Robinhood logs $15 billion in October net deposits as crypto volumes slide
Robinhood posted about $15 billion in October net deposits, a record month driven partly by accounts opened after the Trump election outcome. The company said $6.5 billion came from those Trump accounts. Crypto trading volume fell 48% year-over-year. Event contracts revenue jumped 136% year-over-year. The mix shift shows Robinhood's fastest growth now comes from prediction markets, not digital assets. The results round out a quarter in which event contracts generated $173 million in revenue.
The deposit surge makes prediction markets Robinhood's defining growth engine, but the revenue depends on partner rails Robinhood does not own. It routes event-contract volume through Kalshi and the Rothera joint venture and holds no CFTC designated contract market license itself. The Ohio halt proved that partnership model collapses when a state rejects federal registration.
Retail traders already showed in August that they abandon interrupted platforms within days. Competitors with direct CFTC designations can now pitch stability to users who felt that disruption. Bernstein's $1.7 billion 2028 forecast assumes partnership resilience Robinhood cannot guarantee. Another state following Ohio's lead would fracture the model again, and Robinhood has no fallback exchange.
Robinhood's third prediction-market milestone in under two weeks — record deposits, $173 million Q3 revenue, and the Ohio surrender — leaves the company structurally exposed on partner infrastructure it does not control.