NEW YORK, December 31, 2025, 06:14 ET — Premarket
Shares of Robinhood Markets (HOOD.O) were down about 0.6% in premarket trading on Wednesday after the online broker released a late-month snapshot of December trading activity.
The early read matters because Robinhood’s results are heavily influenced by how much customers trade, especially in options and cryptocurrency, which can swing quickly into quarter-end.
Investors are also watching whether newer lines such as prediction markets can cushion any slowdown in crypto-related activity heading into the final week of the year.
Robinhood said equity notional trading volumes — the total dollar value of stock trades — were about $170 billion from Dec. 1-28, while customers traded about 179 million options contracts. Crypto notional volumes were about $19 billion, including about $7 billion on the Robinhood app and about $12 billion at Bitstamp, and “event contracts” traded were about 2.6 billion. The company said the figures were preliminary and unaudited, and that it will publish full December operating data with its fourth-quarter and full-year results. MarketScreener
Notional volume is not the same as revenue, but it is a key proxy for activity because Robinhood’s transaction-based revenue is tied to customer trading in products such as options and crypto.
Barclays analyst Benjamin Budish said “transaction revenue could come in slightly below estimates” for the fourth quarter, citing weaker crypto trading on the Robinhood app. Budish added that stronger options activity and Bitstamp volumes helped offset the drag, with prediction markets expected to support other revenue lines. Stocktwits
Needham cut its price target on Robinhood to $135 from $145 on Monday while keeping a buy rating, MT Newswires reported.
Robinhood ended Tuesday at $115.45, down from $117.43 a day earlier, and it was last indicated around $114.80 in premarket trading. The stock traded between $115.18 and $118.64 in the previous session.
Bitcoin was hovering near $88,000 after struggling to sustain moves above $90,000 in thin year-end trading, a backdrop that can weigh on crypto-linked brokers and exchanges. Coinbase shares were slightly higher in premarket trading.
Robinhood has not announced a date for its fourth-quarter report, and investors are likely to key off the full December operating update for confirmation of the month’s trading momentum. Nasdaq’s earnings calendar estimates Robinhood will report around Feb. 11, based on past reporting patterns.
Beyond the headline volumes, traders will focus on whether crypto activity stabilizes into year-end, how quickly event-contract trading is scaling, and whether Bitstamp continues to add meaningfully to overall crypto notional volume.
