Robinhood Trims Headcount by 10% Amid Crypto Revenue Crunch

In brief

Robinhood is letting go of 10% of its employees, CEO and co-founder Vlad Tenev told the company Tuesday.
In April, the company indicated revenue from crypto transactions had fallen 34% sequentially to $134 million from $221 million.
At the end of last year, the retail brokerage had around 2,900 full-time employees.

Robinhood disclosed on Tuesday that it’s letting go of 10% of its employees, attempting to streamline operations amid a severe downturn in crypto-related revenue.

The company is reducing its headcount alongside efforts to flatten its organizational structure and support “a lean, hyper-focused team,” CEO Vlad Tenev told employees, according to an internal message shared by the retail brokerage on X before the opening bell.

“We cannot default to operating as a heavily-layered organization,” he said. “Our execution is strong today, but our ambitions require us to continuously raise our own bar.”

When Robinhood disclosed first-quarter earnings in April, the company posted its smallest quarterly profit in a year. At the same time, the company indicated revenue from crypto transactions had fallen 34% sequentially to $134 million from $221 million.

The performance highlighted the company’s lingering exposure to crypto traders who have grown less engaged amid tepid market conditions. Still, Tenev described the firm’s cuts as proactive, saying, “Robinhood’s business has never been stronger.”

Robinhood’s stock price fell 1% to $97 on Tuesday, according to Yahoo Finance. While shares soared to an all-time high of $153 last year—peaking around the time that Bitcoin hit an all-time high above $126,000 in October—they’ve slid roughly 12% year-to-date.

In an SEC filing that accompanied its 2025 annual report, Robinhood said it had around 2,900 full-time employees, while highlighting its “lean organizational structure.”

It’s unclear how the cuts could affect Robinhood’s development on crypto-facing products, including stock tokens available to customers in Europe, as well as Robinhood Chain, the firm’s Arbitrum-based Ethereum layer-2 scaling network.

A Robinhood spokesperson referred Decrypt to Tenev’s statement.

In a separate filing on Tuesday, the firm said it expected to incur $28 million in restructuring costs that reflected employee severances, benefits, and share-based compensation.

“The company is taking this action from a position of business strength,” the firm added, saying that “June month-to-date average daily trading volumes [were] at record levels across equities, options, and prediction markets.”

This year, several crypto firms have slashed headcounts amid a sustained drop in crypto prices often referred to as crypto winter. In March, for example, Crypto.com let go of 280 employees, or 12% of its workforce, signaling a shift toward AI-driven operations. A month earlier, Jack Dorsey’s Block said it would cut more than 4,000 jobs, over 40% of its workforce.