The Daily Wolf | Robinhood's crypto revenue just grew for the first time in a year.

Robinhood’s Q3 2025 crypto revenue grew for the first time in a year, rising 20% from the prior quarter to $120 million despite a subdued market. It was still down 55% year over year, which Scott Melker attributed to comparison with the previous year’s crypto-market peak. Event-contract revenue climbed more than sixfold to $173 million, helping total revenue rise 12% to a record $1.42 billion. Net income fell 14% to $476 million, diluted EPS declined 16% to $0.51, and EPS missed Wall Street’s $0.55 expectation.

Melker sees crypto as one part of Robinhood’s broader “Everything” app and portfolio, alongside businesses with different margins. CEO Vlad Tene said he wants investors to feel comfortable putting significant assets on-chain. The quarter’s sequential crypto growth suggests activity improved even as revenue remained well below its year-earlier level, while the company’s expanding mix of businesses means crypto is only one contributor to its overall results.

The proposed OKX-ICE tokenized-stock venue faces objections from 26 companies, including Intel, Oracle, and IBM. Melker described the opposition as cautious risk management rather than a definitive rejection: companies may wait to see regulatory clarity, trading volume, and investor interest. A proposed innovation exemption is not yet a rule or law, and tokenized stocks still require support from both companies and regulators. The venue’s prospects therefore remain dependent on conditions that have not yet been established.

Crypto trading also served as a route to dollar exposure during Brazil’s presidential runoff, when conventional financial services were unavailable over the weekend. USDT volume on Mercado Bitcoin rose nearly 800%, Bitcoin volume rose 865%, and Binance’s USDT-BRL market tripled, even as the global BTC-USDT pair fell. Melker said traders used crypto markets to seek dollar exposure and make portfolio decisions, illustrating how activity in local markets can diverge from global trading patterns.

Treasury Secretary Scott Bessent said digital assets and stablecoins could reinforce the dollar’s global position and that the Treasury could coordinate with the SEC and CFTC on crypto rules. Melker said stablecoin issuers’ Treasury purchases could support demand for US debt and dollars. Bessent also advocated safeguards against crypto debanking, which Melker called “Operation Chokepoint 2.0.” The remarks point to policy questions around both stablecoin growth and access to financial services.

Coinbase is moving toward automatic USDC conversions and warned users not to deposit certain noncompliant stablecoins after October 30, citing European regulatory requirements. The host said platforms appeared unclear about how to comply and said Binance was not technically operating in Europe because of regulatory and legislative problems. The changes underscore that stablecoin access and handling can depend on differing compliance requirements.

The host cited a 90% chance that the Fed would leave rates unchanged and predicted Kevin Warsh would offer little guidance. Markets may still read significance into Warsh’s remarks, including whether he signals future rate hikes; the host noted that Fed forward guidance has often been wrong but can move markets. Separately, Data Vault AI recorded a Bitcoin payment from a deal with Skrillex as an asset even though the Bitcoin had not reached a wallet the company controlled and could not be withdrawn from an exchange account. Skrillex had agreed to buy 15 million shares for $150 million payable in Bitcoin, but auditors treated the funds as a receivable. The company restated prior reports, and its stock fell 50% after the disclosure.