Robinhood on Wednesday delivered another strong quarter as surging crypto activity and the integration of Bitstamp helped the trading platform exceed Wall Street’s expectations.
For the second quarter of 2025, Robinhood reported revenue of $989m, a 45% year-on-year increase that beat analysts’ estimates of $908m. Earnings per share reached $0.42, topping the expected $0.31. Transaction-based revenues jumped 65%, with cryptocurrencies contributing significantly to the growth.
Bitstamp’s $7b in trading volume since the acquisition also signals strong traction in Robinhood’s effort to challenge Coinbase in retail crypto trading. The company has expanded its product range in parallel. It launched USDG, a fully regulated stablecoin in the EU, and is preparing to roll out Bitcoin futures.
Crypto revenue climbed 98% to $160m, fuelled by higher trading volumes and the benefits of its Bitstamp acquisition earlier this year.
The Bitstamp acquisition, while strengthening Robinhood’s crypto capabilities, added $65m in costs for 2025. Management expects operating expenses for the year to total between $2.15b and $2.25b.
Total platform assets nearly doubled year-on-year to $279b, driven partly by crypto valuation gains. Net deposits reached $13.8b, a 25% annualized growth rate, while funded customer accounts rose by 2.3m to 26.5m. Average revenue per user increased 34% to $151 as Robinhood’s crypto business and retail activity strengthened.
Robinhood Gold, the company’s subscription service, remains a key driver. Subscriber numbers surged 76% to 3.5m, and high-yield cash sweep balances crossed $30b. Retirement accounts have also grown to $20b in assets, complementing Robinhood’s efforts to move into long-term wealth management.
Despite the higher costs, adjusted EBITDA margins reached 56%. Shares dipped slightly after the earnings release on concerns over expenses but remain up 185% year-to-date, reflecting investor confidence.
