Crypto Revenue Fell Across Major Trading Platforms in Q2. The Market Is the Usual Suspect

Crypto-related revenue declined at eToro, Robinhood and Coinbase in the second quarter of 2026, tracking what CoinGecko data shows was the digital asset market's third consecutive quarterly contraction.

eToro's cryptoasset revenue fell 30% year-over-year to $1.35 billion, down from $1.91 billion, according to its Q2 results. The top line overstated the segment's contribution to profit: related costs nearly matched revenue, leaving a net contribution of roughly $12.5 million for the quarter, compared with $29.3 million a year earlier. Robinhood's cryptocurrency transaction revenue dropped 38% to $100 million from $160 million, even as the company's total net revenue rose 32% to $1.31 billion. Coinbase reported total revenue of $1.2 billion, missing the $1.35 billion analyst consensus, and posted a net loss of $359 million. Bitcoin-related transactions accounted for just 12% of Coinbase revenue, down from more than 50% historically, reflecting a multi-year push into other products rather than a single weak quarter.

Market Backdrop

The revenue slides lined up with a broader pullback in crypto trading. Total crypto market capitalisation fell 12.6% quarter-over-quarter to $2.1 trillion, while spot trading volume on centralised exchanges dropped 27.9% to $1.95 trillion, roughly twice the pace of the price decline, according to CoinGecko's Q2 industry report.

The quarter extended a deleveraging cycle that had begun earlier in the year. Bitcoin futures open interest had already fallen by more than 20% in a single week in February after the asset's steepest single-day drop in years, according to VanEck's digital assets research. Prices fell further in early June after crypto treasury company Strategy disclosed that it had sold a small amount of its bitcoin holdings, pushing bitcoin to its lowest level since early April. Stablecoin market capitalisation also contracted for the first time since Q3 2023, a sign, CoinGecko said, that capital was leaving the sector rather than rotating between assets.

None of the three companies had a weak quarter overall. eToro's net contribution still rose 9% year-over-year, helped by equities and commodities. Robinhood saw faster growth in options, equities and event contracts than the decline in crypto. Coinbase recorded its 14th consecutive quarter of positive adjusted EBITDA, supported by subscription and services revenue that has become less dependent on trading volumes. All three firms now carry a smaller share of crypto exposure than they did a year or two ago, and their next earnings reports will show whether crypto activity rebounds or whether the platforms continue to grow without it.