Robinhood’s crypto business took a hit in Q4, as falling digital asset prices weighed on trading activity despite the company’s expansion of crypto features.

The brokerage reported $221 million in crypto transaction revenue, down 38% from $358 million a year earlier. The decline underscores the sensitivity of retail-driven crypto trading to broader market conditions.

Over the past year, Robinhood has added new tokens and expanded crypto transfers to more regions, allowing users to move assets on and off the platform. The company has framed these moves as steps toward becoming a full-service gateway to digital assets rather than a basic trading app. Yet the initiatives were not enough to offset market headwinds, with lower prices dampening trading volumes among retail investors.

Outside crypto, Robinhood’s broader business showed resilience. Total transaction-based revenue rose 15% year over year to $776 million, fueled by gains in equities and options trading, helping offset the drop in crypto revenue.

For the quarter, the company reported earnings per share of $0.66, beating analyst expectations of $0.63. Total revenue of $1.28 billion, however, fell short of the $1.33 billion forecast.

Shares fell 7.7% in after-hours trading, extending a broader decline that began after crypto peaked in October 2025. At roughly $79, the stock is down nearly 50% from its record high.

Attention now shifts to Coinbase, which reports earnings Thursday. Analysts expect weaker trading volumes and revenue there as well, reflecting the same crypto market challenges that affected Robinhood. Coinbase shares edged lower following the HOOD results.