Robinhood Q2 2025 Earnings Preview: Tokenization Tailwind

Robinhood HOOD reports after the bell on July 30, 2025. Consensus implies gains of 48% in EPS and 34% in revenue versus Q2 2024's $0.21 and $682 million. Shares closed $106.78 on Jul 28, 2025, up roughly 177% year to date and 7% below the 52-week intraday high of $113.44.

Investors are tracking three levers. The first is retail activity. May equity notional volumes reached $180.5 billion, up 108% year over year, while options contracts hit 179.8 million, up 36%. Sustaining this pace would underpin Wall Street's top-line view.

The second lever is the crypto build-out. Management is expected to share early data on USDG, the fully regulated stablecoin that recently launched in the EU, and on planned Bitcoin futures access. Solid uptake would show that new blockchain products can diversify revenue.

The third lever is tokenization. European clients can now trade digital versions of more than 200 U.S. stocks around the clock. The private-company tokens (SpaceX, OpenAI) were a free airdrop only and cannot be sold until Robinhood turns on liquidity later this year, so investors want timing details and regulatory safeguards.

Lastly, meme-stock fever has returned, with Reddit RDDT traders lifting names like Opendoor OPEN, Krispy Kreme DNUT, among others. Reuters notes Robinhood remains the platform of choice for these moves.