Robinhood’s cryptocurrency trading volume saw a sharp decline in February, falling to $14.4 billion—a 29% drop from January’s $20 billion, the company reported on Tuesday.
In comparison, equity trading volumes dipped just 1% month-over-month to $142.9 billion.
Despite the slowdown, retail investor interest in crypto remains strong. In the first two months of 2025, Robinhood recorded $34.4 billion in crypto trading volume, already nearing the company’s second-best quarterly performance from last year. In Q4 2024, crypto trading on Robinhood surged 400% year-over-year, reaching $70 billion as Bitcoin soared to $100,000 following Donald Trump’s election victory.
Throughout 2024, Robinhood’s crypto trading volumes had been steadily declining—from $36 billion in Q1 to $21.5 billion in Q2 and $14.4 billion in Q3—before the late-year rally reversed the trend.
Robinhood’s crypto business remains a major growth driver. In Q4 2024, nearly half of the company’s $672 million in transaction revenue came from a staggering 700% surge in crypto trading, fueled by Bitcoin’s rapid rise and optimism about regulatory changes.
Robinhood CEO Vlad Tenev sees tokenization as a key component of the company’s long-term crypto strategy. Following the SEC’s decision to close its investigation without enforcement action, Tenev emphasized that integrating Bitstamp would give Robinhood institutional market access, expanding its crypto offerings beyond retail trading.
“We really see an opportunity to bring the same Robinhood effect that we’ve delivered to retail into the institutional space with crypto,” Tenev said.
In February, the U.S. Securities and Exchange Commission (SEC) officially closed its investigation into Robinhood’s crypto division, confirming in a letter that it would not pursue enforcement action. This marked the end of a probe that had loomed over the company since last year.
The decision came just three days after Coinbase revealed that the SEC had also dropped its enforcement case against the exchange—a significant regulatory shift under Donald Trump’s administration.
Robinhood had been under regulatory scrutiny since May 2024, when it received a Wells notice warning of potential securities law violations related to its crypto listings, custody services, and platform operations.
At the time, Chief Legal Officer Dan Gallagher criticized the SEC’s lack of clear regulatory guidance, arguing that the company had made “years of good-faith attempts” to work with the agency.
The Financial