eToro, Robinhood and Coinbase all reported falling crypto revenue for the second quarter of 2026, a decline that lined up with the crypto market's third consecutive quarterly loss.
eToro’s cryptoasset revenue fell 30% year-over-year to $1.35 billion from $1.91 billion, the company’s Q2 2026 results show. The figure overstates what crypto actually added to the bottom line.
The cost of that revenue came in almost as high, leaving roughly $12.5 million in net contribution for the quarter, against about $29.3 million a year earlier, a calculation Finance Magnates made from eToro’s income statement.
Robinhood’s cryptocurrency transaction revenue fell 38% year-over-year to $100 million, down from $160 million, according to its Q2 2026 results. The decline came amid a much stronger overall quarter: 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, per its Q2 2026 investor presentation.
Bitcoin-related transactions made up just 12% of revenue, down from more than 50% historically, the result of a multi-year push into other products rather than a single weak quarter.
What Was Happening in the Market
The declines lined up with a broader pullback in crypto trading. Total crypto market capitalisation fell 12.6% quarter-over-quarter to $2.1 trillion, according to CoinGecko’s Q2 2026 industry report. Spot trading volume on centralised exchanges dropped 27.9% to $1.95 trillion, roughly twice the pace of the price decline.
The quarter continued a deleveraging cycle that had started months earlier. Bitcoin futures open interest had already fallen by more than 20% in a single week back in February, as leverage unwound following the asset’s steepest single-day drop in years, according to VanEck’s digital assets research.
Bitcoin fell further in early June after crypto treasury company Strategy revealed it had sold a small amount of its bitcoin holding, pushing prices to their lowest level since early April.
Stablecoin market capitalisation contracted over the quarter for the first time since the third quarter of 2023. CoinGecko read that as a sign capital was leaving the sector rather than simply moving between assets, a pattern consistent with cooling retail interest.
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What the Numbers Add Up To
None of the three companies had a weak quarter overall. eToro’s net contribution still rose 9% year-over-year, lifted by equities and commodities. Robinhood’s options, equities and event contracts all grew faster than crypto shrank.
Coinbase posted its 14th straight quarter of positive adjusted EBITDA, helped by subscription and services revenue that has grown independent of trading volumes.
Each company now carries a smaller share of crypto exposure than it did a year or two ago, and that is what separated this quarter’s crypto slump from a company-wide one.
Coinbase’s shift is the most visible: the business built entirely around digital assets now earns most of its revenue from products other than Bitcoin trading.
Each company’s next earnings report will show whether crypto activity picks back up, or whether these platforms keep growing without it.
