Robinhood's total crypto notional volume shrank 39% in the second quarter of 2026, falling from $66 billion to $40 billion. The culprit? Bitstamp. The exchange Robinhood bought last year accounted for $20 billion of the $26 billion drop — roughly 77% of the decline.
Bitstamp's 48% plunge
Bitstamp's crypto notional volume fell 48% from $42 billion in Q1 to $22 billion in Q2. That's a steep slide for an exchange that, at the time of acquisition in June 2025, had about 500,000 funded retail customers and roughly 5,000 funded institutional clients. Most of its volume comes from institutions, and that institutional flow appears to have pulled back sharply.
Robinhood App's 25% decline
The Robinhood App's crypto notional volume dropped 25% from $24 billion to $18 billion over the same period, accounting for the remaining $6 billion of the total drop. But the comparison isn't perfectly like-for-like: Robinhood's Q2 disclosure began including executed crypto trades from WonderFi customers in June, adding one month of a new reporting perimeter to the App's volume. So the App's organic decline may have been even steeper than 25%.
Acquisition context
Robinhood closed the Bitstamp acquisition in June 2025, paying $200 million for the exchange. At the time, Bitstamp was seen as a way to bulk up institutional crypto offerings. The Q2 numbers suggest that institutional appetite has cooled — at least for now. The $200 million price tag was first reported in June 2024, and the deal took about a year to close.
Revenue picture
Crypto revenue is reported at the company level, so the individual contributions of Bitstamp and the Robinhood App remain unknown. But the broader trend is clear: Robinhood's crypto revenue plunged 38% in Q2 2026, even as options trading surged. That divergence — retail traders piling into options while crypto volumes shrink — raises questions about where the next growth leg comes from.
The big unresolved question is whether Bitstamp's 48% volume drop is a cyclical blip or a sign that the institutional crypto trading boom is fading. Robinhood's next earnings call will likely face that question head-on.
