---
title: "Robinhood's (HOOD) Crypto Revenue Collapsed. The Business Did Not"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286385984.md"
description: "Robinhood Markets, Inc. (HOOD) experienced a significant decline in crypto revenue, which was halved in Q1 2026, contrasting with its previous dependence on crypto for nearly half of its revenue. Despite this downturn, the brokerage platform has shown growth, indicating a reduced reliance on crypto cycles. The company's diversification into non-trading businesses has contributed to its resilience. Following a strong bull market, investor sentiment has shifted, compressing the stock's valuation, yet a bullish outlook on HOOD stock remains due to its attractive risk-reward profile."
datetime: "2026-05-14T08:43:35.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286385984.md)
  - [en](https://longbridge.com/en/news/286385984.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286385984.md)
---

# Robinhood's (HOOD) Crypto Revenue Collapsed. The Business Did Not

Robinhood Markets, Inc. (HOOD) just went through exactly the kind of crypto slowdown that once would have seriously damaged the business. Just a year ago, crypto accounted for nearly half of Robinhood's revenue mix. In Q1 2026, however, revenue from that segment was cut roughly in half. Yet despite that collapse, the commission-free brokerage platform continued growing, suggesting Robinhood is becoming less dependent on crypto cycles than many investors still assume.

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Much of that resilience has been driven by Robinhood's emerging non-trading businesses, which are helping the company diversify beyond its traditional dependence on crypto trading. After a strong bull market between 2024 and 2025, largely fueled by enthusiasm for artificial intelligence (AI) and crypto, 2026 has brought a clear trend toward normalization, with investors becoming less willing to pay premium valuation multiples for the business.

That reset in sentiment has already materially compressed the stock's valuation. Even so, I continue to see an attractive risk-reward profile and maintain my bullish view on HOOD stock.

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