Summary
- Ondo Finance launched tokenized Robinhood shares through Robinhood Chain as HOOD stock dropped 7% following disappointing third-quarter earnings results.
- Robinhood’s cryptocurrency revenue plunged 55% to $120 million, while prediction markets generated $173 million, surpassing crypto revenue for another quarter.
- Robinhood Chain recorded $80 billion in decentralized exchange volume, while the brokerage lowered its annual expense forecast despite earnings weakness.
Ondo Finance launched tokenized Robinhood shares on Robinhood Chain as HOOD stock declined 7% following disappointing third-quarter earnings. The launch coincided with weaker cryptocurrency revenue and declining profits, despite Robinhood reporting record quarterly sales of $1.42 billion.
According to Robinhood’s earnings report, revenue missed Wall Street’s $1.44 billion estimate, while diluted earnings declined 16% to $0.51. Meanwhile, Robinhood shares closed at $94.56 before falling to approximately $88.20 during after-hours trading.
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Ondo Expands Tokenized Stocks on Robinhood Chain
Ondo Finance introduced HOODon alongside 14 additional tokenized stocks and exchange-traded funds through Robinhood’s Ethereum layer 2 network. According to Ondo’s announcement, the expansion includes tokenized versions of Nvidia, Apple, Tesla, and other publicly traded securities.
HOODon provides eligible investors with blockchain-based exposure to Robinhood shares through Ondo’s tokenized asset infrastructure. Additionally, eleven newly introduced assets have corresponding Robinhood Stock Tokens supported by Uniswap v4 StablePair liquidity pools.
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These pools enable traders to exchange tokenized products representing the same underlying securities across participating platforms. Robinhood Chain also recorded over $80 billion in decentralized exchange volume and $50 million in fees during its inaugural quarter.
Robinhood Crypto Revenue Falls 55% Despite Record Quarterly Sales
Robinhood’s cryptocurrency transaction revenue declined 55% annually to $120 million, reflecting reduced trading activity across its cryptocurrency operations. Total cryptocurrency trading volume dropped 38% to $50 billion, including $21 billion through Robinhood App and $29 billion through Bitstamp.
Meanwhile, prediction markets generated $173 million in revenue, surpassing cryptocurrency transaction revenue for the second consecutive quarter.
Options revenue increased 31% to $399 million, while equities revenue climbed 41% to $121 million. Consequently, total transaction-based revenue reached $867 million, up 19% year over year despite weaker cryptocurrency trading.
Robinhood Revises Expense Outlook Following Earnings Results
Robinhood lowered its annual adjusted expense forecast, establishing a revised spending range between $2.675 billion and $2.75 billion. Chief Financial Officer Shiv Verma reported quarterly net deposits of approximately $15.7 billion, while October deposits exceeded $13 billion.
Additionally, the brokerage reported 5.2 million Gold subscribers and $396 billion in total platform assets. Quarterly results included $67 million in unrealized losses, primarily from valuation adjustments to Robinhood Ventures Fund I.
Robinhood’s expanding tokenization business now operates alongside declining cryptocurrency revenue, weaker quarterly earnings, and growing prediction market activity.
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