What the Robinhood earnings headlines missed: crypto revenue fell 55% year over year, but rose 20% quarter over quarter.
What nobody’s telling you in any of the articles that I found is that crypto revenue rose 20% quarter over quarter. Third quarter of 2025 was the end of the four-year cycle massive bull run in crypto when Bitcoin specifically ran all the way up to $126,000. Don’t you think it would rationally follow that Robinhood or any crypto exchange’s revenue would do really, really well in that period of peak FOMO when the market is topping? Now we’re comparing the end, arguably, of a bear market where very little has happened, and complaining about the fact that they’re down 55%. Of course they are. The bigger story is that we went from bear market to bear market from Q2 to Q3 and their crypto revenue actually rose 20%. To me, that sounds like a business that’s doing exceptionally well. It sounds like a trend that we’re going to see across all of these exchanges where crypto becomes just a part of the everything app and the everything portfolio.
#Robinhood #Crypto
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