<div id="readability-page-1"><p>Robinhood Markets, Inc. (HOOD) just went through exactly the kind of crypto slowdown that once would have seriously damaged the business. Just a year ago, crypto accounted for nearly half of Robinhood's revenue mix. In Q1 2026, however, revenue from that segment was cut roughly in half. Yet despite that collapse, the commission-free brokerage platform continued growing, suggesting Robinhood is becoming less dependent on crypto cycles than many investors still assume.</p><h3>Claim 55% Off TipRanks</h3><ul><li>Unlock  hedge fund-level data  and  powerful investing tools  for smarter, sharper decisions  </li><li> Discover top-performing stock ideas and upgrade to a portfolio of market leaders with  Smart Investor Picks  </li></ul> <p>Much of that resilience has been driven by Robinhood's emerging non-trading businesses, which are helping the company diversify beyond its traditional dependence on crypto trading. After a strong bull market between 2024 and 2025, largely fueled by enthusiasm for artificial intelligence (AI) and crypto, 2026 has brought a clear trend toward normalization, with investors becoming less willing to pay premium valuation multiples for the business.</p> <p>That reset in sentiment has already materially compressed the stock's valuation. Even so, I continue to see an attractive risk-reward profile and maintain my bullish view on HOOD stock.</p></div>

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<p>Robinhood Markets, Inc. (HOOD) experienced a significant decline in crypto revenue, which was halved in Q1 2026, contrasting with its previous dependence on crypto for nearly half of its revenue. Despite this downturn, the brokerage platform has shown growth, indicating a reduced reliance on crypto cycles. The company's diversification into non-trading businesses has contributed to its resilience. Following a strong bull market, investor sentiment has shifted, compressing the stock's valuation, yet a bullish outlook on HOOD stock remains due to its attractive risk-reward profile.</p>

- Robinhood Markets, Inc. has experienced a significant decline in its crypto revenue, which was once nearly half of its total revenue but dropped by roughly 50% in Q1 2026.  
- Despite this downturn, Robinhood's growth indicates a reduced dependence on cryptocurrency, supported by its emerging non-trading businesses.  
- The market sentiment has shifted towards normalization, compressing stock valuations, although there remains a bullish outlook on HOOD stock due to its risk-reward profile.

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Robinhood's (HOOD) Crypto Revenue Collapsed. The Business Did Not