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Some of the top-performing “altcoins” of the past cycle weren’t tokens at all — they were crypto equities. And nothing ran harder than Robinhood. The stock climbed 17× in under two years, turning one of our most contrarian buys (HOOD was down 80% from its IPO price in ’22) into a nice win for the portfolio (550% gain).
Today, Robinhood is back in “reset” mode amid a risk-off market, even as the firm continues to offer new, retail-friendly product lines while merging operations with crypto infrastructure.
This week’s report is a data-driven update on the company’s fundamentals, valuation, comps, and ambitious push deeper into crypto and prediction markets.
We cover a lot of ground in this one. We recommend grabbing your favorite beverage and setting aside some time to properly digest its contents.
Disclaimer: Views expressed are the author’s personal views and should not be relied upon as investment advice.
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Robinhood generated $4.47b in revenue in 2025, up 52% y/y with a 5-year CAGR of 36%. As we can see, revenue growth has been quite strong during “risk-on” years for crypto — an indication of how critical the asset class is becoming to Robinhood’s future trajectory.
More on what that trajectory looks like on crypto rails, later in the report.
From a quarterly perspective, we can see the immediate impact of the crypto bear market thus far, with revenues down 17% in Q1.
Transaction-based revenues (options, crypto, prediction markets, equities) accounted for 58.4% of Robinhood’s revenue in Q1, down 19.7% q/q, but up 6.9% y/y.
Net Interest revenues accounted for 33.6% of Q1 revenue, down 12.7% q/q, but up 23.8% y/y. These revenues are essentially “brokerage/banking-like” revenues that come from interest-bearing customer and corporate balances, margin lending, and securities lending.
Other revenues (Robinhood Gold subscriptions, listing fees) accounted for 8% of Q1 performance, down 11.5% q/q, but up 57.4% y/y. Gold subscriptions were up 36% y/y (now 4.3 million).
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