Robinhood (HOOD) reported a sharp decline in crypto trading revenue for the first quarter of 2026, even as growth in other parts of its business pushed overall revenue higher.

Crypto-related revenue fell 47% from a year earlier to $134 million, down from $252 million in the same period of 2025, according to its earnings release.

The drop came as customer activity shifted toward other trading products. Transaction-based revenue rose modestly to $623 million from $583 million a year ago. A key driver was a surge in so-called event contracts, which brought in a large share of “other transaction revenue” that climbed 320% year over year to $147 million.

Robinhood said users traded a record 8.8 billion event contracts during the quarter,…