Robinhood’s Q2 crypto volume jumps 32% as firm pushes tokenization, Bitstamp deals

The Block

2025-07-31 04:20:29

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Robinhood Markets reported second-quarter financials on Wednesday afternoon, a period in which the brokerage doubled down on its long-term crypto ambitions.

Robinhood's crypto trading volume rose 32% year-over-year to $28 billion. Transaction-based cryptocurrencies revenue rose 98% to $160 million in the second quarter.

In its first-quarter earnings print, Robinhood (ticker HOOD) reported crypto trading volume of $46 billion, as well as $252 million in crypto-related transaction-based revenue.

"We delivered strong business results in Q2 driven by relentless product velocity, and we launched tokenization—which I believe is the biggest innovation our industry has seen in the past decade," said Chairman and CEO Vlad Tenev.

Robinhood reported second-quarter diluted earnings of $0.42 per share, doubling the year-ago figure, while quarterly revenue rose 45% to $989 million. Both numbers came in ahead of the consensus estimates, according to MarketWatch data.

During the quarter, Robinhood expanded its crypto presence in Canada by acquiring WonderFi in an all-cash $179 million deal. The company also completed its previously announced $200 million acquisition of crypto exchange Bitstamp. On Wednesday, Robinhood said that Bitstamp exchange crypto notional trading volumes were $7 billion following the closing of the acquisition.

On June 30, the commission-free brokerage expanded into tokenized equities and crypto perpetual futures in the EU, as well as the staking of Ethereum and Solana in the U.S. The company also said it is developing a Layer 2 blockchain based on Arbitrum. At the time, Tenev said the OpenAI and SpaceX "stock tokens" are derivatives rather than equity following pushback.

"Robinhood's product velocity is staggering," Mizuho Securities analysts wrote in a note to clients at the time. "HOOD is tapping into a $600 billion TAM with just a sliver of market share today. We believe that changes rapidly."

Robinhood's stock closed Wednesday's session up 2.7% at $106.10 per share, giving the company a $90 billion market cap, according to The Block's HOOD price data.

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