Robinhood’s crypto revenue fell 55% from a year earlier to $120 million in the third quarter of 2026, according to the Robinhood Q3 2026 results released after the US market close on Tuesday 27 October. That was still 20% more than in the second quarter, The Block calculated, and above the $114.1 million analysts expected, according to CoinDesk. Total net revenue reached a record $1.424 billion, up 12%. Crypto now brings in less than event contracts, the prediction markets Robinhood sells in the US.
Readers of last week’s ARK Invest ranking will look first at Robinhood Chain. The release says the chain generated more than $50 million of fees in its first quarter on mainnet, and Robinhood keeps about half. On the earnings call, Chief Financial Officer Shiv Verma put the quarter at about $50 million gross, said roughly 50% was shared with Arbitrum and gave “about $25 million” on a net basis, according to the transcripts published by The Motley Fool and Investing.com. The Block, which broke down the crypto line, credited the chain with $26 million.
The same day Ripple and Robinhood widened their partnership around the RLUSD stablecoin, and Chief Executive Vlad Tenev told analysts that the US rules on tokenized stocks still keep large assets away. After hours on 27 October the shares were down 5% to 7.4%, depending on the outlet and when the quote was taken.
Robinhood crypto revenue: down 55% on the year, up 20% on the quarter
The $120 million compares with about $267 million in the third quarter of 2025, CoinDesk said, and with $100 million in the second quarter of 2026, as Cointelegraph reported at the time of the July results. Crypto made up 8.4% of Robinhood’s revenue, against 21% a year earlier, according to CoinDesk.
All of the quarterly rebound comes from the chain. The Block’s breakdown puts crypto transaction revenue without Robinhood Chain at $94 million, 6% less than in the second quarter, with the chain’s $26 million on top. Add the two and you get the reported $120 million.
Asked why take rates came in lower, Verma pointed to Robinhood Earn, the stablecoin yield product, which now holds more than $500 million. Because the assets are stablecoins, Robinhood earns less on them than on the rest of the platform, he said, and that pulled the crypto take rate down. Without the stablecoin effect, it was close to the previous quarter’s level.
The fourth quarter has started slower. Verma said average daily volumes in equities, options and crypto were about 5% lighter than in the strong third quarter, while event contract volumes were up about 10%. He added that “early indications are spreads are a little bit tighter”, which means less revenue for each dollar traded. Bitcoin traded near $80,830 at 05:10 UTC on 28 October, up 1.44% over 24 hours.
What Robinhood Chain really earned: $50 million gross, about $25 million net
Robinhood Chain is a layer 2 built with Arbitrum’s technology. Users pay fees to send transactions on it, and those fees are what ARK, DefiLlama and Robinhood count, each in its own way. The chain went live on 1 July, so the third quarter is its first full period.
In our 22 October report on ARK’s DeFi Quarterly, ARK credited Robinhood Chain with about $51 million in the quarter against about $41 million for Ethereum, as quoted by Cryptonomist and Bloomingbit, and DefiLlama showed $46.2 million of gas fees. ARK’s $51 million is close to the gross figure Robinhood now publishes, “over $50 million of chain fees”. It is not what Robinhood books for itself.
The gap is Arbitrum’s share. Verma said about half of the gross goes to Arbitrum, leaving “about $25 million or $100 million annualized” net. The Block’s $26 million is close to that net figure, but The Block does not say how it got it, and the release has no footnote defining chain revenue. CoinDesk warned readers not to confuse the chain’s fees with the crypto transaction revenue Robinhood reports.
Net, then, Robinhood Chain earned less for Robinhood than ARK’s $41 million for Ethereum. The claim that it out-earned Ethereum holds only for gross fees, and ARK’s definition of revenue is still not public. Nor is it known whether the Arbitrum share is booked as a revenue split or as a cost.
Robinhood is not chasing those fees yet. Verma said the chain is not counted among the business lines above $100 million a year and that the team is judged on staking or liquidity, measured at current market prices. It is the main size metric in DeFi.">value locked, developers and stock tokens, with “a couple of basis points” of notional as a normal take. Tenev went further: “I don’t really want to be in the business of like charging high fees for on-chain usage.”
Robinhood calls its chain a top-five chain by revenue and volume with more than $80 billion of DEX volume. Cryptonomist, citing ARK, gave about $65 billion, fourth among the networks ARK tracks. Neither source explains the $15 billion gap, which may come from different cut-off dates or from which exchanges are counted.
Robinhood Q3 2026 results in figures
The table gathers the main lines of the release filed with the SEC as Exhibit 99.1 to Robinhood’s 8-K. Changes are against the third quarter of 2025. The quarter-on-quarter change for total revenue is from the release; the one for crypto is The Block’s.
| Metric | Q3 2026 | Change vs Q3 2025 |
|---|---|---|
| Total net revenues | $1.424 billion (record) | +12% (+9% vs Q2 2026) |
| Transaction-based revenues | $867 million | +19% |
| Options revenue | $399 million | +31% |
| Event contracts revenue | $173 million | more than 6x |
| Equities revenue | $121 million | +41% |
| Cryptocurrencies revenue | $120 million | -55% (+20% vs Q2 2026) |
| Net interest revenues | $415 million | -9% |
| Other revenues | $142 million | +61% |
| Net income | $476 million | -14% |
| Diluted EPS | $0.51 | -16% (from $0.61) |
| Adjusted EBITDA | $808 million (57% margin) | +9% |
| Funded customers | 28.7 million | +7% |
| Total platform assets | $396 billion | +19% |
| Gold subscribers | 5.2 million (record) | +34% |
| Crypto notional volume | $50 billion | -38% |
Profit fell while revenue rose. Net income includes $67 million of unrealised losses, $0.07 per diluted share, mainly from marking Robinhood Ventures Fund I to market. GAAP operating expenses rose 16% to $739 million, and the provision for credit losses jumped 173% to $71 million as the credit card book grew. Adjusted EPS, a new measure this quarter, was $0.60, down 3%. CoinDesk set diluted EPS of $0.51 against a $0.55 consensus and revenue against a $1.43 billion estimate.
Money kept coming in: net deposits were $15.7 billion in the quarter and $71.0 billion over twelve months. Platform assets grew with stock prices, partly offset by lower crypto values, the company said. They include the value locked in Robinhood Earn, but Robinhood gives no separate figure for the crypto it holds for customers.
Crypto volumes: Bitstamp now carries most of the trading
Customers of the Robinhood app and of Bitstamp traded $50 billion of crypto in the quarter, 38% less than a year earlier. The app accounted for $21 billion, down 48%; since June that figure also counts trades by customers of WonderFi, the Canadian platform Robinhood bought. Bitstamp handled $29 billion, down 28%. The release does not split Bitstamp volume between retail and institutional clients.
Against the second quarter the picture is better. The Block puts the total at $49.8 billion, up 23% on the quarter. In the second quarter the app did $18 billion and Bitstamp $22 billion, out of $40 billion, Cointelegraph reported in July. By our arithmetic the app grew about 17% quarter on quarter and Bitstamp about 32%. Bitstamp now carries 58% of the group’s crypto volume.
Revenue per venue is not published, so what each platform earns per dollar traded cannot be read from the release. Bitstamp’s role is widening, though: Tenev said Robinhood had become the first US broker to offer what it calls true perpetual futures, “powered by our global derivatives exchange Bitstamp”.
Prediction markets now earn more than crypto
Event contracts brought in $173 million, more than six times the year-earlier figure and 11% more than in the second quarter, according to The Block. Customers traded 16.4 billion contracts, over seven times as many as a year ago. Rothera, the exchange Robinhood owns with Susquehanna, passed $100 million of annualised revenue in its first full quarter, the release says, and The Block counts $28 million of the $173 million from it. Tenev said Robinhood holds a large stake but does not run Rothera itself.
Sports still dominate. Verma said non-sports contracts were about 30% of volume in the quarter, up from 15% the quarter before. Before the results, Bernstein modelled prediction markets bringing Robinhood $1.7 billion in 2028, slightly more than the $1.6 billion it expects from crypto. On this quarter’s numbers the crossover has already happened: $173 million against $120 million.
Ripple joins Robinhood on RLUSD, treasury software and trading loans
Hours before the results, Ripple and Robinhood announced a wider partnership in a press release on Ripple’s site dated 27 October, also reported by Decrypt, Cointelegraph, CNBC and Bitcoin.com News.
RLUSD, Ripple’s dollar stablecoin, is live on Robinhood Chain and on Bitstamp, and is expected in the Robinhood app later this year, the release says. Bitstamp’s institutional business will use RLUSD on the XRP Ledger for settlement. RLUSD has been listed on Bitstamp since January 2025, according to Bitcoin.com News, and Ripple puts its market value above $2.4 billion.
Two parts go beyond the stablecoin. Robinhood will move its own global treasury onto Ripple Treasury, Ripple’s software for cash and liquidity, forecasting, payments, risk and intercompany netting. And Ripple Prime, the prime broker Ripple built from Hidden Road (bought for $1.25 billion in a deal announced in April 2025, Decrypt recalls), lends to Bitstamp and provides margin financing on roughly 20 digital assets. Ripple Prime clients can trade spot on Bitstamp, and perpetual futures support is due later this year.
“Utility is what moves stablecoins forward,” said Johann Kerbrat, senior vice president and general manager of Robinhood Crypto and International, in the release. Ripple President Monica Long pointed to “the breadth of what we’re building together”. No financial terms were disclosed.
Asked about the deal on the call, Tenev said “I like Brad and the team at Ripple” and described the two businesses as complementary, Ripple’s institutional side against Robinhood’s retail one. Ondo was integrated into Robinhood Chain the same day. The partnership came a day after Ripple received final OCC approval for its national trust bank, which will manage RLUSD reserves; nothing in the announcement ties the Robinhood rollout to that charter, and Standard Custody keeps issuing RLUSD, Bitcoin.com News noted. XRP traded near $1.33 at 05:10 UTC on 28 October, up 2.39% over 24 hours, with no cause given by any source we read.
Tenev: five-year uncertainty keeps serious assets off tokenized rails
Robinhood offers about 200 stock tokens on Robinhood Chain. They are tokenized debt securities: holders get the economic exposure of the share without the shareholder rights, voting and dividends included. That puts them outside the SEC’s innovation exemption, which requires equivalent rights, as Cointelegraph explained in its report on Tenev’s remarks.
Tenev called the exemption “a really positive step”, but warned that “the uncertainty of what happens in five years is likely to be an impediment” to putting serious assets on the technology, as quoted by Cointelegraph; the transcript has the same words. “I still think some rule-making or legislation is going to be necessary,” he said. For private companies, Robinhood will tokenize shares overseas and is looking for a US route within the accreditation rules. It hopes to share its US plans “in the near future”, with no date.
The debate is crowded. Microsoft, Alphabet and Goldman Sachs are among the companies that objected to their shares being offered on the tokenized stock venue planned by OKX and ICE, and AMC chief executive Adam Aron criticised Robinhood’s tokenized stock products. Binance Research projects $349 billion of tokenized equities by 2030 in its base case, from $4.43 billion on 15 September.
Shares fell after hours on 27 October
Robinhood closed at $94.56 on 27 October, according to Investing.com. The after-hours reaction depends on when it was read: about 5% lower in CoinDesk’s report published at 20:32 UTC, 5.5% lower at $89.22 in The Block’s report published at 20:55 UTC, and 7.36% lower at $87.60 in Investing.com’s later account of the call, which gives no time for the quote. That left the stock down roughly 22% for the year, The Block said. Pre-market trading on 28 October opens at 08:00 UTC, after this piece was written.
Robinhood gave no revenue outlook. It narrowed its 2026 range for adjusted operating expenses and share-based compensation to $2.675 billion to $2.75 billion, cutting $25 million from the top end set on 29 July, and gave no total expense forecast because credit-loss provisions and regulatory costs are hard to predict. Verma said Trump account spending would be about $100 million for the year. The company bought back $25 million of stock in the quarter, about 0.2 million shares at about $105 each, and ended it with $5.8 billion of cash.
Outside the US: Bitstamp, the UK, Europe and Dubai
Two new geography items appear in the release: crypto trading has launched in the UK, and Robinhood has authorisation from Dubai’s DFSA covering trading and custody in all ten asset classes the regulator approves, with a rollout planned for 2027. As we reported when the Dubai licence was granted, that launch has no list of countries yet. In the European Economic Area Robinhood keeps offering stock tokens and perpetual futures, which its risk factors flag, but the release gives no figure for European customers or volumes.
What to watch next
RLUSD should reach the Robinhood app before the end of the year, and Ripple Prime’s perpetual futures on Bitstamp are due in the same window. The US plan for private-company tokens has no date. The quarterly 10-Q filing may say more about how chain revenue is recognised and whether the Arbitrum share is booked as a cost.
For the crypto line, the next test is whether chain fees hold up. DefiLlama data cited in our 22 October piece showed most of the chain’s third-quarter fees came in two weeks of September from memecoin trading, and Verma’s early fourth-quarter comments point to lighter volumes and tighter spreads. Ripple’s Swell conference runs in New York until 29 October, and the Federal Reserve announces its rate decision at 18:00 UTC today.