That was the story behind Robinhood’s latest fourth quarter 2025 financial results. The company’s earnings call on Tuesday (Feb. 10) highlighted a business grappling with two simultaneous slowdowns.

Crypto trading volumes, once a powerful engine of growth, have cooled. At the same time, retail equity and options trading activity has declined as individual investors pull back amid market volatility, higher interest rates and competing demands on household capital.

“Our vision hasn’t changed: we are building the Financial SuperApp,” said Vlad Tenev, chairman and CEO of Robinhood, pointing to the company’s work in prediction markets as a new…