Robinhood needs another 61% month to match last August's crypto volume
Robinhood's crypto notional rose to $17.5 billion in August, still 38% under the same month a year earlier, and 58% of it now clears through Bitstamp. Event contract counts fell 23% in the same month.
The Investor · Invest desk
What happened
- Robinhood's notional crypto trading volume rose 61% from July to $17.5 billion in August, according to the operating data the brokerage published on Thursday.
- That total still sits 38% below the $28.1 billion the platform processed in the same month a year earlier, when July's figure was $10.9 billion.
- HOOD slipped 0.83% on the day of the release, even as analysts at Mizuho and StoneX raised their price targets that week.
Why it matters
- What doesn't add up contradiction The annual window says fifteenfold growth in event contracts and the monthly window says a 23% fall, so the two support opposite reads of Robinhood's newest business.
- Who's exposed exposure The line that overtook crypto in transaction revenue sits in front of a Congress that has filed more than 10 prediction-market bills since January, one of them aimed at officials' political trades.
- What it limits constraint With the app 46% below its year-earlier volume against Bitstamp's 30%, a recovery in the crypto line depends on the acquired exchange more than on Robinhood's own retail product.
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Getting back to where the business was a year ago takes one more month exactly like the one just reported. Rising from $17.5 billion to $28.1 billion is a further 61% [25], and 61% is what August delivered [1].
The mix moved more than the total did. Bitstamp's $10.1 billion is 58% of August's notional [5][22], against 55% in the second quarter, when the exchange did $22 billion of a $40 billion total [15][26]. A year ago it was the smaller half: working back from the two annual declines, August 2025 was roughly $13.7 billion on the app and $14.4 billion on Bitstamp [23]. The app has since fallen 46% and Bitstamp 30% [4][6].
Notional is not revenue. Crypto transaction revenue was $100 million in the second quarter, down 38% from about $160 million a year earlier [13], and event contracts brought in $156 million, more than ten times their year-earlier figure [7]. That put event contracts past crypto as a source of transaction income [7]. Cointelegraph reported that growth in event contracts, options and equities more than offset the crypto decline, and that the quarter set records for revenue and earnings [14].
The August count argues the other way. Event contracts traded 4.7 billion times, down 23% from July's roughly 6.1 billion, though still about fifteen times the 300 million of August 2025 [12][27]. Crypto volume rose 61% in the month the faster-growing line shrank.
More than 10 bills targeting prediction markets have been introduced since January, including the PREDICT Act, which would bar members of Congress, the president and other senior officials from trading contracts tied to political events [17]. Robinhood books the trades through Kalshi and ForecastEx and through Rothera, its own joint venture [16]. Rothera had processed more than 3.5 billion contracts since its June launch, as of the July results [16].
The reported crypto figures leave out Robinhood Chain, which the company said was not included [19]. The Ethereum layer 2 logged $1.6 billion of daily decentralised exchange volume as of September 1, up 61% over four days [18].
Crypto is still a small part of the whole. Total platform assets reached $384 billion, up 26% year on year, funded customers 28.6 million, and margin loans $21.5 billion, up 72% from a year earlier [9][10][11]. A month of crypto notional is 4.6% of platform assets [29].
The composition change is the part I would weigh: most of the notional now clears on an exchange Robinhood bought in June 2025 [8][22], and the app it built is 46% below its year-earlier volume [4]. The counter-case is in the same table, since the app rose 72% month over month against Bitstamp's 53%, so the app is the more responsive of the two to a retail recovery [4][5]. September decides between them. If the app keeps outpacing Bitstamp and event contract counts stop falling, August was the start of a retail return; if the app stalls near $7 billion while Bitstamp grinds higher, what Robinhood owns in crypto is chiefly what it bought.
What to watch
- September's operating report, for whether event contract counts fall a second month and whether crypto notional clears $25 billion.
- Movement on the PREDICT Act or any of the other prediction-market bills filed since January.
- The November 4 earnings report, for whether the $156 million event contract line held while contract counts fell.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
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What the record supports and how the coverage leans. The claims behind it follow.
Reality
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- [1]
Robinhood's notional crypto trading volume rose 61% month over month to $17.5 billion in August, according to operating data the company released Thursday.
- [2]
August's crypto volume came in 38% below the $28.1 billion Robinhood processed in the same month last year.
- [3]
The rebound followed a slow July, when Robinhood's crypto volume sat at $10.9 billion.
- [4]
The Robinhood app handled $7.4 billion of the August crypto volume, up 72% from July but down 46% from a year ago.
- [5]
Bitstamp, the exchange Robinhood bought in 2025, contributed the larger share at $10.1 billion, up 53% month over month.
- [6]
Bitstamp's volume fell 30% year on year in August.
- [7]
The company's record quarter in July showed event contract revenue surging more than tenfold year over year to $156 million, overtaking crypto as a source of transaction income.
- [8]
Bitstamp is the crypto exchange Robinhood acquired in June 2025.
- [9]
Total platform assets reached $384 billion, up 26% year over year.
- [10]
Funded customers, users that have completed at least one transaction in the last 45 days, grew to 28.6 million.
- [11]
Margin loans climbed to $21.5 billion, up 72% from a year ago.
- [12]
Event contracts traded 4.7 billion times in August, down 23% from July, and up roughly 15-fold from the 300 million contracts traded in August 2025.
- [13]
Robinhood's crypto transaction revenue fell 38% year on year to $100 million in the second quarter, from about $160 million a year earlier.
- [14]
Cointelegraph reported that growth in event contracts, options and equities more than offset the crypto decline, allowing the brokerage to post record quarterly revenue and earnings.
- [15]
In the second quarter Bitstamp accounted for $22 billion of Robinhood's $40 billion crypto total, compared with $18 billion from the Robinhood app.
- [16]
Robinhood runs event contracts through partner exchanges Kalshi and ForecastEx, plus its own joint venture Rothera, which had processed more than 3.5 billion contracts since launching in June, as of the July report.
- [17]
Lawmakers have introduced more than 10 bills since January targeting prediction markets, including the PREDICT Act, which would bar members of Congress, the president, and other senior officials from trading contracts tied to political events.
- [18]
Robinhood Chain, the company's Ethereum layer 2, logged $1.6 billion in daily trading volume on decentralized exchanges as of September 1, up 61% in just four days.
- [19]
The August report said that crypto volume from the Robinhood Chain was not included in the figures.
- [20]
HOOD fell 0.83% on the day of Thursday's release, even as analysts at Mizuho and StoneX raised their price targets this week.
- [21]
Robinhood's next quarterly earnings report is expected November 4.
- [22]
Bitstamp's $10.1 billion is about 58% of August's $17.5 billion crypto notional.
- [23]
Working back from the annual declines, August 2025 volume was roughly $13.7 billion on the Robinhood app and about $14.4 billion on Bitstamp.
- [24]
Event contract revenue of $156 million exceeded crypto transaction revenue of $100 million by $56 million in the second quarter.
- [25]
Going from August's $17.5 billion to the $28.1 billion of the year-earlier month requires a further rise of about 61%.
- [26]
Bitstamp was 55% of Robinhood's second-quarter crypto volume.
- [27]
A 23% fall to 4.7 billion contracts implies roughly 6.1 billion event contracts traded in July.
- [28]
The 38% annual decline took about $60 million a quarter out of crypto transaction revenue.
- [29]
August's crypto notional equals about 4.6% of the $384 billion of total platform assets.
Sources
2 independent publishers whose own reporting we read for this story.
- cointelegraph.comRobinhood’s crypto volume increases 61% in August, still down 38% YoY
1 article · September 11, 2026
- decrypt.coRobinhood Crypto Trading Volume Jumps 61% in August
1 article · September 11, 2026