Major multi-asset platforms offering cryptocurrency trading reported sharp declines in crypto-related revenue during the second quarter of 2026, tracking broader market weakness across digital assets. eToro saw crypto revenue drop 30 percent year-on-year to $1.35 billion, though net contribution from the segment fell even more steeply to just $12.5 million from $29.3 million previously. Robinhood posted a 38 percent decline in crypto transaction revenue to $100 million, while Coinbase missed analyst expectations with $1.2 billion in total revenue and recorded a $359 million net loss.
The performance aligned with deteriorating market conditions. Total crypto market capitalisation contracted 12.6 percent quarter-on-quarter to $2.1 trillion, while spot trading volumes on centralised exchanges fell 27.9 percent to $1.95 trillion. Stablecoin market cap shrank for the first time since mid-2023, signalling capital exiting the sector rather than rotating between assets. A deleveraging cycle that began in February continued through the quarter, accelerating after Strategy disclosed a bitcoin sale in early June.
Despite crypto weakness, none of the platforms reported poor overall results. eToro’s total net contribution rose 9 percent on stronger equities and commodities activity, while Robinhood saw total net revenue climb 32 percent to $1.31 billion. The divergence underscores the importance of product diversification for platforms with crypto exposure.
FXnCO Insight
Brokers offering crypto alongside traditional instruments have demonstrated revenue resilience during this downturn, validating multi-asset strategies that reduce dependence on volatile digital asset volumes.
Source: Finance Magnates