Robinhood Misses Q3 Estimates Despite Blockchain Contribution to Crypto Revenue.

Por Coinvote

Publicado em October 28, 2026 - 07:26 UTC | 5 mins de leitura

The Block and The Defiant report that Robinhood's new layer-2 network brought in $26 million in the third quarter, while Decrypt reports crypto revenue of $120 million, up from $100 million in the prior quarter. The company still missed analyst expectations on revenue and earnings, and event contracts again out-earned crypto trading.

Robinhood Chain gives crypto revenue a lift in a mixed quarter

Robinhood reported third-quarter results on Tuesday, and its own blockchain was the bright spot in the crypto business. The Defiant reported that Robinhood Chain contributed $26 million, which offset a decline in crypto revenue elsewhere in the company. The Block put the quarterly gain in crypto revenue at 20%, and Decrypt gave the dollar figures: $120 million, up from $100 million in the second quarter.

The wider results were weaker. Decrypt reported record revenue of $1.42 billion, slightly short of the roughly $1.43 billion Wall Street expected. Earnings came to $0.51 per share against a forecast of $0.55, and down from $0.61 a year earlier. The Defiant also reported a miss, measuring the results against the consensus tracked by MarketBeat.

How a layer-2 chain ended up inside a brokerage earnings report

Robinhood Chain went live on July 1 as a layer-2 network, a type of blockchain that sits above Ethereum and aims to lower costs and speed up transfers. According to Decrypt, it was built for tokenized stocks, which are blockchain-based versions of company shares. Early activity on the network centred on meme coins instead.

Decrypt also reported that the chain collected roughly $3.13 million in fees across a 30-day span ending in late August. That was more than Ethereum at $2.47 million and Base at $2.89 million over the same period. Fees are not the same thing as the revenue Robinhood books, and the summaries from The Block and The Defiant do not explain how the $26 million is measured. Readers who want the exact definition should check Robinhood's own filing.

The numbers behind the quarter

Decrypt's full report gives the most complete set of figures. The company-wide numbers and the crypto line tell different stories, so both are listed here.

Revenue was $1.42 billion, against roughly $1.43 billion expected.
Earnings were $0.51 per share, against $0.55 expected and $0.61 a year earlier. Adjusted earnings were $0.60, down 3% from a year ago.
Net income of $476 million compared with $556 million a year earlier, a 14% decline, and $573 million in the second quarter, a 17% decline.
A $67 million unrealized loss on Robinhood Ventures Fund I was included in the quarter.
Crypto trading revenue reached $120 million, compared with $100 million in the second quarter and $268 million a year earlier, a 55% drop on the year.
Crypto trading volume totalled $50 billion, 38% lower than a year before; $21 billion went through the Robinhood app and $29 billion through Bitstamp.
Event contracts generated $173 million in revenue versus $156 million in the second quarter, and a record 16.4 billion contracts changed hands.

Where the outlets agree and where their accounts differ

The three reports on the earnings are consistent on the core facts but emphasise different things. The Block and The Defiant lead with the chain's contribution, while Decrypt leads with the earnings miss and describes crypto as having edged up. Both framings fit the same data, since a rise from $100 million to $120 million is the 20% gain The Block cites.

The benchmarks also differ. The Defiant refers to MarketBeat's consensus, while Decrypt cites roughly $1.43 billion in revenue and $0.55 per share without naming a data provider. Decrypt's text does not break out the chain's contribution, and the two summaries do not mention the 55% decline from a year earlier. Taken together, the chain helped crypto revenue recover from the previous quarter, but the line remains far below its level in the third quarter of 2025.

Ondo's stock tokens and a Ripple stablecoin broaden the chain's use

Two announcements came on the same day as the results. The Defiant reported earlier on Tuesday that Ondo is bringing 15 stock tokens to Robinhood Chain, with 11 Uniswap pools pairing Ondo and Robinhood tokens tied to the same assets. According to The Defiant's summary, that setup could open a weekend arbitrage route through Ondo's redemption platform. In general terms, arbitrage means trading away a price gap between two instruments that track the same asset, and the summary does not say whether any such trades have occurred.

Decrypt reported that Robinhood also announced a Ripple partnership that would place the RLUSD stablecoin on Robinhood Chain and Bitstamp, and an in-app launch is slated for later this year. Per the same report, RLUSD's market value exceeds $2.5 billion, and Ripple is also set to provide treasury software plus lending for Bitstamp traders. Stablecoins and tokenized stocks are the kind of products that could give the chain activity beyond meme coins.

What to watch after the report

The first open question is whether the chain's contribution lasts. Decrypt reported that its early activity came from meme coins rather than tokenized stocks, so the Ondo pools and the RLUSD rollout will show whether the mix changes. Neither is established in the reporting so far.

The second is the balance between products. Event contracts overtook crypto revenue for the first time in the second quarter, and they stayed ahead in the third, at $173 million against $120 million for crypto. CEO Vlad Tenev said in December last year that he believed the company was at the start of a "prediction market supercycle." Investors will also watch the stock, which Decrypt said closed Tuesday at about $94.61, down roughly 18% this year, and slipped in after-hours trading. The company also tightened its 2026 guidance for adjusted operating expenses and stock-based compensation, setting a range of $2.675 billion to $2.75 billion.

Market snapshot

Asset	Price	24h	7d	Market cap
Ethereum (ETH)	$2,350	+2.1%	-3.6%	$287.15 billion
XRP (XRP)	$1.32	+2.0%	-0.6%	$83.90 billion

CoinGecko data as of 2026-10-28 (UTC).

FAQ

How much did Robinhood Chain contribute to Robinhood's third-quarter revenue?

The Defiant and The Block both reported that Robinhood Chain brought in $26 million. According to The Defiant, that offset a decline in crypto revenue elsewhere in the company. Crypto revenue overall was $120 million, per Decrypt.

Did Robinhood beat earnings expectations in the third quarter?

No. Decrypt reported earnings of $0.51 per share against the $0.55 analysts expected, and revenue of $1.42 billion against roughly $1.43 billion. The Defiant also said results fell short of MarketBeat's consensus.

What is Robinhood Chain?

It is a layer-2 network that runs on top of Ethereum and launched on July 1, according to Decrypt. It was built for tokenized stocks, although meme coins dominated its early activity.