Shares of Robinhood Markets (HOOD +5.42%) fell after the company released its latest quarterly numbers last week. Its results fell short of analyst expectations, and a big reason for that was lighter crypto trading. Robinhood’s platform can be used for stock trading, crypto trading, and making bets on prediction markets.

While the business has generated strong growth in recent years, the excitement (or lack of it) in the crypto markets can play a big role in its performance. The big question for growth investors, however, is whether it has become too dependent on crypto, and whether that could make the stock a risky option for the long term.

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Crypto-related revenue crashed by 47% last quarter

During the…