# Robinhood Crypto Volume Tops Consensus by 87% as Goldman Lifts Target

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/25186
Published: 2026-09-29T04:59:19.000Z
Updated: 2026-09-29T04:59:19.000Z
Section: Business

> September crypto volume reached $21.9 billion, while event-contract volume rose 37% from August and also exceeded expectations.

Robinhood’s September crypto volume rose 21% from August to $21.9 billion, beating market consensus by 87% and Goldman Sachs’ previous estimate by 17% as trading activity outpaced expectations.

Event-contract volume climbed 37% month over month, exceeding market consensus by 36% and Goldman’s estimate by 6%. Adjusted volume on the Robinhood app reached $13.55 billion, above Goldman’s previous estimate.

Stock volume declined 2% from August, while options volume fell 1%. Both remained above market consensus, by 17% and 43%, respectively. Compared with September 2025, stock volume increased 38% and options volume rose 32%.

The stronger activity led Goldman to raise its net revenue forecasts for Robinhood to $5.4048 billion in 2026, $7.104 billion in 2027 and $8.2722 billion in 2028. The previous estimates were $5.3594 billion, $6.852 billion and $7.9277 billion, respectively.

Adjusted earnings-per-share estimates moved in different directions. The 2026 estimate fell to $2.51 from $2.53, while the 2027 estimate rose to $3.30 from $3.18 and the 2028 estimate increased to $3.89 from $3.76.

An updated forward interest-rate curve implied about 3.5 more federal funds rate increases through the end of 2027 than in the previous model. The steeper curve supports Robinhood’s net interest income and contributed to the higher revenue forecasts.

Goldman lowered its valuation multiple assumption by 1.5 points to 40 times earnings while raising its 12-month price target for Robinhood from $144 to $145. The higher target reflects increased earnings estimates partly offset by the lower valuation multiple.