $0.62, beating Wall Street estimates. But crypto trading revenue fell 38% from the prior year to $100 million, continuing a slide that has now stretched across three consecutive quarters.
A pattern that’s hard to ignore
Robinhood’s crypto revenue dropped 38% in Q4 2025 to $221 million. Then it fell 47% in Q1 2026, landing at $134 million. Now Q2 brings another 38% decline.
Total notional crypto trading volume on the platform hit $40 billion for the quarter. Of that, $18 billion came from Robinhood’s retail app, representing a 35% year-over-year decline. The remaining $22 billion flowed through Bitstamp, the institutional exchange Robinhood acquired in June 2025 for roughly $200 million.
Despite beating earnings estimates, Robinhood’s stock fell about 4% following the report.
Prediction markets are picking up the slack
Prediction markets generated $156 million in revenue during Q2 2026, outpacing crypto by a comfortable margin. Equities and options trading also performed well, contributing to the record overall revenue figure.
The Bitstamp bet and what comes next
The Bitstamp acquisition, which closed on June 2, 2025, was designed to broaden institutional capabilities and expand international reach. It contributed $22 billion in notional crypto trading during the quarter. The company supports dozens of crypto tokens for US and EU users, including Bitcoin, Ethereum, and Solana, and has rolled out staking on select assets while developing tokenized asset offerings.
What this means for investors
For the broader crypto market, Robinhood’s numbers serve as a useful barometer of retail sentiment. When app-based crypto volumes drop 35% year-over-year, it reflects that casual retail investors have largely stepped back from digital assets, a trend driven by lower prices and reduced enthusiasm.