Robinhood’s Crypto Custody Hits $11.5B in Q1

Robinhood’s crypto-related revenues overall appear to be stabilizing off of fourth quarter lows

article-image

Photo by Lauren Sopourn for Blockworks

share

Robinhood’s crypto business lines are showing signs of a turnaround. 

The publicly traded company’s first quarter earnings, earnings released after Wednesday’s market close in New York, reflected a rise of the company’s assets under custody to $78 billion, said to be helped by “higher market valuations” for both crypto assets and growth stocks.

The crypto assets Robinhood custodies for clients stood at $11.5 billion through the end of the first quarter — booking a notable increase from its $8.4 billion through year end 2022. 

There was a slight downtick in crypto transactions revenue, falling to $38 million — booking about a 1% decline from the fourth quarter, when Robinhood’s crypto business was heavily stung alongside its competitors.  

In the fourth quarter of last year, Robinhood reported a 24% drop in associated revenues, with crypto-linked revenues dropping to $39 million. 

“We see potential to grow our market share,” in the crypto offerings, a Robinhood executive said on its post-earnings conference call. Executives also said that they want to “keep pricing competitive.”

“The crypto environment has faced increasing regulatory scrutiny,” executives said. “We’ve been a safety-first company…We’ve been very deliberate in the way we expand our coin offering.”

Robinhood executives said they have “respect” for US securities regulation efforts, but added that “additional regulatory clarity would be super helpful.”

The company, in a statement accompanying its earnings release, said it has expanded its Robinhood Wallet so that it’s available “globally via the Apple App Store.” 

Last year, Robinhood’s cryptocurrency division was hit with a $30 million fine from New York’s financial regulator for failing to sufficiently resource its compliance programs. 


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

The convergence of DePIN and energy generation aims to address modern grid challenges by incentivizing distributed generation.

article-image

Stripe announced Stablecoin Financial Accounts, which will allow businesses to have “stablecoin-powered accounts”

article-image

The deal is made up of $700 million in cash and 11 million shares of Coinbase’s Class A common stock

article-image

Blockworks Research uses numbers to help crypto advance to a higher stage of storytelling

article-image

While Arizona’s governor could veto another crypto reserve bill, similar North Carolina and Texas laws are approaching the finish line

article-image

However, they noted there’s now an increased risk that unemployment and inflation will rise in the coming months.