Robinhood’s Crypto Slump Meets a Tokenization Rulebook Nobody Trusts Yet

Robinhood posted record net revenue of $1.42 billion, up 12%, yet the number landed below what analysts wanted, and adjusted earnings of $0.60 per share missed by 4 cents. The mix underneath tells the bigger story. Crypto revenue sank 55% to $120 million, and trading volume in digital assets dropped 38% to $50 billion. The app itself saw a 48% decline to $21 billion, while Bitstamp slipped 28% to $29 billion. Prediction markets went the other direction, with revenue rising sixfold to $173 million on 16.4 billion contracts.

Why Robinhood Says Tokenized Stocks Need Lasting US Rules

Chief executive Vlad Tenev told investors the SEC’s temporary exemption for onchain stock trading is welcome, but a short lived permission is a shaky base for big money. Clients, he said, worry about what the framework looks like five years from now, and that doubt can keep large holdings off the technology. He believes Congress or the regulator must eventually write permanent rules, and he hinted at more news on the firm’s US plans soon.

How Robinhood’s Stock Tokens Work Today

About 200 tokens trade on Robinhood Chain. Each is tied to real shares but built as a tokenized debt security, which gives price exposure without voting power or the usual shareholder privileges. Because the exemption demands equal rights such as dividends and votes, these products fall outside it. For private company tokens, Tenev plans an overseas launch first while searching for a US route that respects accreditation limits.