Robinhood Markets (HOOD) reported record full-year revenue of $4.5 billion in 2025, even as its core cryptocurrency trading business faced significant headwinds amid a persistent crypto winter.
Preliminary data for January 2026 showed that crypto notional trading volumes on the Robinhood App fell 57% year over year to $8.7 billion. Despite this decline in its primary retail app, the company’s total crypto volumes for January reached $22.9 billion, bolstered by its acquisition of Bitstamp, which contributed $14.2 billion in notional volume.
The fintech giant’s fourth-quarter results for 2025, released on 10 February 2026, showed total net revenues of $1.28 billion, a 27% increase from the previous year. However, transaction-based revenue from cryptocurrencies fell 38% year over year to $221 million during the quarter. This downward trend in the crypto sector was offset by record growth in other areas, including a 54% jump in equities revenue and a 39% increase in net interest income.
Robinhood Markets has just released financial results for the fourth quarter and full year of 2025.
Check out the highlights from @vladtenev below, and catch our earnings call live at: https://t.co/W92tO1JASh pic.twitter.com/x8sdd3bibP
— Robinhood (@RobinhoodApp) February 10, 2026
Diversification cushions the impact of crypto volatility
Robinhood’s strategic shift toward a “Financial SuperApp” model has helped the company maintain profitability despite the digital asset slump. CEO Vlad Tenev emphasized during the earnings call that the company is “not getting distracted by short-term fluctuations” in Bitcoin prices. Instead, the firm is doubling down on new growth drivers such as prediction markets, which saw a record 8.5 billion event contracts traded in late 2025.
Strategic expansion into tokenization and global markets
Looking forward, Robinhood has unveiled an ambitious 2026 roadmap focused on global expansion and the burgeoning field of asset tokenization. The plan includes the launch of “Robinhood Chain,” a Layer 2 network developed on the Arbitrum platform to support tokenized assets and on-chain services.
Consequently, Vlad Tenev views the shift to tokenized stocks as an almost inevitable evolution for U.S. financial markets to prevent systemic failures like trading freezes. Referencing the 2021 meme stock crisis, Tenev stated that the GameStop halt resulted from outdated infrastructure and slow settlement. He believes moving equities on-chain will enable real-time settlement, alleviating pressure on clearinghouses and brokerages during high volume.
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