Robinhood’s Crypto Revenue Climbs Amid Push for Tokenization and New Product Launches

Highlights:

• Robinhood crypto revenue rose 98% in Q2, helped by higher volumes and Bitstamp’s trading activity.
• Kraken posted strong revenue in Q2 but saw a drop in adjusted earnings from last year.
• Robinhood launched USDG stablecoin and Robinhood Chain as it pushed further into tokenization.

Robinhood, an American financial services company, has reported strong financial results for the second quarter of this year. The company posted $989 million in total revenue for the quarter. The company achieved a 45% increase compared to the same period in 2024. Earnings per share stood at $0.42, which exceeded Wall Street’s projection of $0.31. Robinhood’s performance reflected significant growth in transaction-based revenue, which rose by 65% during the quarter.

Robinhood Markets has just released financial results for the second quarter of 2025.

Check out the highlights from @vladtenev below, and catch our earnings call live at: https://t.co/W92tO1JASh pic.twitter.com/0Sm2N8ZN3w

— Robinhood (@RobinhoodApp) July 30, 2025

Crypto activity contributed significantly to that growth as crypto revenue soared 98% to $160 million. The acquisition of Bitstamp improved the crypto component of the company. Since the acquisition, Bitstamp has realized a $7 billion trading volume. Robinhood also diversified by getting access to more than 50 licenses to provide crypto services in 30 European countries.

The Bitstamp transaction increased expenses this year by $65 million. Despite the increase in expenses, the company still maintained an adjusted EBITDA margin of 56%. Although results were good, Robinhood shares were down modestly in after-hours trading on worries that costs were rising. Despite that dip, shares are still up 185 percent since the start of the year.

Robinhood also saw increased customer engagement and platform assets. Total assets under custody hit $279 billion, more than doubling year-over-year due to crypto pricing. Net deposits in the company rose to $13.8 billion, with a 25% annual growth rate. The number of funded customer accounts increased by 2.3 million to reach 26.5 million. Average revenue per user climbed 34% to $151.

Push for Tokenization Takes Center Stage in the Expansion

Robinhood has continued to diversify its product offerings. The firm introduced Bitcoin futures, further solidifying its crypto positioning. The company added micro futures contracts in XRP and Solana (SOL). The company now offers staking services in the US and Europe, where users can earn returns on their digital assets. The launch of Robinhood Chain marks another step in its digital asset strategy. The chain enables tokenized trading of stocks in the European area. Meanwhile, the company has penetrated the Asia-Pacific market by obtaining a license from the financial regulators in Singapore.

CEO Vlad Tenev identified tokenized real-world assets as a key area of focus for the firm in the U.S. market. He said many investment opportunities, such as private shares and real estate, remain inaccessible to retail investors. He explained that Robinhood aims to bridge that gap by working with various parties to offer new tokenization tools.

Robinhood’s Crypto Revenue Increases as Kraken’s Earnings Dip

Despite the stellar performance of Robinhood, Kraken posted mixed results for the same quarter. The exchange reported revenue of $411.6 million in the second quarter of this year. Adjusted earnings, however, dropped 7% to $79.7 million in the same period.

Kraken's Q2 2025: Revenue up 18% to $411.6M! While earnings dipped, it's "Build mode" for long-term growth. Trading volume, assets, & accounts all surged! Plus, Kraken's expanding into US equities, FX futures & tokenized stocks! #Kraken @krakenfx #cryptocurrency #TradFi #FinTech… pic.twitter.com/w3tiga3ssm

— CryptoniteUae (@CryptoniteUae) July 31, 2025

Kraken, a United States-based cryptocurrency exchange, had a trading volume of $186.8 billion, up 19% year on year. Kraken is now seeking to raise $500 million at a $15 billion valuation as it prepares for a potential public listing in 2026.