Robinhood posted the best quarter in its history on Wednesday, reporting $1.31 billion in net revenue, up 32% from a year earlier. Diluted EPS came in at $0.62, ahead of the $0.41 expected, while net income reached $573 million, up 48%. Total platform assets rose to $369 billion, and net deposits hit a record near $21.7 billion.
Prediction markets overtook crypto and equities
The most notable business update came from Robinhood’s prediction market segment. Its event contracts generated $156 million in revenue, up more than 10x year over year. For the first time, that figure moved ahead of both crypto revenue, which came in at $100 million, and equities revenue at $129 million.
Crypto moved in the opposite direction. Digital-asset revenue fell 38% from $160 million a year ago as retail trading volumes continued to cool. Options revenue rose 29% to $342 million, and equities rose 95%, carrying much of the quarter alongside Trump Account fees, which helped push other revenue up 54%.
CEO Vlad Tenev described Robinhood as a company with 13 separate business lines, each now generating more than $100 million in annualized revenue, all linked to a single goal of “making everyone an owner.”
Robinhood Chain drew attention on the earnings call
Tenev also addressed Robinhood Chain during the call, saying it had seen “great initial traction.” According to him, DEXs on the chain have processed more than $12 billion in volume, the network became the fastest ever to reach 100 million transactions, and total value locked is around $325 million.
He also demonstrated the chain on his phone during the presentation, with CASHCAT shown clearly on screen. That was followed by a quick 40% jump in the chain’s leading memecoin.
Stock reaction stayed weak despite the earnings beat
HOOD shares sold off on the day and did not recover much after hours. The report said the move appeared to track the market’s reaction to a hawkish FOMC outcome more than Robinhood’s earnings beat itself.
Crypto and macro markets after the FOMC
Major crypto assets were mostly flat but bounced after the FOMC. BTC was at $64.8K, ETH at $1,920, SOL at $74, and HYPE was down 3% to $53.20.
Among large altcoins, INJ rose 4%, NEAR gained 4%, and ZEC added 2%.
In commodities, oil was flat at $83 and gold was up 1% at $4,080. Stock futures were green after a post-FOMC selloff, with the DOW up 0.3% and the Nasdaq up 1.2%.
The Federal Reserve held rates steady at 3.50% to 3.75% in a 9-3 vote. Three regional Fed presidents dissented in favor of a rate hike, the most dissents since 2016. The report added that Warsh’s comments were fairly hawkish and that markets sold off afterward.
Regulation and institutional developments
SEC Chair Paul Atkins said the agency is “ready, willing, and able” to write crypto market rules itself if the CLARITY Act flounders.
Coinbase heads into Thursday earnings with Wall Street trimming estimates. According to the report, a slump in spot trading left second-quarter volume near $152 billion, well below the $178 billion expected.
Morgan Stanley executives said the traditional 9-to-5 banking day is fading, arguing that stablecoins and tokenization are pushing finance toward always-on, 24/7 settlement.
A quietly updated incident post said OpenAI’s rogue AI hacked four additional platforms besides Hugging Face, widening what security researchers see as a containment failure.
A Consumer Federation of America report estimated that crypto scams cost Americans $80.7 billion in 2025, with crypto making up more than half of all cybercrime losses.
Stablecoin firm Brale said a new protocol removes a major hurdle to scaling custom tokens, making it easier for businesses to issue branded stablecoins.
ETF flows and meme coin activity
On Wednesday, spot Bitcoin ETFs recorded $32 million in net inflows, while spot Ether ETFs saw $33 million in net outflows.
Meme coin leaders were mixed. DOGE fell 1%, SHIB fell 1%, PEPE was flat, PENGU slipped 1%, TRUMP rose 1%, and BONK lost 2%.
On Robinhood Chain, HOODRAT led with a 140% gain and StonkBroker rose 12%, while recent runner Pipedog dropped 40%.
On Solana, ChooChoo rose 15x and Faucina rose 19x. ANSEM was down 5% at $172 million.
Tokens, protocols, and product launches
MoonPay launched PayBox, a non-custodial AI payment vault built inside Claude and ChatGPT. The product lets the assistant prepare crypto and card payments that users approve with a passkey. The company also tied a surprise airdrop to users’ AI subscription tiers.
ZCash said its Ironwood migration is now 10% complete, up from 3% on the first day.
Pump Fun co-founder Sapijiju argued that PUMP will become more valuable over the long term than Hyperliquid’s HYPE. He said Pump Fun’s total addressable market is “simply way larger” than the global perpetuals market Hyperliquid operates in, though still “unproven.”
Aave is retiring deployments on six lower-adoption chains, including Scroll, zkSync, and Aptos. The move pulls back about $98.1 million in deposits to reduce risk.
Binance US plans to apply for CFTC DCM status, which would allow it to enter the prediction market business in the United States.
NFT market check
NFT leaders were mixed. CryptoPunks were flat at 32.3 ETH, BAYC was flat at 8.35 ETH, Pudgy fell 4% to 3.91 ETH, and Hypurr was flat at 189 HYPE.
Top movers included StonkBrokers, up 25% to 3.84 ETH, and Satari, up 9%.
FWA enabled wrapped FWA tokens to enter its pool as it continued expanding ERC20 offerings. FWA fell 12% to $18 million.