Robinhood Surpasses Q2 Expectations With Crypto Revenues Nearly Doubling Amid Expansion Push

Robinhood (HOOD) delivered second-quarter earnings that beat Wall Street estimates, as crypto trading revenue nearly doubled and strategic acquisitions began to reshape the company’s global presence.

The trading platform reported $160 million in crypto-related revenue for Q2, up 98% from $81 million a year earlier. Total net revenue reached $989 million, a 45% increase year-over-year and ahead of the $928.8 million consensus forecast compiled by FactSet. Adjusted earnings per share (EPS) came in at $0.42, topping the $0.31 estimate and doubling from the same period in 2024.

The company processed $28.3 billion in crypto trading volume during the quarter, signaling growing user engagement with digital assets.

“We delivered strong business results in Q2 driven by relentless product velocity, and we launched tokenization—which I believe is the biggest innovation our industry has seen in the past decade,” said CEO Vlad Tenev.

Robinhood’s stock has soared 177% year-to-date, making it the top performer among U.S. tech stocks in 2025. Its market capitalization has surged to $91 billion, putting it just below rival Coinbase (COIN), which is scheduled to report earnings Thursday. Analysts expect Coinbase to post $1.59 billion in revenue and $1.25 in earnings per share.

Beyond favorable market conditions, Robinhood’s momentum reflects deliberate strategic moves. In June, it acquired crypto exchange Bitstamp for $200 million and followed up with a $179 million purchase of Canadian platform WonderFi. The deals expand Robinhood’s regulated presence in North America.

Meanwhile, the company has begun its European expansion by launching tokenized stocks and ETFs—blockchain-based versions of traditional financial instruments that allow fractional ownership and trading.

Shares of HOOD held steady in after-hours trading following the report, while Coinbase shares edged slightly higher.