Bitstamp accounted for $20 billion, or 77%, of the $26 billion decline in Robinhood’s reported crypto notional quantity from the primary to the second quarter of 2026.
Quantity attributed to Bitstamp fell 48%, from $42 billion within the first quarter to $22 billion within the second quarter. The Robinhood App declined 25%, from $24 billion to $18 billion, accounting for the remaining $6 billion of the sequential drop.
Robinhood’s crypto notional shrank 39%, from $66 billion to $40 billion, and Bitstamp provided greater than three-quarters of the drop. The headline complete now folds two totally different buyer mixes into one quantity, muddying the view of exercise inside Robinhood’s retail app.
When Robinhood closed the Bitstamp acquisition in June 2025, it mentioned Bitstamp had greater than 500,000 funded retail clients and about 5,000 funded institutional clients, with most of its quantity coming from establishments. Bitstamp’s trajectory is due to this fact not a direct measure of Robinhood App engagement.
There’s a second comparability break contained in the App collection. Robinhood’s Q2 disclosure says the metric started together with executed crypto trades from WonderFi clients in June.
That provides one month of a brand new reporting perimeter to Q2, so the App’s 25% sequential decline will not be a wonderfully like-for-like measure both.
Notional works like a visitors counter, monitoring the greenback worth of trades reasonably than the cash Robinhood makes from them. Crypto income is reported on the firm stage, leaving Bitstamp’s and the App’s particular person contributions unknown.
The venue cut up presents a snapshot of the place buying and selling was recorded. Buyer motion between Bitstamp and the App stays outdoors that image.
For the companywide outcomes, see CryptoSlate’s broader earnings protection.
