Robinhood’s crypto volumes slip QoQ, but analysts see upside from staking and blockchain push

Robinhood Markets (ticker HOOD) reported strong year-over-year growth in crypto trading, even as volumes fell sharply from the previous quarter.

Robinhood's crypto trading volume rose 32% year-over-year to $28 billion, down from $46 billion in the first quarter. The brokerage generated more than $141 billion in crypto trading volumes in 2024, driven by a post-election surge ($70 billion) in the fourth quarter.

Still, analysts at Cantor Fitzgerald flagged a cooldown and are modeling modest growth next year.

"We forecast crypto volume to increase 6% in 2026E (on a LFL assuming all of Bitstamps volume was recognized in 2025E)," Cantor analysts led by Brett Knoblauch wrote in a flash note to clients. "This is predicated on our assumption that 2026E will follow historical crypto seasonality and be a down year."

That said, they also acknowledged the forecast "could prove quite wrong and crypto volumes could be woefully higher," citing regulatory momentum and institutional demand.

The third quarter is off to a strong start overall for Robinhood, the analysts noted, with net deposits in July exceeding $6 billion, "and given the revival of meme stocks, we are expecting record equity and options volume for July." Meanwhile, Bernstein analysts noted that the second half of 2025 "looks great for crypto volumes surging back."

In late June, Robinhood expanded into tokenized equities and began offering Ethereum and Solana staking in the U.S. The platform now holds $750 million in staked assets.

"With more than $6bn of stakable assets on the platform, there is much more room for this number to increase, especially when accounting for HOOD's ambitions to support more cryptocurrencies," Cantor wrote in the note. The analysts also see upside from Robinhood's Layer 2 blockchain ambitions.

"With initial utility being for non-U.S. users trading U.S. stocks, we think this product will gain adoption due to the low fees," they wrote, noting Robinhood will only charge a 10 bps FX fee on these trades, "which we believe is meaningfully lower than what a user would pay if they happened to have access to a platform that offered U.S. stocks."

Cantor Fitzgerald analysts reiterated their "overweight" rating on HOOD shares and raised their price target from $100 to $118.

Robinhood shares traded around $106.15 at press time, according to The Block's HOOD price data.

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