Robinhood reported $100 million in cryptocurrency trading revenue for the second quarter, down 38% compared with a year earlier. The decline was offset by stronger contributions from options trading, equities, and prediction market activity.

Despite beating Wall Street estimates, Robinhood (HOOD) shares fell nearly 4% in after-hours trading, following a 3.1% decline during Wednesday’s regular session.

The brokerage delivered adjusted earnings of $0.62 per share, exceeding analysts’ expectations of $0.43. Revenue climbed 32% year over year to a record $1.31 billion, slightly above the consensus estimate of $1.29 billion.

The results reflected continued growth across Robinhood’s broader business, though cryptocurrency demand weakened during the period. Crypto-related transaction revenue dropped from $160 million last year to $100 million, while stronger activity in options, stocks, and prediction markets helped support overall transaction revenue.

Robinhood CEO and Chairman Vlad Tenev said the company’s recent product launches, including Robinhood Chain, Robinhood Ventures, and Trump Accounts, are part of its broader effort to expand ownership opportunities for users.

The quarter was one of Robinhood’s busiest periods for product development in recent years. The company launched Robinhood Chain, a blockchain platform aimed at supporting tokenized U.S. equities and bringing traditional financial assets onto blockchain networks.

The network has gained traction since launch, with daily decentralized exchange volumes reaching hundreds of millions of dollars. Tokenized assets linked to companies such as GameStop, Nvidia, and SpaceX have become some of the most actively traded real-world assets on the platform. While memecoins and stablecoins continue to make up a significant share of activity, tokenized stock trading has steadily increased.

Robinhood also unveiled Agentic Trading, an AI-driven feature that allows customers to connect third-party artificial intelligence assistants to their brokerage accounts. The tools can monitor markets and execute trades based on user-defined strategies, while safeguards such as separate accounts, spending limits, and approval controls help keep users in charge.

Robinhood’s earnings report offers an early view into potential trends ahead of Coinbase’s second-quarter results. Although the two companies have different business models, both are heavily influenced by retail trading activity and crypto market conditions. Investors will be watching whether stronger digital asset prices and trading volumes during the quarter helped boost Coinbase’s transaction revenue.

Robinhood will host its investor conference call at 5 p.m. ET.