Robinhood is one of the S&P 500's worst-performing stocks this year, down almost 40% despite rolling out new UI and banking features.

The most likely culprit is crypto. Since October 2025, the sector has been in free fall or trading sideways while the CLARITY Act stays stalled in Congress. Robinhood's Q4 results showed crypto transaction revenue falling 38% year over year to $221 million, and when crypto gets wobbly, the market stops treating Robinhood like a diversified broker and starts treating it like a retail-risk ETF in a trench coat.

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The more interesting story is what Robinhood is building underneath all of this. The pivot into banking, cards, advisory services, and family accounts is a smart attempt to diversify away from volatile transaction revenue. Once users make their gains, Robinhood wants to be where that money lives, not just where it moves.

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