Robinhood’s $1.27 B Boom Signals Retail and Web3 Trading Are Back in Force

Revenue rose roughly 100 % year-on-year, while profit surged by more than 250 %. According to the company, transaction-based revenues reached $730 million, with net-interest income of $456 million driving the remainder of the top line.

Breaking down the revenues from transactions: crypto trading revenue alone reached $268 million, which is a jump of over 300% year-on-year; options trading revenue stood at $304 million, which is up ~50%, and equities revenue stood at $86 million, up ~132%.

These figures underscore two simultaneous trends: one, the continuing surge in crypto and options activity among Robinhood's user base; and two, the rising importance of interest-earning assets (margin lending, securities lending) in the larger business model.

Robinhood's user metrics and the growth of platform assets further underpin its narrative of rapid scale-up. Funded customers reached 26.8 million, up about 10 % year-on-year, while total platform assets surged to $333 billion, up ~119 % year-on-year. Net deposits were reported at approximately $20.4 billion for the quarter.

Jason Warnick, Chief Financial Officer of Robinhood, said the company’s third quarter reflected continued momentum and expansion into new revenue streams. “Q3 was another strong quarter of profitable growth, and we continued to diversify our business, adding two more business lines—Prediction Markets and Bitstamp—that are generating approximately $100 million or more in annualized revenues,” said Warnick. “And Q4 is off to a strong start in October, with record monthly trading volumes across equities, options, prediction markets, and futures, and new highs for margin balances.”

The addition of Bitstamp marks a defining moment in Robinhood’s global expansion strategy. As one of the world’s longest-running and most regulated crypto exchanges, Bitstamp gives Robinhood a foothold across Europe and Asia, granting access to existing licenses and established institutional relationships. This acquisition not only extends Robinhood’s reach beyond the U.S. retail base but also integrates a full-service crypto exchange infrastructure, positioning the company to serve both retail and institutional users across multiple jurisdictions.

Beyond its expanding revenue lines, Robinhood is positioning itself as a next-generation fintech platform bridging traditional markets and digital assets. The company’s recent product rollouts in retirement accounts and global brokerage access show an intent to build a comprehensive financial ecosystem under one brand. This approach mirrors a wider convergence in fintech, where trading, banking, and crypto services coexist within a unified customer experience, marking Robinhood’s evolution from a retail brokerage into a diversified financial infrastructure company.

Why this matters for the crypto/web3 space is multifold. First, the outsized growth in crypto-trading revenue signals that retail platforms are regaining and even outperforming the pandemic-era tailwinds. What was once dismissed as a speculative fad is increasingly powering serious revenue lines. Second, Robinhood is converting retail-trader momentum into interest-earning assets and premium services, such as Robinhood Gold subscribers, reaching ~3.9 million, up ~77 % year-on-year, which creates stickier engagement and recurring revenue, beyond the inevitable volatility of “trade-fees.”

Third, for the crypto ecosystem, it means further mainstreaming: a large-scale retail gateway (Robinhood) is materially benefiting from crypto trading. That underscores the incentives for continued infrastructure build-out-wallets, regulation, and token listings-and suggests that the next phase of crypto growth might lean even more strongly on broker-platform integrations rather than standalone crypto-only exchanges.

That being said, some caution is warranted. While revenue and profit were stellar, the company also raised its adjusted operating expense and stock-based-compensation forecast for 2025 to about $2.28 billion. Rising costs reflect both investment in product expansion and heightened regulatory/compliance obligations. Further, Robinhood's performance is to a large degree a function of high trading volumes and leveraged margin activity - both of which are vulnerable to market downturns, regulatory clamp-downs, particularly in crypto, or shifts in retail-trader sentiment.