Robinhood is placing its bets on tokenisation as the next major growth driver after its crypto revenues dropped sharply in the second quarter of 2025.
In its Q2 ‘2025 results published on July 30, the trading platform revealed that crypto transaction volume fell 36% from the previous quarter down $160m from $252m in Q1. This came despite a year-on-year increase in crypto trading volumes, which rose 32% to reach $28bn.
However the quarterly comparison told a different story – crypto trading volumes fell 36% from the $46bn posted in Q1.
Part of Q2’s activity was driven by Robinhood’s acquisition of Bitstamp, the world’s longest running crypto exchange, which contributed to $7bn of the $28bn in trading volume.
Crypto now accounts for 16% of Robinhood’s total net revenue, down from 25% in the previous quarter. But Robinhood CEO Vlad Tenev is already focused on what comes next.
In a statement in the earnings release, he doubled down on the company’s new focus on tokenisation “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,” he said.
Tokenised stock the next frontier?
In June, Robinhood launched Stock Tokens for its European crypto customers, allowing them to gain access toUS listed stocks which can be tokenised.
At the time, Tenev stated tokenised stocks offered a “glimpse of a better future that’s possible when crypto and traditional finance services fully merge”, as he stressed the importance of providing exposure over equity with Stock Tokens.
Within its latest earnings report, Robinhood made $66m from equities revenue, up 65% year-over-year. However this did not take into account revenue from Stock Tokens as the service only launched in June.
The company noted that while this factor should not be relied upon for future performance statements, Robinhood is wary of the “regulatory, litigation, contractual, operational, and reputational risks associated with our introduction of new products such as Robinhood Stock Tokens”.
This comes following pushback from OpenAI and SpaceX regarding Tenev’s comments that EU Robinhood Crypto users could buy tokenised stock in both private companies.
The Bank of Lithuania, Robinhood’s leading European regulator, is also awaiting clarifications on the structure of the stock tokens product and if the service is clear, fair, and uses non-misleading language” to customers.
Future remains optimistic
Aside from crypto, Robinhood continues to grow throughout the rest of its financial services offerings.
Total net revenues for Q2 increased 45% year-over-year to $989m. Transaction-based revenues increased 65% year-over-year to $539m, primarily driven by options revenue of $265m up 46%.
Net interest revenues increased 25% year-over-year to $357m. This was attributed primarily to growth in interest-earning assets and securities lending activity, partially offset by lower short-term interest rates.
Robinhood also confirmed its second annual HOOD event which will take place in Las Vegas from September 9-10, where the company will unveil new advanced trading tools and developments.
“Q2 was another great quarter as we drove market share gains, closed the acquisition of Bitstamp and remained disciplined on expenses,” said Jason Warnick, Chief Financial Officer at Robinhood.
“And Q3 is off to a great start in July, as customers accelerated their net deposits to around $6bn and leaned in with strong trading across categories.”
