Crypto Currents: Robinhood crypto revenue collapses in Q1

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ROBINHOOD CRYPTO REVENUE COLLAPSES IN Q1: On Tuesday, Robinhood (HOOD) reported first quarter earnings per share of 38c on revenue of $1.07B, which compared to analyst estimates of 43c on a revenue of $1.14B. The company also reported Q1 crypto transaction revenue of $134M, down 47% compared to the same period last year. “In Q1, customers remained engaged and rapidly adopted new products, leading to a 20 percent-plus annualized net deposit growth rate, double digit growth across equities and options, and record volumes for prediction markets, futures, and index options,” said Shiv Verma, CFO. “And Q2 is off to a good start in April, as equity and option trading volumes are on track to be the highest month of the year, and even with tax season, net deposits are approximately $5 billion month-to-date. We believe there are massive opportunities ahead as we invest for the long term, ship products faster than ever to customers, and deliver value for shareholders.”

Following the report, Barclays lowered the firm’s price target on Robinhood to $82 from $89 and kept an Overweight rating on the shares. The company’s Q1 revenue missed across the board, which more than offset its slightly lower spending, the analyst said. The firm said that while Robinhood’s April trends look better, options and crypto are seeing more fee rate compression. Barclays sees the Q1 report weighing on Robinhood shares.

Needham lowered the firm’s price target on Robinhood to $85 from $95 but kept a Buy rating on the shares. The company posted a narrow miss on its Q1 revenue, but while its Q1 trading activity declined sequentially, April is on track to be the highest volume month of 2026 in equities and options, the analyst said. Crypto remains muted with a large portion of contribution coming from lower margin Bitstamp, but prediction markets were a standout, with Q1 seeing a record 8.8B in contracts traded, Needham added.

Additionally, Compass Point lowered the firm’s price target on Robinhood to $107 from $108 and kept a Buy rating on the shares. The firm views the post-earnings selloff in shares of Robinhood as “backwards looking” given its improving trends in April. Robinhood’s commentary for April implies equities and options volumes are trending at least 10% higher quarter-over-quarter while its April prediction market volumes also exceeded expectations, the analyst said. Compass believes that after rebasing its 2026 forecasts lower, Robinhood is in a better position to begin exceeding estimates again.

OTHER CRYPTO EARNINGS: On Thursday, Hyperscale Data (GPUS) announced preliminary Q1 revenue of $44M, which compares to revenue of $25M for the same period last year. The company also reported Q1 crypto mining revenue of $5M and said it was evaluating an increase to FY26 total revenue guidance of $180M-$200M.

Milton Ault, Executive Chairman, stated, “Our preliminary first quarter results reflect the strength of our diversified platform and the successful monetization of legacy assets. The contributions from Gresham, the settlement proceeds received by Ault Lending, and continued performance across our operating subsidiaries provide additional momentum as we move through 2026. At the same time, we are starting to see meaningful traction across our AI data center platform, robotics initiatives, blockchain infrastructure, and financial services operations, which we believe are beginning to work together in a more cohesive and scalable way. As these businesses continue to mature and integrate, we believe they can become important drivers of long-term growth and stockholder value. Based on this start to the year, we believe we are well positioned relative to our previously announced revenue outlook.”

Additionally on Tuesday, Hyperscale Data announced that its bitcoin treasury totaled approximately $53.1M, based on the bitcoin closing price of $78,657 on April 26.

The company also announced on Monday that its wholly owned subsidiary Ault Global Commodities has entered into a purchase and sale agreement that provides for a strategic partnership with Scottsdale Mint to advance its precious metals and rare earth minerals strategy. Ault Global Commodities also completed its first purchase of physical silver, acquiring 10,000 ounces of .999 fine silver bullion. The transaction was executed through Scottsdale Mint.

Riot Platforms (RIOT) also reported Q1 results on Thursday with a loss per share of ($1.44) on revenue of $167.2M, which compared to a loss per share of (90c) last year and analyst revenue estimates of $130.58M. The company produced 1,473 bitcoin, as compared to 1,530 during the same three-month period in 2025. The company held 15,679 bitcoin, equating to approximately $1.1B based on a market price for one bitcoin on March 31 of $68,222.

“The first quarter of 2026 marks a definitive inflection point for Riot, as we officially transitioned into an active, revenue-generating data center operator,” said Jason Les, CEO. “Our ongoing delivery of initial capacity to AMD, and their decision to already double their footprint with a 25 megawatt expansion, validates our ability to execute at institutional scale with the most demanding tenants. With 50 megawatts now firmly contracted with AMD, we are rapidly executing on the value creation opportunity presented by our significant, fully-approved power portfolio. We have the secured power, the in-house development expertise, and the significant financial resources required to capitalize on strong market demand with high-quality tenants in order to drive compounding shareholder value.”

Following the report, Clear Street raised the firm’s price target on Riot to $26 from $25 and kept a Buy rating on the shares. The firm remains positive on Riot following Q1 earnings, noting that forward commentary was positive and the high-performance computing business is gaining momentum. The firm added that it sees upside to its $26 target based on a sum-of-the-parts framework, incorporating the existing mining business and contracted data revenue and additional potential AI/HPC.

Meanwhile, Roth Capital lowered the firm’s price target on Riot to $38 from $42 and kept a Buy rating on the shares. The more structurally important datapoint of the quarter is Corsicana’s redesign where the two shells become one for the same $214M spend, which implies total campus capacity to 756MW, and the firm’s view remains that a formal Corsicana lease in the second half of this year remains the main catalyst for the stock, the analyst said.

Additionally, Cantor Fitzgerald raised the firm’s price target on Riot to $23 from $20 and kept an Overweight rating on the shares. Riot reported its first data center hosting revenue with early traction from its AMD (AMD) partnership, including an expanded lease option and unchanged capex despite higher potential site capacity, supporting improved Corsicana valuation and reinforcing an attractive risk/reward profile as its data center strategy begins to scale, the analyst said.

On Tuesday, Galaxy Digital (GLXY) reported Q1 loss per share of (49c) on revenue of $10.2B, which compared to a loss per share of (86c) on a revenue of $12.9B last year.

The company said, “Digital Assets generated adjusted gross profit of $49M and adjusted EBITDA of $(19M). Despite the pullback in digital asset prices and activity, adjusted gross profit remained broadly stable, reflecting a shift in the business mix as recurring fee revenue and transaction income continue to scale and provide greater resilience in softer market conditions. Disciplined expense management during the quarter helped narrow the adjusted EBITDA loss, underscoring a focus on operating efficiency in more challenging environments.”

Goldman Sachs raised the firm’s price target on Galaxy to $24 from $21 and kept a Neutral rating on the shares. While reported results came in stronger, the quarterly beat was driven mostly by lower losses in the non-operating Treasury and corporate segment, partially offset by softer operating performance in the higher multiple Digital Assets and Data centers segments, the analyst said.

Morgan Stanley raised the firm’s price target on Galaxy to $37 from $36 and kept an Overweight rating on the shares. Galaxy has successfully delivered the first Phase 1 data hall to CoreWeave (CRWV) on-time and on-budget, noted the analyst, who sees data center builds progressing as planned. The firm also calls out Galaxy’s “impressive Digital Assets performance against a weak crypto backdrop.”

On Friday, Exodus Movement (EXOD) reported preliminary Q1 revenue of $22.7M, which compared to analyst estimates of $25.7M. The company reported $122.6M in digital assets, cash and cash equivalents, including 628 units of bitcoin valued at $42.8M, 1,861 units of ether valued at $3.9M, and $74.4M in cash and cash equivalents and stablecoins as of March 31.

“We spent a decade building a wallet that millions of people trust with their crypto,” said JP Richardson, CEO. “Now, we are creating the last financial app you will ever need, letting anyone pay with digital dollars, bitcoin, and other borderless digital assets without ever leaving self-custody.”

COINBASE INTRODUCES STABLECOIN CREDIT FUND: Coinbase Asset Management (COIN) announced Thursday the introduction of the Coinbase Stablecoin Credit Fund, “CUSHY – a digital credit strategy, designed to bridge the gap between traditional credit markets and the growing digital asset ecosystem.” Coinbase explained, “For qualified investors and institutions, CUSHY offers investors the option of tokenized shares with transparency and 24/7 onchain utility, powered by FundOS, Superstate’s new turnkey platform that allows asset managers to tokenize funds. Superstate connects financial assets with crypto capital markets to expand access, improve liquidity, and advance capital formation through onchain public listings and tokenized investment products.”

GEMINI RECEIVES DCO LICENSE APPROVAL: Gemini Space Station (GEMI) announced Thursday that affiliate Gemini Olympus received a Derivatives Clearing Organization license from the Commodity Futures Trading Commission. This license allows Olympus to act as a clearinghouse for regulated derivatives trading, including prediction markets. This approval follows the CFTC’s December designation of its affiliated entity, Gemini Titan as a Designated Contract Market, which enabled the launch of its predictions marketplace in the same month. With the approval of its DCO, Gemini is one step closer to securing a full suite of CFTC derivatives licenses. With these licenses, Gemini Titan will explore expanding its derivatives offering for US customers to include crypto futures, options, and perpetual contracts or perps.

“Today marks a major milestone in Gemini’s marketplace expansion. In addition to our crypto spot marketplace, Gemini now has a full-stack, end-to-end marketplace for predictions as well as futures, options, and more. This is also a major building block for our super app, where users will be able to fulfill their existing and future financial needs all in one place,” said President Cameron Winklevoss.

Citi lowered the firm’s price target on Gemini to $4 from $5.50 and kept a Sell rating on the shares. The firm reduced estimates for Gemini, saying the company experienced bigger than expected declines quarter-over-quarter in spot activity. This suggests continued share losses for Gemini, the analyst said.

MARA TO ACQUIRE LONG RIDGE FOR $1.5B: MARA Holdings (MARA) announced Thursday that it has entered into a definitive agreement to acquire Long Ridge Energy & Power from FTAI Infrastructure (FIP) for a total transaction value of approximately $1.5B. The acquisition includes Long Ridge Energy’s 505 MW2 nameplate combined-cycle gas power plant in Hannibal, Ohio, and over 1,600 contiguous acres supporting an integrated digital infrastructure campus. The acquired campus will provide immediate access to power, land, water and fiber upon closing, with less site development execution risk relative to greenfield alternatives, and supports more than 1 GW of total potential power capacity across generation and load. MARA believes the site is distinctly positioned to support multiple monetization pathways, including long-term HPC leases, flexible compute operations, including bitcoin mining, and wholesale power generation. The company expects the transaction to close in 2H26.

“The agreement to acquire Long Ridge Energy is a significant step forward in executing our optimized digital infrastructure strategy,” said Fred Thiel, CEO. “Power is the scarce input in AI and, with the planned addition of Long Ridge Energy, we are gaining control of a highly efficient, contracted energy platform that has a rare combination of large-scale power, land, water access, fuel supply and grid interconnection in a single location – assets that are increasingly difficult to replicate in today’s market – and is ready for expansion to build a flagship AI campus. By combining energy generation, fuel supply and compute infrastructure, we are building a differentiated platform designed to maximize the value of every megawatt we control.”

Following the news, BTIG said it views Mara’s acquisition as “transformational.” While Long Ridge’s power is currently tied up in agreements on the PJM grid, Mara’s existing 200MW of capacity at Hannibal allows for an initial high performance commute buildout to begin in 1H27 with energization in 2028, the analyst said. BTIG believes the company is positioned well for a multi-year HPC ramp at the site.

Rosenblatt raised the firm’s price target on Mara to $15 from $11 and kept a Buy rating on the shares. The firm said Mara’s acquisition “represents another major step forward” in the company’s shift from a pure-play bitcoin miner toward an energy-backed digital infrastructure platform. Unlike most peer acquisitions, the deal is “not a greenfield site hoping for a grid connection,” it is a fully operational 505 MW power plant generating over $140M in annualized EBITDA, the analyst said.

OTHER CRYPTO NEWS:

• BitGo (BTGO) partners with Aven for bitcoin-backed credit card, announces new suite of capabilities for digital asset security
• DDC Enterprise (DDC) initiated with a Buy at Benchmark
• Strategy (MSTR) acquires 3,273 bitcoin for $255M, price target raised to $200 from $188 at B. Riley
• Bitmine Immersion (BMNR) reports total crypto and total cash holdings of $13.3B
• Eightco Holdings (ORBS) reports total holdings $333M, over 11K ETH
• TeraWulf (WULF) price target raised to $41.50 from $37 at Morgan Stanley, to $25 from $23 at Keefe Bruyette
• Strive (ASST) price target raised to $19 from $15 at B. Riley
• Soluna (SLNH), Sazmining announce 3 MW bitcoin mining operation
• Hut 8 (HUT) price target raised to $100 from $65 at Citizens, to $89 from $75 at Keefe Bruyette
• Core Scientific (CORZ) plans expansion to 1.5 GW at Texas campus, price target raised to $28 from $25 at Keefe Bruyette
• Cipher Mining (CIFR) price target raised to $40.50 from $38 at Morgan Stanley, to $23 from $20 at Keefe Bruyette
• Mawson Infrastructure (MIGI) enters colocation agreement with Endeavor Group
• State Street (STT) to launch tokenized fund servicing from Luxembourg
• Visa (V) adds five blockchains to global stablecoin settlement pilot
• Stable Sea announces(WT)
• FIS (FIS), banks to build digital tokenized money network

CRYPTO STOCK PLAYS: Publicly traded companies in the space include Bit Digital (BTBT), Coinbase, Core Scientific, Greenidge Generation (GREE), Mara Holdings, Strategy, Riot Platforms and TeraWulf.

PRICE ACTION: As of time of writing, bitcoin rose roughly 1% this week to $78,638 in U.S. dollars, according to CoinDesk.