Robinhood (HOOD) said revenue from cryptocurrency-related trading fell 38% year over year in the fourth quarter, highlighting how lower digital asset prices continue to dampen trading activity even as platforms move deeper into the sector.
The trading app reported $221 million in cryptocurrency trading revenue, up from $358 million a year earlier, according to its latest earnings report. The drop came despite Robinhood’s efforts to make cryptocurrencies a bigger part of its business.
Over the past year, the company has implemented new crypto features and expanded its offering. Robinhood launched crypto transfers in more regions, allowing users to move assets on and off the platform. It also added a large list of new trading tokens, expanding beyond the small set of major coins it once limited customers to. The company has presented these moves as steps toward becoming a broader gateway to digital assets rather than just a trading app.
That strategy still has to protect crypto income from market swings. Lower prices tend to slow trading, especially among retail investors who generate much of Robinhood’s volume.
The cryptocurrency slowdown contrasts with Robinhood’s broader business. Total transaction-based revenue reached $776 million, an increase of 15% year-over-year. Gains in stock and options trading helped offset the decline in cryptocurrencies, pointing to a more balanced revenue mix than in previous cycles.
The company posted fourth-quarter EPS of $0.66, beating Wall Street estimates of $0.63, but revenue of $1.28 billion missed forecasts of $1.33 billion.
Shares are down 7.7% in after-hours trading, continuing a decline that began around the time the cryptocurrency peaked in early October 2025. Priced at $79, shares are now down nearly 50% from that all-time high.
Its competitor Coinbase (COIN) will report earnings on Thursday. Analysts expect it to post lower trading volume and revenue, reflecting the same market conditions that hit Robinhood’s cryptocurrency business. COIN is lower by 1.6% after hours in HOOD results.
