Event contracts generated $156M vs $100M from crypto as Robinhood Q2 revenue hit $1.31B. Crypto volume fell 38% YoY. Coinbase reports Thursday.
Event contracts brought in $156 million last quarter, more than Robinhood's crypto desk at $100 million and its equities desk at $129 million. Robinhood shares still fell about 4% after hours Wednesday.
Robinhood reported record second-quarter results. Total net revenue rose 32% year over year to $1.31 billion. Net income climbed 48% to $573 million, or $0.62 a diluted share, ahead of the $0.43 analysts expected. Transaction-based revenue rose 44% to $776 million. Event contracts traded hit a record 13.6 billion, up more than tenfold from a year earlier. Options revenue rose 29% to $342 million, and equities revenue jumped 95%.
Crypto revenue fell 38% from $160 million a year earlier. Crypto notional volume dropped to $40 billion from $66 billion in the first quarter, split between $18 billion on Robinhood's own app, down 35% year over year, and $22 billion through Bitstamp.
Rothera, a CFTC-licensed exchange and clearinghouse that Robinhood operates as a joint venture with Susquehanna International Group, launched in June and has processed more than 3.5 billion contracts. The Wall Street Journal reported last week that Robinhood is also in talks with Crypto.com to add that exchange's event contracts to the app, alongside existing supply from Kalshi. Thirteen Robinhood business lines now each generate more than $100 million in annualized revenue.
Other metrics set records across the platform. Net deposits reached $21.7 billion for the quarter. Robinhood Gold subscribers rose 39% to 4.8 million. Total platform assets grew 32% to $369 billion, and funded customers increased 7% to 28.4 million. The company also pointed to the public mainnet launch of Robinhood Chain and to Agentic Trading, its AI trading tools, which have drawn nearly 100,000 accounts and more than $100 million in assets since launching in May.
The results serve as an early read for Coinbase, which reports second-quarter earnings Thursday.
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