Robinhood’s 367% Crypto Revenue Surge Fuels $98 Billion Market Cap and $1.4 Billion 2024 Earnings

Robinhood’s audacious foray into crypto and financial innovation is reshaping the global landscape, as the fintech giant leverages tokenization, artificial intelligence, and blockchain to solidify its position in the $124 trillion generational wealth transfer [1]. CEO Vlad Tenev, now a $6.1 billion billionaire, has propelled Robinhood’s market cap to $98 billion, with $255 billion in assets under custody and 26 million active accounts—a figure closing in on Schwab’s 37 million [2]. The company’s 2024 earnings of $1.4 billion on $3 billion in revenue underscore its rapid ascent, fueled by a 44% net deposit growth rate over the past year.

Central to Robinhood’s strategy is its crypto-centric vision. In 2024, crypto revenue surged to $626 million, a 367% increase from the previous year, with Q1 2025 earnings already hitting $252 million [3]. The platform’s June acquisition of Luxembourg-based Bitstamp for $200 million has expanded its reach in Europe, where it now offers perpetual crypto futures and tokenized stock derivatives tracking U.S. equities and ETFs—including private firms like SpaceX and OpenAI—24/7 [4]. This move follows a broader pivot to blockchain infrastructure, with Tenev emphasizing crypto’s potential to “become the backbone of the global financial system” [5].

Robinhood’s global ambitions are complemented by a diversified product suite. Its subscription-based Robinhood Gold, offering 4% yields on cash and 3% IRA contributions, is positioned to generate near-$1 billion in annual revenue if it reaches 15 million users. The platform’s robo-advisory service, Robinhood Strategies, targets the $60 trillion wealth management sector, charging 0.25% annual fees and attracting $350 million since its March launch [6]. Meanwhile, Tenev’s recent foray into home mortgages—offering 30-year fixed rates at 6.1%—demonstrates his strategy to capture retail investors’ full financial lifecycle, from day trading to retirement accounts [7].

The company’s European experiment in tokenization, however, remains unproven. While xStocks has tokenized equities like Apple and Amazon, daily trading volumes remain below $10 million, hampered by off-chain collateral risks and liquidity challenges [8]. Robinhood’s tokenized shares of SpaceX and OpenAI face skepticism, with OpenAI explicitly distancing itself from the offerings. Analysts like Rob Hadick of Dragonfly caution that early tokenization products may struggle to scale without robust infrastructure [9].

Despite these hurdles, Tenev’s roadmap is ambitious. He envisions three phases: dominating active traders, expanding to holistic financial services, and building a global blockchain-driven ecosystem [10]. The CEO’s recent co-founding of AI startup Harmonic, valued at $875 million, signals his belief in AI’s role in democratizing wealth management, including AI-powered “family offices in your pocket” [11].

Critics argue that Robinhood’s reliance on crypto and tokenization could expose it to regulatory headwinds, particularly in the U.S. where the SEC remains cautious. Yet Tenev’s European pivot, aided by the region’s clearer crypto framework, has allowed the firm to test innovations ahead of U.S. adoption.

Analysts like Brett Knoblauch of Cantor Fitzgerald predict Robinhood’s assets under custody could rival Interactive Brokers’ $665 billion within seven years, while its crypto volume has already outpaced Coinbase’s in May 2025 [12]. Micky Malka of Ribbit Capital, a Robinhood backer, argues the company’s true competition lies not with fintech rivals but with AI-driven financial disruptors.

As Robinhood races to capture the next generation of investors, its blend of crypto, AI, and tokenization marks a stark departure from traditional brokerage models. Tenev’s vision—a “mousetrap to trade anything”—positions the firm at the forefront of a financial revolution, though the path to realizing this ambition remains fraught with technical and regulatory challenges [13].

Sources:

[1] Forbes, https://www.forbes.com/sites/ninabambysheva/2025/07/29/inside-robinhoods-crypto-fueled-plan-for-world-domination/

[2] Forbes, https://www.forbes.com/sites/ninabambysheva/2025/07/29/inside-robinhoods-crypto-fueled-plan-for-world-domination/

[3] Forbes, https://www.forbes.com/sites/ninabambysheva/2025/07/29/inside-robinhoods-crypto-fueled-plan-for-world-domination/

[4] Forbes, https://www.forbes.com/sites/ninabambysheva/2025/07/29/inside-robinhoods-crypto-fueled-plan-for-world-domination/

[5] Forbes, https://www.forbes.com/sites/ninabambysheva/2025/07/29/inside-robinhoods-crypto-fueled-plan-for-world-domination/

[6] Forbes, https://www.forbes.com/sites/ninabambysheva/2025/07/29/inside-robinhoods-crypto-fueled-plan-for-world-domination/

[7] Forbes, https://www.forbes.com/sites/ninabambysheva/2025/07/29/inside-robinhoods-crypto-fueled-plan-for-world-domination/

[8] Forbes, https://www.forbes.com/sites/ninabambysheva/2025/07/29/inside-robinhoods-crypto-fueled-plan-for-world-domination/

[9] Forbes, https://www.forbes.com/sites/ninabambysheva/2025/07/29/inside-robinhoods-crypto-fueled-plan-for-world-domination/

[10] Forbes, https://www.forbes.com/sites/ninabambysheva/2025/07/29/inside-robinhoods-crypto-fueled-plan-for-world-domination/

[11] Forbes, https://www.forbes.com/sites/ninabambysheva/2025/07/29/inside-robinhoods-crypto-fueled-plan-for-world-domination/

[12] Forbes, https://www.forbes.com/sites/ninabambysheva/2025/07/29/inside-robinhoods-crypto-fueled-plan-for-world-domination/

[13] Forbes, https://www.forbes.com/sites/ninabambysheva/2025/07/29/inside-robinhoods-crypto-fueled-plan-for-world-domination/