Shares of Robinhood held flat at $108.72 on July 2 after surging 8.5% the prior session, a rally sparked by the company's splashiest product launch in years and surprisingly strong mid-June trading data. The question now: whether the announcements made at a historic London venue amount to a genuine business-model shift or a shiny distraction from a Q1 earnings miss that still lingers.
A New Blockchain Puts Robinhood in Direct Competition with Coinbase
Robinhood launched the public mainnet for its own blockchain, bringing tokenized stock trading live in more than 120 countries and introducing a decentralized lending product offering an estimated 7% yield on its dollar-backed stablecoin.
The move puts Robinhood squarely in the same conversation as Coinbase's Base chain — and makes clear this company has ambitions well beyond commission-free stock trading. For shareholders, it means Robinhood is no longer just earning commissions on trades; it's trying to own the infrastructure underneath them.
June Trading Numbers Show the Core Business Is Humming
Through June 25, Robinhood reported equity trading volumes of about $343 billion, options contracts traded of approximately 274 million, and crypto trading volumes of about $14 billion.
Event contracts traded came in at approximately 5.2 billion. Those figures matter because Q1 2026 fell short on both revenue ($1.07B vs. $1.14B expected) and earnings, as a 47% crypto revenue collapse weighed on results. Robust June volumes suggest Q2 could deliver the rebound Wall Street needs to see. Management projects Q2 EPS of $0.45 and revenue of $1.234 billion.
International Expansion Is the Revenue Kicker — If Regulators Allow It
Robinhood officially launched in Canada, received a Singapore capital markets license, and widened perpetual futures in Europe — all announced the same day. But Stock Tokens are not available in the U.S. or to U.S. persons , capping the near-term addressable market for the company's flagship blockchain product.
Costs Keep Climbing — and That Matters
Robinhood raised its full-year 2026 expense outlook by $100 million to $2.7–2.825 billion , even as the company laid off 10% of its workforce — roughly 290 employees — last month.
Gold subscribers hit a record 4.3 million, up 36% year-over-year , providing recurring revenue ballast — but investors should watch whether new blockchain infrastructure costs outpace the fees it generates. Q2 earnings, scheduled for July 29 , will be the first real test.