NEW YORK, Aug 20, 2026, 07:50 EDT — U.S. cash markets remained closed and were set to open at 09:30 EDT.
- Robinhood gained 5% in premarket trading following a fresh push for U.S. cryptocurrency legislation.
- In July, crypto trading volume dropped 62% compared to a year earlier, as equity volume increased 59% and options trading rose 66%.
- Net deposits totaled $5.6 billion in July and $74.9 billion for the past 12 months.
Robinhood Markets NASDAQ:HOOD gained 5% ahead of Thursday’s session. The increase came after President Donald Trump urged Congress to adopt the Clarity Act, proposing that responsibility for digital asset oversight be split among U.S. regulators. Bitcoin climbed 3.4%, trading above $71,700.
The investor perspective is harder to discern. Robinhood continues to be viewed as a crypto proxy by the market, yet its core business is relying less on crypto transaction revenue. Data from July indicates that growth is primarily driven by equities, options, and event-contract trading.
| Premarket asset | Move at 07:08 EDT | Read-through |
|---|---|---|
| Robinhood Markets NASDAQ:HOOD | +5.0% | Exposure to retail trading and crypto-policy |
| Coinbase Global NASDAQ:COIN | +8.4% | Greater U.S. crypto-volume linkage |
| Strategy NASDAQ:MSTR | +10.0% | High sensitivity to bitcoin on balance sheet |
| Canaan NASDAQ:CAN | +20.0% | Mining gear and bitcoin-cycle exposure |
The ranking is significant. Robinhood’s more modest increase indicates investors continue to differentiate its broader brokerage business from companies focused solely on crypto. The shares also remain vulnerable if the bitcoin rally driven by policy changes loses momentum.
| July operating metric | July 2026 | Month over month | Year over year |
|---|---|---|---|
| Equity notional volume | $332.8 billion | down 15% | up 59% |
| Options contracts | 324.2 million | up 2% | up 66% |
| Crypto notional volume | $10.9 billion | down 33% | down 62% |
| Event contracts | 6.1 billion | declined 5% | 20 times higher |
| Margin balances | $20.7 billion | fell 4% | up 82% |
Customer funds continued to flow in, even as asset values declined. Platform assets dropped 4% since June to $355 billion, but net deposits reached $5.6 billion. Over the past 12 months, net deposits amounted to $74.9 billion, representing a 25% growth rate compared with July 2025 assets.
Funded customer numbers rose to 28.5 million, increasing by around 1.77 million compared to a year ago. Robinhood saw an additional 80,000 funded customers join in July. These figures do not account for Trump Accounts; however, platform assets and deposits incorporate them.
| Q2 transaction revenue | Revenue | Year-over-year change | Share of transaction revenue |
|---|---|---|---|
| Options | $342 million | Up 29% | 44% |
| Event contracts | $156 million | Over 10 times higher | 20% |
| Equities | $129 million | Up 95% | 17% |
| Crypto | $100 million | Down 38% | 13% |
Second-quarter earnings reflected a similar trend. Overall revenue increased by 32% to $1.31 billion, as crypto transaction revenue declined by 38%. Options revenue amounted to over three times that generated from crypto.
Chief Financial Officer Shiv Verma said on July 29, “We delivered record revenues and drove new highs across equity, option, and event contract volumes.” Verma also highlighted that 13 business lines each surpassed $100 million in annualized revenue. Robinhood
The balance sheet provides additional support. Cash and deposit holdings increased 34% from a year earlier, reaching $19.5 billion in July. Margin balances surged 82%, helping to maintain interest income despite slower crypto activity.
| Analyst | Recommendation | Price target | Date |
|---|---|---|---|
| Cantor Fitzgerald | Buy / Overweight | $115 | Aug. 3, 2026 |
| JPMorgan | Hold | $103 | July 30, 2026 |
| Needham | Buy | $120 | July 30, 2026 |
| Compass Point | Buy | $126 | July 30, 2026 |
| Goldman Sachs | Buy | $118 | July 30, 2026 |
The stock rose 4.68% on Aug. 13 following the release of July metrics. Thursday’s policy move presents another test in the same week. Investors are recognizing both operational momentum and potential crypto exposure.
The main focus next week is if bitcoin stays above $70,000. A continued rise could boost app trading and Bitstamp activity from July’s low levels. Elevated Treasury yields continue to weigh on high-valuation growth stocks.
Risks: The Clarity Act continues to be stalled, with resistance from both parties. Robinhood’s initial July figures could be revised at financial close. Regulatory, credit and volume risks are also associated with crypto, event contracts, and margin lending.
At present, investors are purchasing Robinhood stock as sentiment toward crypto regulation becomes more favorable. However, the primary fundamental strength is found in areas such as deposits, options, equities, and additional products, all contributing to a broader earnings foundation.
Related articles: NASDAQ:HOOD
Robinhood’s crypto rally, wider engine
Policy beta drove the move. Deposits, options and equities carry the operating case.
July activity: the divergence
July 2026 versus July 2025. Event contracts rose 20-fold, off a much smaller base.
Q2 transaction revenue mix
Options generated more than three times crypto revenue. Event contracts overtook both equities and crypto.
Analyst recommendation mix
What the tape is saying
| Asset | Premarket move |
|---|---|
| Strategy (MSTR) | +10.0% |
| Coinbase (COIN) | +8.4% |
| Robinhood (HOOD) | +5.0% |
Read-through: HOOD is participating in the policy rally, but less violently than purer crypto exposures. That fits the operating data. The stock still has crypto optionality; the business is no longer only a crypto-volume story.
