Robinhood’s giving away Bitcoin, offering 5% cashback, and pushing sub-6% mortgages. User growth is up. Margins are bleeding.
Robinhood is growing fast and burning hotter. The company added 1.2 million funded accounts in Q1 2025, pushing its total to 26.4 million. Assets under custody hit $132 billion. Revenue climbed 34% year over year. But the cost of that growth is rising faster than the revenue it brings in. Customer acquisition is getting expensive. …