While crypto trading volumes rose 28% year-over-year to $46 billion, this marked a steep drop from $70 billion in Q4 2024. The platform had amassed over $141 billion in crypto trades throughout 2024, driven largely by Q4’s late surge.
Despite the quarter-over-quarter decline, crypto transaction revenue doubled year-over-year to $252 million, although it still fell short of Q4’s $358 million.
Equities Dominate Retail Interest
Meanwhile, equity trading volume saw robust growth, climbing 84% year-over-year to $413 billion. Robinhood’s total transaction-based revenue rose 77% from a year ago to $583 million, fueled primarily by crypto and equity trades.
Analyst Outlook Mixed Amid Macro Uncertainty
JPMorgan analysts noted that macroeconomic uncertainty in March, especially surrounding U.S. fiscal policy and tariffs, stifled crypto activity. They also pointed to lower risk appetite in late Q1, citing decreased market capitalization across the crypto sector.
Despite these headwinds, Robinhood posted diluted earnings of $0.37 per share, up 10% year-over-year, and revenue of $927 million—beating expectations.
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