Robinhood Shares Face Market Scrutiny After Weak November Metrics

The trading platform Robinhood Markets, Inc. released its monthly operating data for November 2025, revealing a broad-based slowdown that prompted a sharp negative reaction from investors. The figures, published on December 10, indicate a significant cooling in user activity across all major trading categories, raising questions about near-term momentum for the fintech company.

A month-over-month comparison with October 2025 shows pronounced declines. The most severe drop was in equity trading, where the notional stock trading volume fell 37% to $201.5 billion. Activity in options contracts also weakened substantially, with 193.2 million contracts traded, representing a 28% decrease. Cryptocurrency trading volumes on the platform dipped to $28.6 billion, down 12% sequentially. Furthermore, securities lending revenue plummeted 43% to $34 million.

The year-over-year picture for crypto is particularly stark. At $12.0 billion, November's cryptocurrency volumes were 66% lower than those of November the previous year, highlighting how dramatically the crypto trading boom has subsided.

Company commentary noted that November contained 19 trading days compared to October's 23, which accounts for some of the sequential softness. However, the magnitude of the declines strongly suggests a material reduction in overall customer engagement.

Customer Assets and Account Figures Show Mixed Signals

The platform's total assets under custody declined by 5% in November to $325 billion. This decrease reflects a combination of market price movements and lower customer trading activity.

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The number of funded customer accounts also decreased by approximately 130,000, settling at 26.9 million. While this initially points to a shrinking user base, Robinhood attributed the drop to a regulatory one-off: about 280,000 accounts with minimal balances were required to be "escheated." Excluding this effect, the company stated the count of funded accounts would have increased by roughly 150,000 for the month. This implies slight operational growth in the customer base, even as per-account activity clearly diminished.

Stock Price Retreats Following Rally

The market's response to the November metrics was decisively negative. Over the course of the week following the release, Robinhood's stock price fell more than 10%. By Friday's close, shares traded at €101.80. This price sits approximately 23% below the stock's recent 52-week high, though it remains significantly elevated—up nearly 165%—from its level at the start of the year. Elevated RSI readings and high volatility underscore the equity's current susceptibility to sharp price swings.

The Longer-Term View Remains Favorable

Despite the disappointing monthly data, a twelve-month comparison provides important context. Many key performance indicators remain substantially higher than their year-ago levels, indicating that Robinhood's business has still expanded over the longer term. This growth follows a period of exceptionally strong trading activity that provided the company with significant momentum.

Consequently, the current soft patch in November represents a clear cooldown from a highly active environment rather than a fundamental breakdown of the business model. The critical question for observers is whether trading activity will stabilize in the coming months or if the newly evident customer caution becomes a sustained trend.