• Robinhood reported total crypto revenue of $120 million for Q3 2026, down 55% year over year (Robinhood 8-K).
• The Block reports Robinhood Chain contributed $26 million; excluding it, crypto transaction revenue fell 6% from Q2 to $94 million.
• Robinhood Chain processed over $80 billion in DEX volume and over $50 million in chain fees in its first quarter on mainnet (Robinhood 8-K).
• Event contracts brought in $173 million, up more than 6x year over year, with Rothera reaching over $100 million in annualized revenue.
• Net revenue hit a record $1.42 billion, but net income fell 14% to $476 million, so growth is not yet translating into profit.

Robinhood's headline crypto number improved in the third quarter, but the improvement came from a new product, not from the core trading business. According to The Block, total crypto revenue rose 20% from the second quarter to $120 million, helped by a reported $26 million from Robinhood Chain in its first quarter on mainnet. Strip that out and crypto transaction revenue fell 6% to $94 million. The larger growth story sat elsewhere: event contracts.

The chain explains the quarter-on-quarter rise

The sequential increase is largely arithmetic. The Block reports crypto transaction revenue excluding Robinhood Chain fell 6% from the second quarter to $94 million, and the reported $26 million chain contribution brings the total to $120 million. Robinhood's own filing confirms the $120 million total but gives no dollar revenue figure for the chain, so the $26 million is a reported figure, not a company-stated one.

Year over year, crypto is still shrinking

Against the prior year the picture is weaker. Robinhood's filing states cryptocurrencies revenue was $120 million, down 55% year over year, and crypto notional trading volume fell 38% to about $50 billion. That included roughly $21 billion on the Robinhood app, down 48%, and $29 billion on Bitstamp, down 28%. The quarter-on-quarter gain should be read against a much larger year-ago base.

Robinhood Chain shows usage, not yet proven earnings

Robinhood says the chain processed over $80 billion in DEX volume and generated over $50 million in chain fees in its first quarter, and describes itself as a top-five chain by revenue and volume. The gap between over $50 million in fees and a reported $26 million in revenue to Robinhood suggests that not all fees accrue to the company, though the filing excerpt does not explain the split.

Event contracts now outweigh the chain

Event contracts revenue reached $173 million, up more than 6x year over year, and exceeded total crypto revenue by roughly $53 million. The Block reports this includes $28 million from Rothera, the exchange Robinhood runs with Susquehanna; Robinhood says Rothera reached over $100 million in annualized revenue in its first full quarter. The segment is now a larger revenue line than crypto.

Record revenue has not yet reached the bottom line

Net revenue rose 12% year over year to a record $1.42 billion, but net income fell 14% to $476 million, per the filing. The Block reports the stock fell about 5.5% in after-hours trading. For compliance and risk teams, the signal is that Robinhood's regulated exposure is shifting toward derivatives-style contracts and an on-chain venue, each with its own supervisory questions.

What to watch next

Two numbers will decide whether this quarter was a pivot or a one-off. First, whether Robinhood Chain revenue grows in its second quarter or settles as launch-period activity. Second, whether event-contract revenue holds as comparisons toughen. Readers tracking crypto as financial infrastructure should compare chain fees against revenue retained by the company, and treat unreconciled third-party figures cautiously until the company's own disclosures supply them.