LMAX Digital is an institutional cryptocurrency exchange offering live data and high-level information. Current cryptocurrency prices include BTC at $65,602.80, ETH at $1,790.20, and SOL at $73.68. In recent news, Robinhood announced a 10% workforce reduction to streamline operations, citing the need for a more efficient team. This restructuring is expected to incur $28 million in costs. Robinhood's crypto segment revenue has decreased significantly, with a projection of 286% revenue growth in prediction markets in 2026.

Jun 16, 2026, 4:07PM EDT • Stablecoins

Coinbase unveils 'System Update' unlocking an AI advisor, global unified liquidity, options trading and more

Jun 16, 2026, 3:00PM EDT • Companies

Pump.fun activity craters 80% in three months, dragging Solana fees lower as traders rotate into perps

Jun 16, 2026, 2:26PM EDT • Layer 1s

exclusive

Squid adds Ripple's RLUSD stablecoin for cross-chain swaps

Jun 16, 2026, 1:40PM EDT • Stablecoins

See More Latest Crypto News

Robinhood cuts 10% of staff, expects $28 million in restructuring charges

By Brian Danga

Companies•June 16, 2026, 8:45AM EDT

Make us preferred on Google

<a href="theblock.co" target="\_blank">The Block</a>

Partner offers

The Block may earn a commission if you use our partner offers, at no extra cost to you.

Quick Take

Robinhood announced a 10% reduction of its full-time workforce, citing a shift toward a leaner, more “high performance” operating model.

We'd love your feedback.

Take a 30-second survey to help improve The Block.

Start Survey

Robinhood Markets Inc. (HOOD) said Tuesday it is cutting about 10% of its workforce, a move the crypto and stock trading platform framed as a restructuring to flatten management layers and accelerate product velocity.

“We must be a lean, hyper-focused team where every single individual is empowered to make a massive impact,” CEO Vlad Tenev told employees in a note, according to an X post. “Our execution is strong today, but our ambitions require us to continuously raise our own bar.”

Tenev said the workforce reduction is being executed proactively, with the company noting that it remains in a position of business strength and intends to continue hiring strategically in priority areas.

According to an 8-K filing with the Securities and Exchange Commission, Robinhood estimates it will incur $20 million in cash severance and benefits costs and $8 million in share-based compensation charges, expected to be recognized in Q2 2026.

The restructuring comes amid an earlier contraction in the company's digital asset business segment. In April, Robinhood missed expectations for first-quarter profit as crypto-driven market volatility weighed on trading activity.

The company reported crypto revenue of $134 million and crypto trading volume of $24 billion, down 47% and 48% year-on-year, respectively.

Despite the revenue slump, Robinhood has continued expanding beyond its core trading business, including the completion of its $180 million acquisition of WonderFi, which added more than 300,000 funded customers from Canada and brought its international customer base to over 1 million.

Prediction markets have also become a growing focus. Bernstein recently said Robinhood could see “strong tailwinds” as prediction market volumes reached record levels during the early stages of the FIFA World Cup. The research and brokerage firm projected that Robinhood’s prediction market business will generate $586 million in revenue for 2026, marking a 286% year-over-year increase.

Robinhood shares closed at $98.12 on Monday, up 5.3%, according to The Block's HOOD price page. The stock is currently up 1.1% in pre-market trading on Tuesday.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

RATINGS

\ \ Best crypto cards with token rewards in 2026

See more ratings

SPONSORED Hong Kong PolyU Business School CADI and OSL Group Release Joint Whitepaper: Cross-Border Trade Payments to Drive Regulated Enterprise Stablecoin Adoption

June 16, 2026, 9:01AM EDT

access link

Get unlimited access to The Block's most premium content.

Exodus launches non-custodial payments as it expands beyond core wallet product

Dec 09, 2025, 9:30AM EST • Infrastructure

Read Original at The Block →