Robinhood Q3 Crypto Revenue Rises 20% to $120M on New Chain

The headline growth is doing heavy lifting: strip out the new chain and crypto trading revenue actually contracted, and the segment remains far below its year-earlier level, so the chain looks less like a recovery and more like a patch over a still-soft trading base. That distinction matters for how much of Robinhood's crypto story is durable infrastructure versus launch-driven. Meanwhile a record top line paired with weaker net income and an EPS miss suggests the chain buildout is carrying real cost. Whether chain revenue holds up as launch novelty fades, and whether crypto trading itself stabilizes, are the open questions.