Robinhood’s prediction-market business generated $156 million in second-quarter revenue, surpassing both cryptocurrency trading revenue of $100 million and equities trading revenue of $129 million, according to the company’s quarterly update. The result places event contracts at the center of Robinhood’s transaction business less than two years after the brokerage began offering markets tied to political and economic outcomes.
Transaction-based revenue climbed 44% from a year earlier to $776 million. Total net revenue rose 32% to $1.31 billion, while net income increased 48% from the second quarter of 2025 to $573 million.
The figures show how quickly prediction contracts have become a material revenue source for Robinhood, whose core business has historically depended on stock options, equities and cryptocurrency activity. Contracts allow users to take positions on the likelihood of a defined outcome, such as an election result, an interest-rate decision or a sports-related event, rather than buying or selling the underlying asset.
Robinhood shares fell roughly 3% in after-hours trading to $86.89 following the update.
Prediction markets outpace crypto and equities
Robinhood began offering prediction-market products in October 2024, initially with contracts related to the US presidential election. It expanded the offering in March 2025 with a dedicated prediction-markets hub that sources event contracts through Kalshi and Interactive Brokers’ ForecastEx.
The pace of revenue growth gives Robinhood a new transaction category that is less dependent on daily movements in Bitcoin, Ethereum or US stocks. Cryptocurrency markets can generate substantial trading activity during volatile periods, while equity volumes often respond to earnings seasons, monetary-policy decisions and broader market swings. Prediction contracts create a separate stream of activity around scheduled public events.
Robinhood’s $156 million in prediction-market revenue was 56% higher than its cryptocurrency trading revenue during the quarter and 21% above revenue from equities trading. The company did not provide a detailed breakdown in the supplied update showing which event categories generated the most trading.
The offering also broadens Robinhood’s competition with platforms that specialize in event contracts. Kalshi has built its business around regulated event markets, while ForecastEx operates through Interactive Brokers. Robinhood’s advantage is its existing base of brokerage customers, who can access prediction contracts alongside stocks, options, digital assets and other products inside the same app.
In June, Robinhood launched Rothera, which the company described as a Commodity Futures Trading Commission-licensed exchange and clearinghouse. It is independently managed through a joint venture with Susquehanna International Group. An exchange and clearinghouse structure would give Robinhood a more direct role in the infrastructure behind event contracts rather than relying solely on external venues.
That move places greater strategic weight on prediction markets, whose expansion has also attracted scrutiny over whether certain contracts resemble gambling products or serve as legitimate tools for expressing views on real-world outcomes. Robinhood’s use of CFTC-regulated market infrastructure gives the company a path to offer contracts within the US derivatives framework, though the regulatory treatment of particular event categories remains contested in some cases.
Crypto revenue declines despite Bitstamp contribution
Cryptocurrency trading revenue fell 38% year over year to $100 million, Robinhood said. The decline came even as reported crypto notional trading volume reached $40 billion during the quarter.
That volume included $22 billion from Bitstamp, the cryptocurrency exchange Robinhood acquired last year. Bitstamp therefore accounted for more than half of the company’s reported crypto notional volume, based on Robinhood’s figures.
The contrast between volume and revenue suggests that bringing Bitstamp into the company expanded Robinhood’s reported trading activity without preventing a sharp decline in crypto-related revenue. Trading revenue depends not only on the amount traded but also on product mix, fee structures, spreads and market conditions.
Bitstamp adds an established exchange business with operations outside the United States and a different customer base from Robinhood’s retail brokerage users. Its contribution to notional volume illustrates why Robinhood has pursued crypto expansion through acquisition as well as through its consumer app. Yet the quarterly revenue figures show that higher reported volume alone does not guarantee crypto will remain the company’s largest transaction opportunity.
Prediction markets, by comparison, delivered more revenue than either crypto or equities during the period. That outcome may encourage Robinhood to keep placing event contracts prominently within its app, particularly around elections, macroeconomic releases and other recurring events that generate broad public attention.
Robinhood chain adds an onchain distribution channel
Robinhood has also continued building blockchain infrastructure around its digital-asset strategy. A public mainnet for Robinhood Chain, a Layer 2 network built using Arbitrum’s technology stack, went live earlier this month. Uniswap was among the partners active at launch.
Layer 2 networks process transactions separately before settling them on Ethereum, a design intended to reduce fees and increase throughput. Robinhood Chain gives the company an onchain environment where users and developers can trade, move assets and use decentralized applications without relying entirely on external blockchain networks.
Robinhood reported that decentralized exchanges on the network had processed more than $12 billion in trading volume so far. The company also said the chain reached 100 million transactions and later exceeded 150 million transactions.
As of Tuesday, approximately $325 million was locked in Robinhood Chain applications, according to the company’s reported network data. Total value locked, or TVL, measures assets deposited in decentralized finance applications and can change quickly as users move funds between protocols or as token prices fluctuate.
The early activity creates a second distribution channel for Robinhood’s crypto ambitions: one based on a public blockchain rather than trading conducted solely inside a brokerage account. It also gives the company an opportunity to connect its consumer brand with decentralized trading venues such as Uniswap.
Robinhood’s second-quarter results show a company reshaping its transaction business around products that generate activity beyond conventional asset trading. Prediction contracts produced the clearest financial evidence of that change, while Bitstamp and Robinhood Chain extend the company’s crypto reach through exchange operations and blockchain infrastructure.
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