Written by: Glendon, Techub News
Early this morning, Robinhood released its Q4 and full-year earnings report for 2025. The report shows that its total net revenue for the year increased by 52% year-on-year, reaching $4.5 billion; Q4 total net revenue grew by 27% year-on-year, amounting to $1.28 billion, both of which set historical records.
In-depth analysis of Q4 revenue composition shows that trading revenue increased by 15% to $776 million, becoming a significant driver of overall revenue growth. Among these, other trading revenues performed particularly well, reaching $147 million, growing by more than 300%; options revenue increased by 41% to $314 million; however, stock trading revenue grew by 54% to $94 million. Nonetheless, amid a favorable overall business environment, the cryptocurrency business became the "shortcoming" of the quarter.
The earnings report revealed that cryptocurrency trading revenue was $221 million, a sharp decline of 38% compared to $357 million in the same period last year; in terms of trading volume, the platform's total nominal trading volume for cryptocurrencies was $82 billion, of which about $48 billion came from the Bitstamp exchange acquired last year. Robinhood's own app's cryptocurrency trading volume fell by 52% year-on-year to $34 billion. Moreover, the company's profitability was also impacted. Q4 net profit dropped from $916 million in the same period last year to $605 million, a decline of 34%. As a result, after the earnings announcement, its stock HOOD fell to about $79 in after-hours trading, with a decline of nearly 8%.
In fact, since the beginning of this year, Robinhood's stock price performance has been unsatisfactory, having dropped about 24% from the end of last year. The current situation again highlights the "bear market" predicament faced by Robinhood's cryptocurrency business and the entire cryptocurrency market. In the context of a sluggish market environment, the development of cryptocurrency business is facing numerous uncertainties.
Nevertheless, Robinhood has not halted its expansion of cryptocurrency business. As emphasized by Robinhood's chairman and CEO Vlad Tenev in the earnings report, "Our vision has not changed: we are building a financial super app."
Today, Robinhood officially announced the launch of the "Robinhood Chain" public testnet, a financial-grade Ethereum Layer 2 built on Arbitrum.
Since its first official announcement nearly eight months ago, the Robinhood Chain has finally reached the testing phase.
The goal of this L2 network is to accelerate the development of on-chain financial services, starting with the tokenization of digital assets and real-world assets (RWA), supporting developers to build on the core infrastructure of Robinhood Chain and explore various possibilities before launching on the mainnet.
Looking back at Robinhood's tokenization development process, when Robinhood Chain was first officially announced at the end of June last year, the company had just announced the opening of its tokenized stock services. On July 1, Robinhood officially launched its tokenized stock services, launching U.S. stock tokenization products based on Arbitrum for 400 million users across 30 countries in the EU market, with the first batch of trades supporting over 200 U.S. stocks and ETFs, including popular companies like Nvidia (NVDA), Apple (AAPL), and Microsoft (MSFT). Since then, Robinhood has officially entered the field of tokenized financial assets.
Subsequently, Robinhood's tokenized stock business developed rapidly. By mid-October, Robinhood had provided EU users with approximately 500 U.S. stocks and ETF tokens on the Arbitrum chain. Capitalizing on the prosperous environment of the cryptocurrency market at that time and the expansion of the stock token business, Robinhood delivered impressive results in the third quarter: cryptocurrency business revenue increased by 300% year-on-year to $268 million; total revenue reached $1.27 billion, exceeding analysts' expectations of $1.19 billion. In addition, Robinhood expanded its international market through acquisitions such as Bitstamp and WonderFi, allowing platform assets to reach a new high of $333 billion, with the number of users increasing to 26.8 million.
According to the latest information disclosed in the earnings report, Robinhood has launched more than 2,000 tokens representing U.S.-listed stocks in the European market. These tokens allow European traders to invest in U.S. stocks and receive dividend income, further enriching the choices available for traders. Additionally, the company has reached agreements to expand its business in Asia through the acquisition of a brokerage and cryptocurrency company in Indonesia.
At the end of January, Vlad Tenev revealed in a post that in the coming months, Robinhood plans to open around-the-clock trading for stock tokens and DeFi services. At that time, investors will be able to self-custody their stock tokens and engage in lending, staking, and other operations. The launch of the Robinhood Chain testnet may be the key starting point for implementing these services and functions.
As Robinhood has previously emphasized, stock tokens will initially be issued on Arbitrum and will eventually migrate to its self-developed Robinhood Chain. This plan clearly outlines the strategic path of Robinhood moving from "leveraging technology" to "gaining independent control," aiming to create an efficient and controllable financial-grade blockchain ecosystem designed for asset tokenization. This is not only a technological upgrade but also a shift in strategic thinking.
At this stage, the main goal of the Robinhood Chain testnet is to lay the infrastructure foundation, allowing developers to build and validate applications on Robinhood Chain. By supporting early experiments, the testnet can promptly identify potential issues, thereby improving network stability and ensuring readiness for the upcoming mainnet launch. Currently, infrastructure providers including Alchemy, Allium, Chainlink, LayerZero, and TRM have begun integrating with Robinhood Chain, and more providers will join in the early stages of the testnet.
For developers, the Robinhood Chain testnet provides multiple permissions. Mainly including developers being able to obtain testnet-only assets (such as stock tokens) for integration testing; the ability to conduct direct testing using the Robinhood wallet; and establishing a familiar development environment in the Ethereum and Arbitrum ecosystems to lower development barriers and improve efficiency.
Robinhood's Senior Vice President Johann Kerbrat stated, "The Robinhood Chain testnet lays the foundation for building an ecosystem that will define the future of tokenizing real-world assets and enable developers to access DeFi liquidity within the Ethereum ecosystem."
The launch of this testnet is undoubtedly a key step for Robinhood in building financial-grade blockchain infrastructure, marking its deep commitment and active exploration in the field of asset tokenization. At the same time, this is an important attempt for financial institutions to venture into the field of asset tokenization, which may provide a model for other institutions, thus triggering a series of chain reactions. Amid the current sluggish cryptocurrency market, any progress in the field of tokenized assets, which is a key focus for institutions, may become a potential catalyst for driving the industry out of the gloom and gradually reviving.
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