Robinhood’s latest earnings narrative paints a bifurcated picture: the platform’s overall revenue grew, but the crypto segment continued to grapple with a broader market downturn. In the fourth quarter of 2025, the trading platform reported net revenues of $1.28 billion, up 27% year over year yet beneath Wall Street consensus of about $1.34 billion. Crypto revenues declined sharply, falling 38% year over year to $221 million as digital asset markets cooled after the October downturn. On the bottom line, the company posted net income of $605 million and earnings per share of $0.66, modestly topping expectations of $0.63. For the full year, Robinhood tallied a record $4.5 billion in net revenues and $1.9 billion in net income, marking increases of 52% and 35%, respectively.

Key takeaways

• Q4 net revenues came in at $1.28 billion, missing the approximately $1.34 billion expected by analysts, even as the company delivered a 27% YoY increase.
• Crypto revenues dropped to $221 million in Q4, a 38% year-over-year decline amid a bearish tilt in crypto markets that accelerated in October.
• Notional crypto volumes across Robinhood’s app and its wholly owned exchange Bitstamp rose 3% QoQ to a record $82.4 billion, underscoring ongoing user engagement in crypto activity despite revenue softness.
• Equity trading volumes grew more robustly in the quarter, up 10% QoQ to $710 billion, with options trading up 8% to 659 million contracts, highlighting diversification away from crypto into traditional assets.
• Robinhood’s “other” transaction-based revenues — including its prediction markets and futures — surged to a quarterly record of $147 million, rising 375% year over year and surpassing equity trading revenues for the first time.
• Shares in Robinhood (HOOD) fell in after-hours trading, down 7.66% to $79.04 after closing the regular session at $85.60, continuing a drawdown that has left the stock well below its October 2023 peak.

Tickers mentioned: $HOOD

Sentiment: Neutral

Price impact: Negative. The stock moved lower in after-hours trading following the earnings release, reflecting investor disappointment with crypto revenues and the quarterly miss on consensus estimates.

Market context: The results come as a broader retail and crypto market backdrop remains fragile, with liquidity and risk appetite shifting as investors reassess the potential for mainstream adoption of crypto products within a unified “Financial SuperApp” strategy.

Why it matters

The quarterly numbers illustrate how Robinhood is trying to diversify beyond its origins as a stock-trading app. While the core platform posted a respectable top-line increase, the crypto business—once a high-growth driver—hit a wobble as the crypto cycle cooled. This divergence underscores a broader industry trend: even as retail interest in crypto persists, revenue generation from digital assets remains highly sensitive to price action and market sentiment. For a company positioning itself as a one-stop financial interface, crypto volatility adds a layer of risk to the pace and scale of user monetization.

At the same time, Robinhood’s willingness to lean into non-traditional revenue sources is evident. The quarterly ascent of “other” transaction-based revenues to $147 million, a 375% year-over-year climb, marked a watershed moment where prediction markets and futures began to outpace traditional equity trading revenues. The platform’s bet on event contracts, launched in partnership with Kalshi in March last year, appears to be paying off as traders seek derivatives tied to real-world outcomes. This diversification aligns with the company’s stated ambition to become a holistic Financial SuperApp, a longer-term thesis that hinges on expanding monetization across asset classes and product types.

From an investor perspective, the earnings mix highlights both opportunity and risk. The after-hours stock swing reflects heightened sensitivity to crypto headlines and quarterly revenue gaps. Yet, management’s ability to deliver record annual revenues and grow net income suggests a resilient operating model, buoyed by a mix of crypto exposure, growing volumes in traditional markets, and the rapid acceleration of ancillary products like prediction markets. The “Financial SuperApp” narrative remains intact, but the path to scale will likely depend on continuing to attract and retain a broad user base while extracting incremental margin from new product lines.

CEO Vlad Tenev reiterated a strategic thread that has persisted through earnings cycles: the company is relentlessly building out its suite of financial services to deepen user engagement and lifetime value. In the statement, he emphasized that “our vision hasn’t changed: we are building the Financial SuperApp.” That framing, if realized, could help Robinhood weather episodic crypto downturns by yielding a more stable and diversified revenue stream across products and geographies.

What to watch next

• Next-quarter commentary on crypto revenue resilience: whether price action and user activity stabilize enough to revive crypto-related monetization.
• Progress updates on the “Financial SuperApp” initiative, including product rollouts, cross-product usage metrics, and international expansion signals.
• Regulatory developments affecting crypto trading and prediction markets, especially around consumer protections and platform liability.
• Quarterly trends in notional crypto volumes versus other product categories to gauge ongoing demand shifts from crypto to traditional assets and derivative markets.
• Follow-up on Kalshi partnership outcomes and the elasticity of revenue from event-based contracts as mainstream retail adoption evolves.

Sources & verification

• Robinhood Reports Fourth Quarter and Full Year 2025 Results — official press release
• Zacks coverage comparing results to Wall Street estimates
• Bitstamp and Robinhood crypto trading volume context and quarterly notional volumes
• Robinhood launches betting markets hub with Kalshi — coverage of the prediction markets initiative

Robinhood earnings reveal crypto headwinds amid broader revenue growth

Robinhood (EXCHANGE: HOOD) reported mixed fourth-quarter results as the platform continues to diversify beyond its core trading app into crypto services and other revenue streams. In Q4 2025, the company tallied net revenues of $1.28 billion, a 27% year-over-year increase but below Wall Street consensus of roughly $1.34 billion. Crypto revenues declined sharply, falling 38% year over year to $221 million as digital asset markets cooled after the October downturn. On the bottom line, the company posted net income of $605 million and earnings per share of $0.66, modestly topping expectations of $0.63. For the full year, Robinhood tallied a record $4.5 billion in net revenues and $1.9 billion in net income, marking increases of 52% and 35%, respectively.

Notional crypto volumes across the app and its exchange Bitstamp rose 3% quarter-on-quarter to a record $82.4 billion in Q4, underscoring continued user engagement in digital assets despite soft revenue figures. By comparison, traditional equities activity remained stronger, with equity trade volumes up 10% QoQ to $710 billion and options trading rising 8% to 659 million contracts. The company’s foray into event-based contracts also bore fruit in the quarter, as Kalshi-backed prediction markets helped lift overall revenue from “other” transaction-based streams to a quarterly record of $147 million, up 375% year over year and surpassing the revenue generated from equity trades for the first time.

The quarterly narrative sits within a broader strategy to expand Robinhood’s product suite beyond stock and crypto trading. The company emphasized that the growth of prediction markets and futures was not a one-off spike but part of a deliberate pivot toward higher-margin, diversified revenue streams. While the crypto segment faced headwinds, the strength of non-traditional product lines suggests a path to resilience if demand for these instruments remains robust and regulators maintain a stable environment for retail access to alternatives.

Chairman and CEO Vlad Tenev framed the results within the larger ambition of building a comprehensive financial platform. “Our vision hasn’t changed: we are building the Financial SuperApp,” he said, highlighting that the business model is designed to leverage cross-product engagement and monetization across multiple asset classes. The market reaction to the earnings release reflects a cautious stance: investors weighed the crypto softness against the strength of other lines and the long-term potential of a broader platform ecosystem.

Elena Sadovskaya reflects on how experience and shifting crypto regulation shape Inteliumlaw’s hands-on, long-term legal approach.

Navigating international business structuring in today’s regulatory climate is rarely straightforward, especially for companies operating across borders and emerging sectors like crypto. To better understand how legal professionals approach this complexity in practice, we spoke to Inteliumlaw’s Elena Sadovskaya about how her early experience studying law and later working at Ernst & Young shaped her thinking. Here’s what she had to say.

Hi Elena! Can you share with us how your experience practicing law during the 2nd year of university and later working at a firm like Ernst & Young influenced the way you approach complex international business structuring today?

Elena: Spending almost 4 years at a Big 4 company, Ernst & Young (E&Y), has truly felt like the equivalent of a whole 10 years at most other consulting firms. During this period, I frequently managed multiple tax and transaction structuring projects in parallel for major international clients across a range of industries. Every time it was working with significant deals, large transactions, and high-profile cases, which all allowed me to develop a strong grasp of how large businesses work and what their legal needs are. Most importantly, however, it all sharpened my understanding of how lawyers can guide them through different situations – be it shifting laws at home base, international scaling, heightened regulator attention, or other complex challenges – with tailored solutions.

Now, for Inteliumlaw, neither “impossible” nor “unresolved” cases are part of our vocabulary. With hands-on experience as lawyers for major firms and high-profile cases, we have the necessary know-how to provide robust support for enterprises and also help small businesses eventually grow into larger organizations.

At Inteliumlaw, we uphold the highest standards of work in everything we do, based on our experience with large, sophisticated businesses and a clear understanding of the level of quality they expect and shall get from legal advisers. A core part of these standards is a genuinely responsive attitude to projects we work with, where my overtime experience at E&Y showed how far a law firm must go so that the project gets the desired quality. Today, this enables us to effectively advise on complex international business structuring and other critical legal matters.

In a recent big interview, you shared that Inteliumlaw grew from a small circle of experts to a full-fledged law firm specializing in crypto licensing and other blockchain legal services. What new services or solutions did you introduce in 2025? Which ones have become “bestsellers” among your clients in crypto?

Elena: Last year was extremely fast-paced for all of us at Inteliumlaw. As regulations continued to evolve, we expanded and diversified our legal solutions to meet the demands of modern businesses.

For the crypto sector, we introduced an opportunity to obtain a CASP license in a select few jurisdictions like Poland, the Czech Republic, Lithuania, Cyprus, and beyond. These countries’ licensing conditions went through our rigorous internal analysis and were deemed the most favorable and relevant after MiCA entered into force and replaced the legacy VASP license. In parallel, our scope has expanded to include DAO structuring in the Marshall Islands and RAK, a foundation in Panama, alongside securing a crypto license in UAE (Dubai, VARA), El Salvador, and other markets where a VASP license currently presents a meaningful opportunity. Our website is being gradually updated to reflect the complete range of services we can support you with.

When it comes to “best sellers,” it is hard to highlight something in particular as the answer largely lies in regulatory development, including newly emerged regimes, shifts in current rules, and the scale of adaptation expected from businesses. This year, it was all centered around Markets in Crypto-Assets (MiCA) regulation, and our main focus was assisting firms to adapt to this new reality. Now, Inteliumlaw advises firms on getting a CASP license and delivers end-to-end MiCA-relevant support for token issuance, exchange listings, DeFi project launch, and the preparation of MiCA-compliant white papers and the notification submission process.

Therefore, I could say that our 2025 best-seller request was securing a CASP license and listing a token in Europe with MICA-compliant white papers, where we provide end-to-end, hands-on support through every stage of the process.

Your firm positions itself as a long-term strategic partner rather than a traditional legal service provider. How do you maintain that level of involvement with clients?

Elena: What we do is not just some careless execution of the client order made on autopilot. Rather, every Inteliumlaw client receives a customized approach designed to serve their interests in the most effective way. Our goal is to build long-term relationships with our clients, not driven by “capitalist motives,” but because this is the only way we can always stay on top of their current needs and help them grow a business that will sustain in the long term. When our clients grow, so do we.

As part of our customised approach, we ensure every client has a dedicated manager for their project from day one. In this case, they always have a point of contact who coordinates the project and maintains a 24/7 insight into the client’s status and needs, allowing us to offer the right legal solution.

When maintaining continuous involvement with the client and their needs, for instance, our lawyers continuously analyze the regulations in their home base and in their target expansion markets, helping identify what they might be exposed to early, help them adapt, and advise on the alternatives if needed. Most importantly, we do not walk away when the stakes rise and never leave clients in complex cases, but are actively engaged in finding the best possible solution for them. It makes our life a little bit more complicated compared to other law firms, but it is a principle we do not compromise on.

Many crypto entrepreneurs feel that regulation kills innovation. From your perspective, is this a fair statement? What is your opinion?

Elena: In many cases, yes, though it highly depends on the jurisdiction and its regulation, where the “killing innovation” narrative often stems from authorities imposing unrealistic expectations that far outpace current realities. In some cases, regulators could have opted for a less strict approach to some aspects, which would ultimately lead to minimized conflict and a slower pace of innovation and new projects’ development.

On the other side, without regulation as it is, projects cannot exist. Yet, reacting promptly to different changes can keep the project stable and demonstrate credibility to the market. In practice, the strongest players on the market today are those who are able to adapt to the regulatory expectations; this is what defines the long-term sustainability and how a project gains trust from customers.

An unregulated industry certainly equals much more space for projects that are not reliable. So the ultimate question here is to strike a balance, a “golden mean,” which, in most cases, simply doesn’t exist, making businesses’ lives more complicated.

When a new crypto business approaches you with a request, what are the first questions you ask before even talking about jurisdictions, licenses, or other legal support?

Elena: The very first thing we discuss before everything is each project’s operational model and details of how they function, ensuring we understand the business almost as if we are the one and only founder. This is the foundation of everything: from jurisdiction-based classification of their project and the subsequent regulations applicable to which legal solution(s) we can deliver to best fit the project’s needs.

Luxury ateliers never proceed to manufacturing a tailored suit without taking precise measurements. Our approach is no different. Based on the client’s near- and long-term goals, vision, and the detailed specifics of their work, we advise on the solutions that best match their needs. 

Without clear, detailed answers upfront, any discussion of how we can assist would be irrelevant. A minor oversight of a tiny detail can make a tailored suit feel suffocating. Likewise, a small nuance can completely change the course and redefine what the right solution looks like.

How do you evaluate which crypto license is optimal for a client’s business model? Especially, how does this process go for choosing an EU jurisdiction for getting a CASP license?

Elena: Long before the client reaches out, a preliminary analysis has typically been made internally. Every jurisdiction is carefully reviewed for the requirements and the regulator’s approach to issuing licenses, so we understand the level of complexity involved and identify which businesses are most likely to pass through the process.

When the client approaches us, we carry out an in-depth analysis of their setup and objectives. We explore token issuance plans, targeted markets for expansion, where the team is located, and a lot more to shape a compliant strategy. Only after assessing licensing complexity, the client’s objectives, and the budget allocated to ongoing compliance can we recommend the most suitable alternative.

MiCA has completely reshaped how crypto businesses must operate in Europe. What is the biggest misconception companies still have about this regulation?

Elena: Working with crypto firms worldwide – including those already serving EU clients or planning to enter the market – I see one misconception more than any other: many still misunderstand the difference between a VASP and a CASP, assuming they can still onboard EU customers without securing the new authorization. This is especially the case with firms registered in offshore regimes with little oversight. In fact, they can’t.

This misconception is similarly prevalent among companies previously having VASP in Poland and other EU countries. Where firms were not prepared to meet higher requirements beyond their “light-touch” setup, it is becoming hard to adapt to substance requirements, organize client workflows, and develop comprehensive documentation. For businesses already operating in tightly regulated regimes, the transition is typically smoother.

So, I would say the biggest myth now is that a business can still operate as before, targeting Europe while being registered in an unregulated jurisdiction or one known for little oversight. These times are now officially over. Even more concerning is that, in 2026, some still believe crypto is unregulated; it is regulated.

In a recent interview, you called the UAE “one of the most promising global hubs for crypto and Web.” What specific regulatory or economic features give the UAE an edge over Europe or the US?

Elena: What makes them different is their vast resources, readiness, and willingness to invest substantially in the crypto sector, all with the focus on innovation. The UAE is home to lots of corporations with a significant appetite to invest and lead in crypto, which is why there is a consistent effort to shape a regulatory environment that accelerates growth.

The UAE’s approach is truly something unique now. Where Europe tries to follow US standards with an even more stringent rule, the UAE chooses a more liberal option and approaches it more like an opportunity to strengthen the economy. The EU treats crypto much like early societies treated fire: extremely dangerous without control. That’s why the regulation is made to avoid fraud, protect customers, and reduce the room for unreliable projects.

The UAE, on the other hand, is not afraid to introduce something new. It is therefore unsurprising that they have higher adoption rates, new solutions appear faster, and central bank digital coins are being adopted much sooner than anywhere else in the world.

Imagine you can design a new “ideal” crypto jurisdiction by combining elements of 3 already-existing regimes, which would you select and why?

Elena: There is no real need to merge 3 regimes when we can choose one framework as the core and make small adjustments.

In essence, the ideal crypto jurisdiction would match the UAE innovation-first model while offering a less complex procedure to roll out in the region(s). The process of issuing authorization permits (licenses) and understanding projects’ specifics is way too overwhelming now in the UAE. Even so, however, the select few who successfully make it through the process – often after months of waiting for the regulator’s feedback, sometimes only for minor clarifications – ultimately gain access to everything the jurisdiction has to offer.

Subsequently, rationalizing this process to the extent possible would materially strengthen the jurisdiction’s reputation as a crypto-friendly hub, making it the #1 or very close to this status.

In your experience, what are the most underestimated risks when crypto businesses operate “non-compliant but profitable,” beyond fines and license revocation?

Elena: It all comes down to the severity of non-compliance. On the administrative level, there are fines of different sizes and, in the worst cases, license revocations. Yet this is not the greatest fear of most businesses.

The most horrifying skeleton in the closet is when a case turns to criminal law, and the impact goes beyond the project finances to human lives. There are numerous high-profile cases where exchange executives are arrested and prosecuted for money laundering, and this is precisely what everyone wants to avoid.

We’ve learned that you’ve designed over 50 tax-efficient and future-proof structures while also supporting multimillion-dollar deals. Which projects are you the most proud of and why?

Elena: It’s honestly difficult to single out just one project, because every structure we design at Inteliumlaw is built around a very specific business and risk profile. Each of them is its own story, and behind every “successful structure” there are months of very detailed, customized legal, tax, and regulatory work.

That said, I’m especially proud of the projects where we supported businesses from a very early stage and further during their growth into well-known brands. There’s something very rewarding about knowing you didn’t just advise on a structure but helped build the strong legal foundation that allowed the company to scale safely.

In the crypto and web3 space specifically, we’ve worked on a wide range of complex matters: from tokenization of real-world assets (including immovable property) and structuring decentralized exchange and trading infrastructure projects to token issuance and token classification, governance models, and cross-border tax and corporate setups for founders and groups. We’ve also supported projects building trading terminals, platforms, and hybrid web2/web3 models.

What I’m most proud of is not just the number of structures we’ve built, but the fact that many of them were designed to be “future-proof.”

And lastly, what regulatory developments in crypto do you anticipate in 2026? Most importantly, do you think the primary regulatory risk for crypto firms will come from new laws or from aggressive reinterpretation of rules that already exist today?

Elena: 2026 will be a very important year for regulatory consolidation in crypto, especially in Europe. First of all, we expect the expiration of the MiCA grandfathering period around mid-2026, which will force many existing VASP-style structures to either become fully licensed CASPs or exit the market. In practice, this will mean a major clean-up of the industry, with higher compliance costs but also a much clearer regulatory perimeter for serious players.

At the same time, we expect increasing global pressure on so-called “regulatory gap” jurisdictions. Many offshore and semi-offshore hubs that historically served crypto businesses precisely because of lighter regulation will likely introduce more formal crypto frameworks, licensing regimes, and substance requirements. We’re already seeing the early stages of this trend.

On the structural side, I think we’ll see more legally recognized DAOs and on-chain governance models entering the mainstream. But in parallel, decentralized and hybrid web3 projects will continue to move under closer regulatory scrutiny, especially where there is any element of custody, intermediation, token distribution, or profit expectation. 

As for regulatory risk, it will likely come from both sides: new laws and aggressive reinterpretation of existing rules. In practice, enforcement and re-qualification under existing financial, securities, AML, and consumer protection regimes may be just as disruptive as brand-new legislation. The industry is maturing, but companies should plan for a tougher, more enforcement-driven environment in the near term.

TLDR:

• BitGo and InvestiFi partnership enables banks and credit unions to offer crypto trading in all 50 states. 
• Partnership leverages BitGo’s OCC-regulated infrastructure for compliant cryptocurrency services delivery. 
• InvestiFi integrates digital asset trading into existing bank accounts through institutional custody solutions. 
• BitGo’s CaaS platform provides API-driven framework for financial institutions entering crypto markets.

BitGo Bank & Trust, National Association has formed a partnership with InvestiFi to deliver digital asset trading capabilities to banks and credit unions nationwide.

The collaboration leverages BitGo’s Crypto-as-a-Service infrastructure to provide secure digital asset solutions across all 50 U.S. states.

This partnership enables financial institutions to offer their customers access to cryptocurrency trading through existing InvestiFi accounts. The initiative addresses growing demand for digital asset services within traditional banking frameworks.

Nationwide Digital Asset Trading Through Institutional Infrastructure

InvestiFi will now provide digital asset trading services to its network of partner banks and credit unions in every state.

The platform integrates directly with existing financial institution systems, allowing account holders to trade cryptocurrencies from their current accounts.

This expansion relies on BitGo’s institutional-grade custody and infrastructure solutions. The partnership removes geographic barriers that previously limited digital asset access for many financial institutions.

BitGo operates as a federally regulated digital asset trust bank under Office of the Comptroller of the Currency supervision.

This regulatory status provides a compliant framework for institutions seeking to offer cryptocurrency services. The partnership specifically addresses challenges in complex jurisdictions including New York, Texas, and Idaho.

Financial institutions can now deploy digital asset capabilities while maintaining regulatory compliance standards.

The collaboration between the two companies was announced through official channels. BitGo shared the news on social media, noting that InvestiFi now offers expanded digital asset coverage with OCC-chartered federal oversight.

This enables partner banks and credit unions to deliver secure trading nationwide. The announcement emphasized the role of BitGo’s CaaS infrastructure in powering the expanded services.

Traditional financial institutions require robust custody solutions and scalable infrastructure for digital asset integration.

InvestiFi addresses these needs through its purpose-built platform designed for credit unions and community banks.

The integration maintains a multi-custodian approach while utilizing BitGo’s institutional framework. This structure allows financial institutions to offer cryptocurrency services without building proprietary infrastructure.

Regulatory Framework and API-Driven Solutions

BitGo’s CEO and Co-Founder Mike Belshe commented on the partnership’s strategic direction and institutional focus. “This partnership reflects what banks and credit unions expect when offering digital asset capabilities – security, strong controls, and a regulated foundation,” Belshe stated.

He added that BitGo’s CaaS platform is built to support partners like InvestiFi with infrastructure that aligns with traditional financial institutions.

The statement reinforces the company’s commitment to meeting regulatory and operational standards expected by established financial entities.

InvestiFi CEO Kian Sarresheteh addressed the platform’s approach to integrating cryptocurrency services within traditional banking systems. “Our platform is designed to integrate digital asset investing into the existing banking experience, and that requires institutional-grade infrastructure and custody,” Sarresheteh explained.

He noted that working with BitGo supports the company’s ability to provide secure digital asset services to banks and credit unions nationwide.

The partnership maintains InvestiFi’s multi-custodian approach while expanding service capabilities across all states.

BitGo’s CaaS solution provides an API-driven framework for fintech companies and financial institutions. The platform offers bank-grade qualified custody designed for digital asset trading workflows.

Financial institutions can access these capabilities through standardized integration points. This reduces technical barriers for institutions entering the digital asset space.

The partnership reflects broader trends in digital asset adoption among traditional financial institutions. Banks and credit unions increasingly seek compliant pathways to offer cryptocurrency services to customers.

Partnerships between regulated infrastructure providers and platform companies create these pathways. The collaboration between BitGo and InvestiFi demonstrates one model for delivering digital assets through existing financial channels.

Robinhood dropped in after-hours trading on Tuesday after the trading platform’s latest earnings missed analyst expectations while crypto revenues tanked in the fourth quarter.

Robinhood reported record net revenues of $1.28 billion in Q4, missing Wall Street expectations of $1.34 billion despite increasing 27% year-on-year. 

Its crypto-based revenues fell 38% from last year to $221 million after the crypto market entered an extended period of drawdowns in October.

The company’s net income for the quarter fell 34% year-on-year to $605 million, with its earnings per share reaching 66 cents, slightly beating analyst estimates of 63 cents.

Shares in Robinhood (HOOD) fell by 7.66% in after-hours trading to $79.04 after finishing the trading day down 1.1% at $85.60. Its stock is down over 42% since its peak of $148.67 on Oct. 3.

Over the full year, Robinhood said its net revenues for 2025 increased 52% from 2024 to a record $4.5 billion, while its net income for the year jumped 35% to $1.9 billion.

Crypto volume growth lags other products

Robinhood reported that notional crypto volumes across its app and its wholly-owned exchange, Bitstamp, were up 3% quarter-on-quarter in Q4 to a record $82.4 billion.

By comparison, equity trade volumes saw a larger quarterly jump, up 10% to $710 billion, while options contracts traded rose 8% over the quarter to 659 million.

Prediction markets, which the company launched on its platform in March in partnership with Kalshi, have also helped bolster Robinhood’s revenues in Q4, as the appetite for event contracts skyrocketed last year.

Related: Solana treasuries sitting on over $1.5B in paper SOL losses

Robinhood’s “other” transaction-based revenues, which include its products such as prediction markets and futures, hit a record $147 million in Q4, a 375% jump from the same time last year, overtaking its revenues from equity trades for the first time.