Robinhood's prediction markets business generated $156 million in the second quarter, more than 10 times what the segment brought in a year earlier, and enough to pull ahead of the $100 million the company earned from crypto trading over the same period. It is a reversal that captures how quickly Robinhood's revenue mix has shifted: event contracts, a product line that barely existed eighteen months ago, is now outearning the crypto business that once defined the platform's growth story.
The prediction markets figure came inside a record quarter overall. Robinhood reported total revenue of $1.31 billion, up 32% year over year and ahead of the roughly $1.26 billion Wall Street had penciled in. Net income came in at $573 million, or $0.62 per share, up from $386 million and $0.42 per share a year earlier. Platform assets grew to $369 billion from $307 billion, and quarterly net deposits rose to $21.7 billion from $17.7 billion, while Robinhood Gold subscribers climbed to 4.8 million from 4.3 million.
Crypto Slips While Everything Else Climbs
Transaction-based revenue overall rose 44% to $776 million, but the gains were uneven across product lines. Options revenue rose 29% to $342 million and equities revenue nearly doubled, up 95% to $129 million. Crypto was the outlier, falling 38% to $100 million from $160 million in the same quarter last year. Crypto notional volume across Robinhood's platforms totaled $40 billion, split between $18 billion on the core Robinhood app — down 35% year over year — and $22 billion on its Bitstamp exchange, itself a sharp drop from the $66 billion in total crypto volume the company logged in the first quarter.
Robinhood Chain's Fast Start
The quarter's other headline came from Robinhood Chain, the company's blockchain built for real-world assets, which launched its public mainnet on July 1. In its first 30 days, the network processed 138 million transactions and generated more than $12 billion in index volume, with daily decentralized exchange volume exceeding $600 million. Tokenized stock trading on the chain jumped from $5 million to $60 million in daily volume within two weeks, and the network is now accessible in more than 120 countries through the Robinhood Wallet app.
CEO Vlad Tenev framed the quarter as validation of the company's pivot beyond traditional brokerage. “We hit all-time highs in trading volumes across equities, options, and prediction markets,” he said, adding of the new chain: “The first chain purpose-built for real-world assets, now with over 12 billion index volume since launch. The rapid growth and developer activity on the chain has been awesome to see.”
A Broader Product Push
Robinhood also leaned on two other new launches during the quarter. Rothera, a CFTC-licensed prediction markets exchange built as a joint venture with Susquehanna International Group, has processed more than 3.5 billion contracts since its late-May debut. Agentic Trading, an automated trading tool that launched May 27, has already drawn close to 100,000 accounts for equities and options, with crypto support planned. Robinhood said thirteen separate business lines are now each generating more than $100 million a year in revenue, with its Gold Card program alone accounting for 1 million cardholders and $17 billion in annualized purchase volume.
Taken together, the results point to a company whose growth engine has rotated: prediction markets and tokenized real-world assets are now doing the heavy lifting that crypto trading once did, even as crypto itself cools.
