Robinhood Q1 crypto revenue hits $252 million, down from record Q4 as volumes ease

Robinhood reported first-quarter earnings Wednesday, showing a slowdown in cryptocurrency trading activity among retail investors compared to the prior quarter.

Crypto trading volume rose 28% year-over-year to $46 billion, down from $70 billion in the fourth quarter of 2024. The brokerage generated more than $141 billion in crypto trading volumes throughout 2024, driven by a huge surge in the fourth quarter.

In contrast, equity trading volume jumped 84% year-over-year to $413 billion in the first three months of 2025.

Transaction-based revenue increased 77% from a year ago to $583 million, led by $252 million in crypto-related revenue, up 100% year-over-year. That figure was down from $358 million in crypto revenue during the fourth quarter.

Uncertainty around U.S. fiscal policy stifled trading volumes in March, according to JPMorgan, which led analysts to lower their volume assumption as the “crypto ecosystem market capitalization was dragged lower by risk-off sentiment in the back half of 1Q25 which activity levels lower.”

“We expect positive commentary around the robust activity in early April as retail was often cited as net buyers in the first week post-U.S. tariff announcements; however, IBKR reported a -12% decline in margin balances and less aggressive positing in derivatives which Robinhood also could experience and may weigh on Robinhood’s top line,” JPMorgan analysts wrote in an April 28 note.

Robinhood reported first-quarter diluted earnings of $0.37 per share, up 10% year over year, while quarterly revenue rose 50% to $927 million. Both numbers came in ahead of the consensus estimates, according to MarketWatch data.

“We started the year off strong, driving market share gains, closing the acquisition of TradePMR, and remaining disciplined on expenses,” CFO Jason Warnick said in the press release. “As a result, in Q1 we grew revenues by 50 percent year-over-year and EPS by over 100 percent. It’s also great to see strong customer engagement to start Q2. Additionally, we continue to return capital to shareholders and increased our share repurchase authorization by $500 million to $1.5 billion, reflecting management and the board’s confidence in our financial strength and future growth prospects.”

Following the close of an investigation by the U.S. Securities and Exchange Commission, Robinhood CEO Vlad Tenev said on Feb. 27 that tokenization is a means to “unleash true power of the crypto revolution.”

Robinhood recently introduced three new products that analysts at Bernstein said could make higher-end private banking and wealth services available to its target demographic at a more accessible cost, using disruptive technologies like crypto and AI, The Block’s James Hunt previously reported.

Robinhood’s stock has risen 21% in 2025, closing Wednesday’s session at $49.11 per share according to The Block’s HOOD price data. The company has a market cap of $43.6 billion.