The Currency analytics
By Maheen Hernandez
Robinhood and eToro got hammered Thursday. Bitcoin's brutal drop to $63,500 dragged both trading platforms down hard, with Robinhood closing at $75.
That's eight straight days of losses for Robinhood, wiping the stock back to June 2025 levels and erasing most gains from the late-2025 crypto boom.
The entire crypto market cap fell 6.4% in 24 hours to $2.49 trillion, with most of the top 100 digital assets bleeding red.
The problem for these platforms is simple - they're basically crypto plays in disguise. eToro's revenue came 91% from digital assets in Q2 2025, making it extremely vulnerable to…
Arkadiusz Jóźwiak, a crypto analyst, put it bluntly: "Investors see shares of companies like eToro and Robinhood as indirect exposure to cryptocurrencies."
He's right. Their financial results are tied directly to crypto market performance, creating massive volatility in their stock prices.
Both companies rode the 2024 digital asset wave hard. eToro's commission revenue jumped 48% year-over-year, with Q4 2024 contributing big gains as Bitcoin surged.
Robinhood's Q4 2024 cryptocurrency revenue of $358 million was up 700% year-over-year.
That number actually beat options trading revenue for the first time ever. The company reported total revenue of $2.
"When Bitcoin rises, everyone is happy and shares rise, but when it falls, sentiment changes," Jóźwiak said. "If Bitcoin continues to fall, Robinhood and eToro may follow.
The crypto crash hit other major players too. Binance reported trading volumes down over 10% compared to last month, reflecting broader caution among retail investors who are…
Grayscale's Bitcoin Trust discount widened to 25% as of Thursday. This follows earlier reporting on FBI Joins Hunt for Nancy Guthrie.
That signals serious investor doubt, with the trust's shares trading way below Bitcoin's actual market price.
Square fell 8% to $125 despite CEO Jack Dorsey's continued Bitcoin support and the company's integration of crypto into Cash App.
Kraken bucked the trend slightly, reporting higher trading volumes despite falling prices. CEO Jesse Powell noted that volatility actually drove more activity on their platform,…