Robinhood reported Q1 2026 crypto revenue of $134M (down 47% YoY and 39% QoQ from $221M in Q4 2025). Crypto notional volume fell 48% YoY to $24B (total crypto notional $66B including $42B from its June 2025 Bitstamp acquisition). The company missed analyst revenue expectations—$1.07B reported vs. $1.14–$1.18B forecast—sending HOOD shares down ~9.33% to $74.41 after hours. The quarter featured weak retail trading amid a ~22.7% Bitcoin decline (Jan–Mar) and a major Feb 28 drop. Offsets included equities revenue +46% to $82M, options +8% to $260M, event contracts +320% to $147M, and Robinhood Gold reaching 4.3M subscribers with an annualized run rate near $200M as the firm pushes diversification into banking and subscriptions.

Crypto revenue fell 47% YoY and crypto notional volume dropped 48% YoY; company missed overall revenue estimates ($1.07B vs. $1.14–$1.18B), and HOOD shares fell ~9.33% after hours. The quarter also saw a ~22.7% decline in Bitcoin and a major market drop on Feb 28, all factual drivers for negative sentiment and moderate market impact.