Robinhood reported a 98% year-over-year increase in its cryptocurrency revenue for the second quarter of 2025, reaching $160 million, despite a 36% decline quarter-over-quarter. The company's total revenue for Q2 was $989 million, with net income rising by 105%, driven by growth in crypto trading and expansion into real-world asset tokenization under CEO Vlad Tenev's leadership. Robinhood's strong performance exceeded Wall Street expectations. In contrast, Coinbase experienced a decline in quarterly profit and missed revenue forecasts, leading to a drop in its share price by over 11%. The weakness in Coinbase's trading revenue was a key factor in the earnings shortfall. However, Coinbase saw gains from crypto investment activities, with XRP revenue outperforming Ethereum amid a resurgence in trading volume.