• CoinDesk reports crypto transaction revenue of $120 million, down 55% from about $267 million a year earlier, but above the $114.1 million Street estimate.
• Only the crypto line beat: CoinDesk reports total revenue of $1.424 billion against a $1.43 billion estimate, and EPS of $0.51 against $0.55.
• Crypto was 8.4% of total revenue versus about 21% a year earlier, per CoinDesk, so the revenue mix is far less tied to coin trading.
• CoinDesk reports options revenue of $399 million (up 31%), equities of $121 million (up 41%) and prediction markets of $173 million.
• Robinhood Chain's reported fees are not the same as crypto transaction revenue, and CoinDesk says the company did not say how much it recognised.

Robinhood's crypto line shrank sharply in the third quarter while the wider business kept growing. CoinDesk reports crypto transaction revenue of $120 million, down 55% from about $267 million a year earlier, yet above the $114.1 million estimate. Total revenue and earnings per share both fell short. Every figure here is as reported by CoinDesk; Robinhood's own earnings document, which CoinDesk links, could not be opened for this piece, so the numbers are not checked against it.

Only the crypto line beat estimates

The headline beat applies to crypto alone. CoinDesk reports total revenue of $1.424 billion, up 12% year on year, against a Street estimate of $1.43 billion. Earnings per share were $0.51 against a consensus of $0.55. Shares were down about 5% in post-market trading, according to CoinDesk. A 55% fall in crypto revenue therefore still cleared a low bar, while the company as a whole narrowly missed.

Crypto volume fell by more than a third

Activity fell alongside revenue. CoinDesk reports $50 billion of crypto volume across Robinhood's platforms, down 38%: $21 billion on the Robinhood app, down 48%, and $29 billion on Bitstamp, down 28%. Crypto was 8.4% of total revenue, versus about 21% a year earlier, according to CoinDesk. The app's volume fell faster than the exchange's, though the source does not explain why.

Options, equities and prediction markets held the total up

Other lines grew enough to lift total revenue 12%. CoinDesk reports options revenue of $399 million, up 31%, and equities revenue of $121 million, up 41%. Prediction markets brought in $173 million, which CoinDesk describes as more than six times the year-earlier figure; no prior-year dollar amount is given in the report. The mix now leans on products with their own market cycles and regulatory exposure.

Robinhood Chain fees are not crypto revenue

CoinDesk reports that Robinhood Chain, in its first quarter on mainnet, recorded more than $80 billion of decentralized exchange volume and more than $50 million in chain fees. The report notes that these fees are not the same as reported crypto transaction revenue, and that Robinhood did not disclose how much it recognised as revenue. Until the company breaks that out, the network is activity worth watching, not a confirmed earnings driver.

What this means for readers: judge Robinhood by its mix, not the crypto headline. At 8.4% of revenue, crypto no longer sets the quarter. Watch whether crypto volume stabilises, whether Robinhood separates Chain revenue from transaction revenue, and whether prediction markets sustain their current scale. Confirm each figure against the company's own earnings document before relying on it.