Robinhood Crypto Revenue Surges 98% in Q2, Driven by Tokenization and Global Expansion

Robinhood (HOOD) reported a 98% year-over-year increase in second-quarter cryptocurrency trading revenue, signaling its growing push into digital assets and global markets. Crypto revenue reached $160 million, up from $81 million a year earlier, as total company revenue surged 45% to $989 million, exceeding analyst forecasts of $928.8 million, according to FactSet. Adjusted earnings per share (EPS) rose to $0.42, beating the consensus estimate of $0.31 and doubling from last year.

The platform handled $28.3 billion in crypto trading volume during the quarter. CEO Vlad Tenev highlighted tokenization as a major driver of growth, calling it “the biggest innovation in the past decade.” Robinhood recently launched tokenized stocks and ETFs, allowing investors to purchase fractionalized traditional assets on the blockchain, expanding its appeal to global users.

Robinhood’s stock has rallied 177% year-to-date, making it the best-performing U.S. tech stock in 2025 and lifting its market capitalization to $91 billion—close to rival Coinbase (COIN), which reports earnings Thursday. Analysts expect Coinbase to post $1.59 billion in revenue and $1.25 EPS.

Strategic acquisitions have fueled Robinhood’s expansion, including the $200 million purchase of crypto exchange Bitstamp and a $179 million acquisition of Canadian platform WonderFi. These moves strengthen its regulated footprint in North America while positioning the company for further growth in Europe.

Robinhood’s momentum reflects rising interest in cryptocurrency trading and tokenized assets amid broader market recovery. Shares of HOOD were little changed in post-market trading, while COIN edged slightly higher.

This strong quarter underscores Robinhood’s evolution from a stock trading app to a key player in the global crypto and tokenization ecosystem.