Robinhood Misses Earnings, Bernstein Stays Bullish
Analyst sees prediction markets and perps — not spot crypto — as Robinhood's real growth engine.
Robinhood posted an earnings miss in Q3 2026 while its crypto revenue softened, yet Wall Street analysts remain bullish — Bernstein maintained a positive outlook as of October 2026, citing structural shifts in Robinhood's crypto business rather than cyclical weakness.
Why It Matters
For traders and iGaming-adjacent investors watching crypto-native platforms, the Bernstein call signals that surface-level revenue dips can mask a deeper infrastructure buildout. According to The Block, Bernstein sees Robinhood pivoting toward crypto infrastructure, prediction markets, and perpetual contracts — products that generate more durable, recurring revenue than spot trading fees. Prediction markets in particular sit at the crossroads of iGaming and crypto, attracting regulatory scrutiny and retail interest simultaneously. If Robinhood scales these verticals successfully, it becomes a meaningful competitor to both traditional exchanges and licensed betting operators. Gambling involves financial risk; leveraged perps trading compounds that risk substantially.
Context
Robinhood has spent the past two years expanding beyond equities into crypto spot, options, and now derivatives. As of October 2026, it offers perpetual contracts in select markets — a product category historically dominated by offshore crypto exchanges like Binance and Bybit. Prediction markets represent a newer push, capitalising on post-2024 election interest in event-contract trading in the United States.
What's Next
Watch for Robinhood's product roadmap announcements around its prediction markets and perps rollout, which Bernstein views as the clearest near-term catalysts for re-rating the stock. Regulatory clarity on event contracts from the CFTC will determine how aggressively Robinhood can expand that vertical.
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