Robinhood Smashes Q2 Estimates, Bets Big on Tokenized Trading Future

Robinhood’s overall net revenue reached $989 million in Q2, representing a 45% year‑over‑year increase, surpassing analyst expectations of approximately $915–928.8 million. The firm posted $0.42 in adjusted earnings per share, up from $0.21 a year ago and comfortably above the consensus estimate of around $0.31.

Crypto-related transaction revenue nearly doubled from the prior year, rising from $81 million in Q2 2024 to $160 million this quarter, a 98% increase. Crypto trading volume came in at $28 billion, up approximately 32% year‑over‑year, boosting Robinhood’s trading ecosystem across both its own app and newly acquired Bitstamp.

Robinhood officially closed its acquisition of crypto exchange Bitstamp in June 2025, integrating Bitstamp’s global trading infrastructure and over 50 active crypto licenses in Europe, the U.S., and Asia. Bitstamp posted around $7 billion in trading volume during the month, bolstering Robinhood’s expansion into institutional crypto services.

Transaction-based revenues climbed 65% year-over-year to $539 million, with options revenue at $265 million (up 46%), equities revenue at $66 million (up 65%), and crypto revenue at $160 million as noted above.

Other revenue streams, including interest, margin lending, and the Robinhood Gold subscription also contributed meaningfully. Gold subscriptions grew to 3.5 million users, up from 2 million in Q2 2024, and Robinhood’s margin lending outstanding reached $9.5 billion, up 90% year‑over‑year.

Net new deposits amounted to $13.8 billion for the quarter, and the number of funded customer accounts climbed 10% to 26.5 million, with platform assets under custody nearing $279 billion, a 99% increase compared to a year earlier.

CEO Vlad Tenev described the quarter as evidence of Robinhood’s accelerating innovation trajectory. He called tokenization “the biggest innovation our industry has seen in the past decade,” underscoring the company's priority on blockchain-based assets.

Last month, Robinhood launched tokenized stock trading in Europe, enabling trading of over 200 U.S. stocks and ETFs, including Apple and Nvidia, around the clock. Token holders receive dividends but lack voting rights, and these assets are backed by underlying shares held by Robinhood. The company also plans to roll out tokenized equity in private firms like OpenAI and SpaceX later this summer, available to eligible EU customers.

While Robinhood’s Q2 performance was broadly praised, some questioned whether its crypto revenue fell just short of optimistic projections, actual crypto revenue of $160 million missed higher-end forecasts of $169 million, and equities revenue came in below certain expectations.

Robinhood raised its full-year operating‑expense guidance to a range of $2.15 billion to $2.25 billion, up from a prior estimate, in part reflecting the costs tied to Bitstamp integration.

CFO Jason Warnick indicated that July began on a strong note, with nearly $6 billion in net customer deposits and continued active trading across crypto, equities, and options.

Robinhood’s Q2 2025 performance marks a clear inflection point. With crypto revenue roughly doubling, tokenization initiatives in flight, and Bitstamp now fully integrated, the fintech platform appears to be evolving into a broader crypto‑enabled investment ecosystem. As retail investors maintain high engagement and new products roll out, Robinhood well positions itself among fintech innovators—but navigating regulatory scrutiny and competing exchange models will be critical as tokenization scales.