Robinhood posted first-quarter results that missed analyst revenue expectations, and its shares fell in after-hours trading as crypto transaction revenue declined, according to Decrypt.

Decrypt reported that Robinhood recorded $1.07 billion in revenue for the quarter versus analyst expectations of about $1.14 billion, while earnings per share came in just below forecasts. The company cited double-digit growth in equities and options, plus record volumes in prediction markets, futures and index options.

Crypto transaction revenue dropped to $134 million, down 34% from the prior quarter, Decrypt said. The decline coincided with a 22% drop in Bitcoin’s price during the quarter, a backdrop that likely cooled retail trading activity.

The report highlighted that Robinhood has leaned into prediction markets—charging a small per-transaction fee—after offering Kalshi-powered markets and features such as “custom combos” that resemble sportsbook parlays.

Robinhood also continues to build crypto infrastructure. Decrypt noted the firm debuted a public testnet for “Robinhood Chain,” an Ethereum layer-2 network, as part of broader ambitions around tokenized assets.

The earnings print underscores how closely some retail-focused brokerages remain tied to crypto market cycles, even as they diversify into new products like event contracts and tokenization-related initiatives.