Robinhood Lays Off 10% of Staff as Crypto Revenue Drops 34%

Robinhood is cutting 10% of its workforce after crypto transaction revenue fell 34% quarter-over-quarter to $134 million, as retail traders pull back amid a prolonged crypto market downturn.

• CEO Vlad Tenev told staff the cuts are meant to flatten the organization and keep the company 'lean and hyper-focused'
• Crypto transaction revenue dropped from $221 million to $134 million sequentially in Q1 2026
• Robinhood expects $28 million in restructuring costs from severances and benefits
• The layoffs follow similar cuts at Crypto.com (12% in March) and Block (over 40% in February)
• Robinhood stock is down 12% year-to-date after hitting an all-time high of $153 in 2025

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