Robinhood (NASDAQ:HOOD) is down 8% in premarket after reporting crypto revenue decreased by 38% to $221 million in Q4.

The Earnings Miss

Total revenue rose 27% to a record $1.28 billion in Q4, but crypto dragged performance.

Cryptocurrency transaction revenue fell 38% year-over-year to $221 million, down from $268 million in Q3.

Moreover, total crypto notional volume reached $82 billion, but most came from Bitstamp, the exchange Robinhood acquired mid-2025. 

Trading volumes on the Robinhood app itself dropped 52% year-over-year, reflecting weaker retail participation.

Meanwhile, other segments performed. Options revenue rose 41% to $314 million while equities trading climbed 54% to $94…

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