Robinhood Crypto Revenue Doubles as CEO Backs Bold Tokenization Push

July 31, 2025 — Robinhood’s crypto revenue nearly doubled in Q2 2025, reaching $160 million, as CEO Vladimir Tenev reaffirmed his commitment to real-world asset tokenization both in the U.S. and globally.

Robinhood Reports Massive Crypto Revenue Growth

Robinhood crypto revenue doubles year-on-year in Q2 2025, rising 98% to $160 million. This surge came as trading volumes hit $28 billion, up 32% from the previous quarter. The overall crypto market cap also expanded by 21.7%, reaching $3.36 trillion during the same period.

In its earnings report, Robinhood also reported total net revenue of $989 million, marking a 45% increase from last year. Net income more than doubled to $386 million, surpassing Wall Street expectations, although the stock retraced slightly in after-hours trading.

Tokenization Seen as Next Frontier

CEO Vladimir Tenev said that Robinhood’s core strategy will center around tokenizing traditionally illiquid or restricted assets. “We believe tokenization is the biggest innovation our industry has seen in the past decade,” Tenev stated.

The company recently launched Robinhood Chain, a Layer 2 blockchain designed to facilitate tokenized stock trading in Europe. According to Tenev, the U.S. focus will be on tokenizing private market assets, including venture capital shares and real estate.

Bitstamp Acquisition to Play Key Role

The $200 million acquisition of Bitstamp in May 2025 has positioned Robinhood as a global player in crypto infrastructure. The crypto exchange will be instrumental in Robinhood’s plan to support a broad range of real-world asset tokens.

Tenev confirmed strong developer interest, saying:

“Since our event [in Cannes], we’ve just got lots and lots of calls from developers that either want to tokenize the shares of their own companies or jump on the RWA tokenization revolution.”

Legal Questions Surround RWA Offerings

Despite the positive outlook, Robinhood’s tokenization efforts have already drawn scrutiny. Lithuanian regulators have reportedly launched an inquiry into its issuance of tokens resembling OpenAI and SpaceX shares.

OpenAI has publicly warned that the Robinhood-issued token does not represent real ownership or equity in the company, raising concerns about investor protection and regulatory compliance.

Robinhood’s Scale Offers Competitive Advantage

Asked about competition, Tenev highlighted Robinhood’s existing user base of 25 million and $1 trillion in assets under custody. “That’s going to be very, very difficult for others to replicate,” he said.

Tenev also contrasted Robinhood’s approach with crypto-native platforms, stating:

“There’s a lot of chains out there that want to build the best chain for degen traders, but the opportunity for real-world assets is very different and we’re focused on that.”

Ethereum Still Leads the Tokenization Race

Despite Robinhood’s efforts, Ethereum remains dominant in the tokenization landscape, hosting nearly $7 billion in real-world assets, according to RWA.xyz. ZKsync Era follows with $2.4 billion, holding 19% market share.

However, with Robinhood crypto revenue doubles now making headlines, the platform appears poised to challenge established players by blending regulated finance with decentralized technology.