Robinhood ( HOOD ) said revenue from crypto-related transactions fell 38% year over year in the fourth quarter, underscoring how lower digital asset prices continue to dampen trading activity even as platforms push deeper into the sector.
The trading app reported $221 million in revenue from crypto trading, down from $358 million a year earlier, according to its latest earnings report. The drop came despite Robinhood’s efforts to make crypto a bigger part of its business.
Over the past year, the company has rolled out new crypto features and expanded its offerings. Robinhood launched crypto transfers across multiple regions, allowing users to move assets to and from the platform. It also added a host of new trading tokens that expanded beyond the small set of major coins it once limited customers to. The company has pitched these moves as a step towards becoming a broader gateway to digital assets rather than a simple trading app.
This strategy has yet to protect crypto income from market fluctuations. Lower prices tend to dampen trading, especially among retail investors who drive much of Robinhood’s volume.
The crypto slowdown contrasted with Robinhood’s broader business. Total transaction-based revenue reached $776 million, up 15% from the prior year. Gains in equities and options trading helped offset the decline in crypto, pointing to a more balanced revenue mix than in previous cycles.
The company reported fourth-quarter EPS of $0.66, topping Wall Street estimates of $0.63, but revenue of $1.28 billion fell short of forecasts for $1.33 billion.
Shares are down 7.7% in after-hours trading, continuing a plunge that began around the time the crypto peaked in early October 2025. Trading at $79, the stock is now down nearly 50% from its all-time high.
Competitor Coinbase ( COIN ) is set to report earnings on Thursday. Analysts expect it to deliver lower trading volume and weaker revenue, reflecting the same market conditions that hit Robinhood’s crypto business. COIN is lower by 1.6% after hours on the HOOD results.
