Robinhood offset a sharp decline in crypto trading revenue during the second quarter of 2026 with record options, equity and event-contract activity, while Coinbase reported falling trading volumes, lower transaction margins and a quarterly net loss. The contrast shows how quickly non-crypto products are becoming central to platform earnings when digital-asset markets lose momentum.
Robinhood said crypto transaction revenue fell 37.5% from a year earlier to $100 million in the quarter. Crypto accounted for 13% of the company’s transaction revenue after trading volume in the asset class dropped 23% from the first quarter, reaching its lowest level since the fourth quarter of 2023.
The brokerage nevertheless matched its previous transaction-revenue record, generating $776 million across its trading businesses. Options revenue rose more than 31% from the previous quarter to $342 million, while equity trading revenue reached a record $129 million, up 95% from a year earlier.
Robinhood’s total net revenue climbed to a quarterly record of $1.31 billion, according to its earnings release. Net income increased 48% to $573 million, showing that the crypto slowdown did not prevent the company from expanding profitability.
Event contracts overtake crypto at Robinhood
The largest change in Robinhood’s revenue mix came from event contracts, which allow users to trade on the outcome of defined future events. The company reported $156 million in event-contract revenue from 13.6 billion contracts traded during the quarter.
That revenue was 50% higher than in the first quarter and marked the first time event contracts generated more revenue for Robinhood than crypto trading. At $156 million for the quarter, the business produced roughly 56% more revenue than Robinhood’s crypto operation.
The result places event contracts alongside options as a material transaction-revenue line rather than a small experimental feature. Crypto trading, which had previously been one of Robinhood’s more volatile but potentially lucrative businesses, contributed less than one-seventh of transaction revenue in the period.
Robinhood’s numbers also illustrate how a diversified brokerage can absorb a drop in digital-asset volumes. Crypto revenue declined by $60 million year over year, but the company’s options, equity and event-contract businesses provided several independent sources of trading income.
Coinbase reports lower volumes and narrower margins
Coinbase faced a more direct effect from the decline in trading activity. The company reported $1.22 billion in total revenue for the second quarter, its lowest quarterly total since the third quarter of 2024.
Total trading volume fell 24% from the first quarter, Coinbase said, reaching its lowest quarterly level since the third quarter of 2023. Institutional and retail trading volumes both declined by 24%, leaving neither side of the platform able to offset the other.
Transaction revenue dropped 20% during the quarter, while transaction gross profit declined 27%. Coinbase’s transaction gross margin fell to 68%, from 74% in the prior quarter, indicating that revenue weakened faster than the costs associated with generating it.
Coinbase reported adjusted EBITDA of $208 million, extending its run of positive adjusted EBITDA to 14 consecutive quarters. Yet the company posted a net loss of $359.5 million, or $1.36 per share, for the period.
Its third-quarter outlook pointed to continued pressure. Coinbase said that through late July, transaction revenue was running at a daily pace about 24% below the second-quarter average. That guidance suggested the lower-volume conditions had continued beyond the reporting period rather than ending with the quarter.
COIN shares fell more than 10% after the earnings release, extending their year-to-date decline to 36% and bringing the stock close to its lowest level since February 2024.
Market share did not offset weaker activity
Coinbase said its global volume market share reached a record 10.3% in the second quarter. The figure indicates the company captured a larger portion of the trading activity taking place across the market, but the total pool of activity was smaller.
That distinction is reflected in the earnings results. A growing share of global trading volume can support a platform’s competitive position, yet it does not necessarily produce higher transaction revenue when cryptocurrency prices, volatility or customer trading appetite weaken across the market.
Coinbase has also been building businesses outside conventional spot trading, including derivatives, custody, stablecoin-related revenue and prediction markets. The company said its prediction-markets business had exceeded $100 million on an annualized basis.
The comparison with Robinhood should be treated carefully because Coinbase provided an annualized figure while Robinhood reported a quarterly total. Even so, Robinhood’s $156 million in quarterly event-contract revenue implies a substantially larger current run rate than Coinbase’s disclosed prediction-markets level.
Stablecoin balances add another revenue dimension
Coinbase also reported that average USD Coin holdings reached a record $20 billion. Larger USDC balances can support revenue from stablecoin arrangements and on-chain financial activity, giving the company an earnings stream that does not depend entirely on customers buying and selling volatile cryptocurrencies.
The increase in stablecoin holdings did not prevent transaction revenue from falling in the quarter. Instead, it underscores a change in how platforms are seeking to stabilize results: customer assets held for payments, transfers, yield-related products or on-chain settlement can become more valuable to a business when speculative trading cools.
Robinhood and Coinbase entered the quarter with different revenue structures and produced sharply different earnings outcomes. Robinhood’s event contracts, options and equities businesses cushioned its crypto decline, while Coinbase’s heavier exposure to transaction activity left its results more sensitive to the market-wide fall in trading volumes.
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