Robinhood prediction-market revenue tops crypto as Coinbase posts weaker quarter
Robinhood used options, stock trading and prediction markets to offset weaker crypto activity in the second quarter, while Coinbase remained more exposed to the broader slump in digital-asset trading.
Robinhood offset a slowdown in crypto trading with stronger activity in options, equities and prediction markets, helping total transaction-based revenue match its record from the fourth quarter of 2025 at $776 million in the second quarter. Prediction markets generated $156 million in revenue, surpassing Robinhood's crypto segment for the first time. Crypto trading revenue fell 37.5% from a year earlier to $100 million and accounted for just 13% of total transaction-based revenue, while options revenue rose 31% from the previous quarter to a record $342 million and stock trading revenue climbed 95% from a year earlier to a record $129 million. Coinbase, by contrast, lacked similar business lines to cushion the decline and reported second-quarter revenue of $1.22 billion, its lowest since the third quarter of 2024, as trading volumes fell.
- prediction markets: Markets where traders buy contracts linked to the outcome of future events, such as elections or sports results.
- transaction-based revenue: Revenue a broker or trading platform earns from customer trading activity and related transactions.
- trading volumes: A measure of market activity showing how much was traded over a given period.