Robinhood posts record quarterly revenue as prediction markets surge, crypto falls

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The numbers

Fortune reports that Robinhood posted record revenue in the second quarter and beat analyst expectations on several metrics. The company's prediction market business surged during the period, according to the CFO. Cryptocurrency revenue fell significantly. Robinhood has not independently confirmed the results.

Why it matters

Prediction markets — which let users bet on real-world events — are filling the gap left by weaker crypto activity, giving the company a new growth engine as competition intensifies from Coinbase and traditional brokers. The beat suggests the strategy of launching adjacent products is working, at least for now.

How this compares

Robinhood reported quarterly results on July 29, with analysts watching whether new products could offset weaker cryptocurrency volumes, according to our prior coverage. The company has been expanding into new areas including prediction markets and retirement accounts as crypto trading, once its fastest-growing segment, has become more volatile. Traditional brokers like Charles Schwab and Fidelity have also added crypto trading, intensifying competition for Robinhood's core user base.

What to watch

Investors will watch whether prediction market growth can sustain momentum beyond the current election cycle, since event-driven betting tends to spike around major news. The company has not detailed how much revenue the new business contributed or whether it can scale to match crypto at its peak.

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