While Robinhood and Coinbase have been battling for crypto market dominance, their performances tell drastically different stories. Robinhood’s stock soared 75% in 2025, crushing Coinbase’s measly 8% gain. Weird, considering Coinbase actually made it into the S&P 500 that year. The market clearly has a thing for underdogs.
The numbers don’t lie. Robinhood handled $143 billion in crypto trades for 2024—impressive, but still trailing Coinbase’s $221 billion in retail volume. Coinbase also generated a whopping $3.43 billion in crypto revenue versus Robinhood’s $626 million. Not exactly a close race.
Despite impressive numbers, Robinhood’s $143B in crypto trades still falls short of Coinbase’s $221B retail volume and $3.43B revenue dominance.
But here’s where it gets interesting: Robinhood’s crypto business grew faster. Their trading volume jumped 259% year-over-year, and revenue skyrocketed 363%. Coinbase posted gains too—just not as dramatic. Robinhood’s also been quietly jacking up its take rate, from 0.23% in early 2022 to 0.50% by late 2024. Ka-ching. Coinbase maintains an edge with its BNB fee discount program that cuts trading costs in half.
The platforms couldn’t be more different. Coinbase is crypto-obsessed, offering 260+ coins with all the bells and whistles—staking, crypto-to-crypto trading, you name it. Robinhood? A paltry 15 coins and basic buy/sell options. No staking. No crypto pairs. Nothing fancy.
But Robinhood has something Coinbase doesn’t: 25 million brokerage clients. Half of them already trade crypto. That’s built-in cross-selling gold. Plus, Robinhood’s zero-commission model (they make money on spreads instead) is catnip for casual traders.
The game-changer might be Robinhood’s pending Bitstamp acquisition. Together, they’d nearly match Coinbase’s retail volume. But Coinbase still dominates the institutional space with a staggering $941 billion in volume. The Trump administration has signaled strong support for the cryptocurrency sector, potentially benefiting both platforms. Robinhood plans to substantially strengthen its position with the deal expected to close in H1 2025, expanding into both international and institutional markets.
Analysts expect Coinbase profits to grow 44% compared to Robinhood’s 22%. But predictions are just educated guesses. Both trade at ridiculous 50x earnings ratios. The crypto clash continues—and neither titan is backing down.