The first-quarter earnings report for Robinhood Markets (HOOD +1.06%) illustrates how widespread the downturn in cryptocurrency has been this year. The falloff is not only hurting digital currencies and the investors who hold them, but also stifling the returns of some companies, such as Robinhood.

Robinhood, an online broker that offers commission-free stock trading, as well as access to options, cryptocurrency, and prediction markets, posted revenue of $1.07 billion in the first quarter, up 15% from a year ago. But the market punished Robinhood stock, sending shares down 14% immediately after the report, because revenue growth slowed significantly from the fourth quarter of 2025.

HOOD Revenue (Quarterly) data by YCharts

The biggest…