Robinhood Tokenization Plan Boosts Crypto Revenue

Robinhood reported Q2 2025 net revenue of $989 million, up 45% year-over-year, with net income climbing 105% to $386 million. Transaction revenue rose 65% to $539 million, driven by a 98% surge in crypto revenue to $160 million, while crypto trading volume increased 32% to $28 billion. Crypto revenue volatility—from 35% of total revenue in Q4 2024 to 27% in Q1 2025—spurred the launch of tokenization products. At June’s “To Catch a Token” event, CEO Vlad Tenev unveiled tokenized stock trading in the EU, crypto perpetual futures, and ETH and SOL staking in the US, clarifying that tokenized stocks are derivatives. Robinhood acquired Bitstamp ($200 M) and WonderFi ($179 M), plans to launch the Robinhood Chain blockchain, and expand offerings—tokenized private equity, art and other assets—globally pending US regulatory approval. With the new Crypto Back rewards and a 76% increase in Gold subscribers to 3.5 million, the firm aims to diversify transaction revenue, reduce costs and stabilize income for sustained growth.
Bullish
Robinhood’s robust Q2 performance, driven by strong crypto revenue growth and a 32% rise in trading volume, along with its aggressive tokenization strategy—including tokenized stocks, perpetual futures and staking—signals expanding revenue streams and deeper engagement with crypto traders. Short-term, the launch of new tokenization products and rewards is expected to boost trading activity and fee-based income, enhancing market sentiment. Long-term, acquisitions of Bitstamp and WonderFi, the development of Robinhood Chain and global expansion plans position the firm for sustainable growth and diversification, underpinning a bullish outlook for related tokens like ETH and SOL.