Retail investment platform Robinhood (HOOD) posted fourth-quarter revenue of $1.28 billion, a 27% year-over-year increase that nonetheless fell short of Wall Street’s estimate of $1.35 billion, as a slump in crypto trading activity weighed on results.

Transaction-based revenues rose 15% year over year to $776 million, but a steep decline in crypto activity dragged down the segment. Cryptocurrency revenue dropped 38% to $221 million, reflecting the broader pullback in digital asset trading volumes that followed Bitcoin’s 50% correction from its October all-time high above $126,000. Crypto notional trading volumes on the Robinhood app fell 52% year over year to $34 billion.

The shortfall was partly cushioned by strength elsewhere. Options…