Robinhood (HOOD +0.97%), the online brokerage that popularized commission-free trades, generates most of its transaction revenues from options, equities, and cryptocurrencies. The volatile cryptocurrency market was a double-edged sword for Robinhood: crypto summers boosted its trading volumes among short-term traders, but crypto winters drove them away. That’s what happened in the first quarter of 2026, when its crypto transaction revenue dropped 47% year over year.

To offset that pressure, Robinhood has been expanding its fintech ecosystem with more card-based banking services, AI-powered portfolio management tools, wealth management services, and tokenized assets. It’s also locking more customers into its Gold subscriptions — which…