Robinhood’s notional crypto trading volume rose 61% month over month to $17.5 billion in August, according to operating data the company released on Thursday. The rebound followed a slow July that came in at $10.9 billion. Even with the jump, August’s total sat 38% below the $28.1 billion Robinhood processed in the same month last year.
Robinhood defines notional volume as the total dollar value of crypto assets bought and sold across its platforms. Bitstamp, the exchange it acquired in 2025, accounted for most of the August total, processing $10.1 billion, up 53% from July. The rest came from the retail app.
The smaller lines are growing faster
The headline number understates where the company’s growth actually is. Robinhood Chain, its Ethereum layer 2 network, logged $1.6 billion in daily trading volume on decentralized exchanges as of September 1, up 61% in just four days. Those volumes are not counted in the crypto trading figure, since the chain’s revenue is shared with launch partners under a sliding schedule: Robinhood keeps 50% of sequencer revenue until about $50 million cumulatively, 70% until roughly $150 million, and 85% beyond that.
Event contracts, the company’s prediction market products, traded 4.7 billion times in August, roughly 15 times the volume from a year earlier. That growth comes as Congress debates how to regulate the products, with several bills pending that would clarify which agency oversees sports-event contracts.
None of it moved the stock. Robinhood shares slipped 0.83% on the day of the release, though analysts at Mizuho and StoneX raised their price targets this week on broader growth. The company’s next quarterly earnings report is expected on November 4.
Context for the numbers
Funded customers reached 28.6 million at the end of August, up about 120 thousand from July and 1.9 million year over year. Total platform assets hit $384 billion, up 8% in a month and 26% year over year. Net deposits were $4 billion in August, a 14% annualized growth rate relative to July assets.
Other balance sheet lines moved less dramatically. Margin balances ended August at $21.5 billion, up 4% from July and 72% year over year, a sign that leveraged trading demand kept building even in a slow month. Cash sweep balances rose 7% to $31.2 billion, though they remain 9% below their level a year ago after the company moved over $6 billion of enrolled balances into free credit balances in February. Securities lending revenue came in at $36 million, down 10% from July and 32% year over year.
The crypto volume recovery tracks the broader market. Bitcoin spent August recovering toward $80,000 after a weak stretch, and ether touched an eight-month high. Volume tends to follow volatility, and August delivered more of it than July. Whether September holds the gains depends on the Federal Reserve meeting on September 15 and 16, where prediction markets put the odds of a rate hike above 85 percent after a hot inflation print.
August 2025’s $28.1 billion remains the bar the current recovery has not cleared. A year ago the platform was riding the tail of a different market cycle, and the year-over-year deficit shows the August rebound is a bounce from a weak July, not a return to peak activity.
What it says about the business
Two things stand out in the data. First, the Bitstamp acquisition is doing what it was bought for: institutional and exchange volume now makes up more than half of crypto notional turnover, a business line the retail app alone never had. Second, the fastest-growing products, prediction markets and the layer 2 chain, are the ones that sit furthest from traditional brokerage.
The mix shift matters for how the company reports going forward. Robinhood Chain volumes stay out of the crypto metric, which means the headline number can look soft even while activity on the company’s own network compounds. Analysts will have to watch three lines now instead of one.
It also complicates comparisons with crypto-native competitors. Exchanges like Coinbase report their own volume metrics with different definitions, and none of them break out an owned layer 2. As tokenized equities and perpetual futures move onto regulated US platforms, the company with a chain under its own brand has an option its rivals do not: it can route new products through infrastructure it controls and book the sequencer revenue directly.
For the crypto market overall, the numbers are a modest positive. A 61% monthly jump at a major retail venue suggests August’s volatility pulled retail traders back in after a quiet July. But with the Fed decision days away and ETF flows still negative for bitcoin, few expect the rebound to extend in a straight line.
The monthly metrics release is a routine disclosure Robinhood publishes between quarterly earnings, and the figures are unaudited and preliminary for the current quarter. Final numbers in the next SEC filing can differ from the estimates published on Thursday. That caveat matters less for direction than for precision, but anyone modeling the quarter should wait for the audited version before locking in assumptions.
The next test comes quickly. September’s operating data, due in early October, will show whether August’s rebound was driven by a durable return of retail activity or by a one-time volatility event that fades once the Fed decision passes. Either way, the growth story investors are paying for now sits in prediction markets and the chain, not in the crypto volume line that used to define the company.